Casey, Toomey, Thompson
React to Votes on Raising Debt Ceiling
Representative Glenn ‘GT’ Thompson voted on Friday to support the Budget Control Act, which passed the U.S. House of Representatives by a vote of 218-210. The bill called for a balanced budget amendment to be passed before the debt ceiling could ever be raised again. The Senate almost immediately rejected the measure.
“(T)he House took action on a solution to end this debt limit crisis.” Thompson said in a news release. “By reducing spending more than we increase the debt limit, the House bill restores fiscal discipline in Washington while protecting the integrity of the United States.”
Republican Senator Pat Toomey said in a news release, “For many months I have urged the administration to support a solution that raises the debt limit and puts our federal government on a fiscally sustainable path toward a balanced budget. While the Budget Control Act has shortcomings, it certainly warrants debate. I therefore am extremely disappointed that the other side of the aisle refused to even consider the measure and have an open debate, and instead, killed the bill immediately upon its reaching the Senate.
“Twice now, the House of Representatives has passed a bill that increases the debt limit while making meaningful reforms, and twice, the Senate has refused even to debate these measures. It is long past time for this administration and Senator (Harry) Reid to stop avoiding making the tough choices and start putting our government on a path toward a balanced budget," Toomey said.
The nation’s top credit rating agencies, including Moody’s and Standard & Poor’s, have indicated that failure to pass a debt limit increase and put forward a credible plan for debt reduction could result in a downgrade in America’s credit. In total, the Budget Control Act increases the statutory debt limit by as much as $2.5 trillion, following the enactment of $2.7 trillion in spending cuts and other deficit reduction measures.
“If leaders in the Senate put aside politics and read this bill, they will find this a commonsense plan that changes the trajectory of federal spending so that America can meet its short and long-term fiscal obligations,” Thompson added. “It’s the height of irresponsibility for Washington to continue its political posturing, which will only cause more economic harm to our small businesses and families who are calling on us to act.”
America’s federal budget deficits have reached historically high and unsustainable levels since 2009 and spending is at its highest levels since 1945, with the national debt now totaling almost $14.4 trillion. On May 31, 2011, the House considered a "clean" debt limit bill that did not include corresponding debt reduction measures, which received overwhelming bipartisan opposition and failed to pass, Thompson's news release said.
Democratic Senator Bob Casey said in a news release, “Credit rating agencies have warned that short-term measures like the House bill will jeopardize our AAA credit rating. This will have a disastrous effect on our economy and hurt our ability to create jobs. Our fragile economic recovery cannot afford the uncertainty of finding ourselves in the same position six months from now.
“Too much time has been wasted on political theater. Time is running out to reach bipartisan compromise that credit rating agencies, economists and Pennsylvanians have called for," Casey said.
The U.S. Treasury reached its statutory debt limit on May 16, 2011 and government officials predict the nation’s borrowing capacity will run out on August 2, 2011.
“(T)he House took action on a solution to end this debt limit crisis.” Thompson said in a news release. “By reducing spending more than we increase the debt limit, the House bill restores fiscal discipline in Washington while protecting the integrity of the United States.”
Republican Senator Pat Toomey said in a news release, “For many months I have urged the administration to support a solution that raises the debt limit and puts our federal government on a fiscally sustainable path toward a balanced budget. While the Budget Control Act has shortcomings, it certainly warrants debate. I therefore am extremely disappointed that the other side of the aisle refused to even consider the measure and have an open debate, and instead, killed the bill immediately upon its reaching the Senate.
“Twice now, the House of Representatives has passed a bill that increases the debt limit while making meaningful reforms, and twice, the Senate has refused even to debate these measures. It is long past time for this administration and Senator (Harry) Reid to stop avoiding making the tough choices and start putting our government on a path toward a balanced budget," Toomey said.
The nation’s top credit rating agencies, including Moody’s and Standard & Poor’s, have indicated that failure to pass a debt limit increase and put forward a credible plan for debt reduction could result in a downgrade in America’s credit. In total, the Budget Control Act increases the statutory debt limit by as much as $2.5 trillion, following the enactment of $2.7 trillion in spending cuts and other deficit reduction measures.
“If leaders in the Senate put aside politics and read this bill, they will find this a commonsense plan that changes the trajectory of federal spending so that America can meet its short and long-term fiscal obligations,” Thompson added. “It’s the height of irresponsibility for Washington to continue its political posturing, which will only cause more economic harm to our small businesses and families who are calling on us to act.”
America’s federal budget deficits have reached historically high and unsustainable levels since 2009 and spending is at its highest levels since 1945, with the national debt now totaling almost $14.4 trillion. On May 31, 2011, the House considered a "clean" debt limit bill that did not include corresponding debt reduction measures, which received overwhelming bipartisan opposition and failed to pass, Thompson's news release said.
Democratic Senator Bob Casey said in a news release, “Credit rating agencies have warned that short-term measures like the House bill will jeopardize our AAA credit rating. This will have a disastrous effect on our economy and hurt our ability to create jobs. Our fragile economic recovery cannot afford the uncertainty of finding ourselves in the same position six months from now.
“Too much time has been wasted on political theater. Time is running out to reach bipartisan compromise that credit rating agencies, economists and Pennsylvanians have called for," Casey said.
The U.S. Treasury reached its statutory debt limit on May 16, 2011 and government officials predict the nation’s borrowing capacity will run out on August 2, 2011.
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