President Obama has claimed that he wants a “grand compromise” for deficit reduction and it looks as if the House will deliver later today by passing H. 2560, the Cut, Cap, and Balance Act. As the only serious plan that has been proposed, I support this bill because is our best hope of resolving our debt crisis in a responsible manner. It includes real spending cuts for 2012, places historically reasonable spending caps on annual budgets for the next decade, and ensures that a balanced budget amendment is sent to the states for ratification – before a debt limit increase takes effect. In short, the bill will put a permanent end to our unsustainable spending. It is designed to treat our spending addiction with a short term, medium term and long term solution.
Unfortunately, it appears that Congressman Gerry Connolly will again fail to demonstrate leadership, and vote in lockstep with former Speaker Nancy Pelosi (D-San Francisco) by voting against the measure. He has recently urged President Obama to leave Medicare, Medicaid, and Social Security off the table when discussing cuts. These programs currently represent 40% of the national budget and are the largest growing segment of the budget; we simply cannot balance the budget without addressing these programs for future retirees. Anyone who tells you different is not being truthful.
I support the Cut, Cap, and Balance Act and encourage our representatives in the House to reject any effort to raise the debt limit without ensuring that a balanced budget amendment is sent to the states. I do not take this stance lightly. The U.S. should avoid default on its debt, but simply raising the debt ceiling will only delay a default while worsening our financial situation. Republicans should not have waited this long to act on this bill, but Democrats should not be blocking attempts to simply balance the budget – as our families, businesses and 49 of 50 states are required to do. If we are to truly restore confidence in the American dollar, we must balance our budget. Only President Obama, Nancy Pelosi and Rep. Connolly believe that balancing the budget is a bad thing.
Here is my full statement (link) on this bill. The bill is not perfect. It still leaves a large financial burden to our children. But it begins to seriously address the problem before we dig our financial hole even deeper.
America’s future is in the balance.