Tuesday, July 19, 2011

Congressman Gibbs: It’s Time to Put an End to ‘Business as Usual’

WASHINGTON, D.C. - Congressman Bob Gibbs, a member of the House Balanced Budget Amendment Caucus, spoke on the House floor in support of legislation he cosponsored, H.R. 2560, The Cut, Cap, and Balance Act of 2011:

“I rise today in strong support of the proposal to Cut, Cap, and Balance our nation’s budget. Out-of-control spending by the federal government has driven our country to the brink of financial meltdown. Our nation’s debt crisis was easily predictable. In recent years, America has watched as the size of the federal government has ballooned and deficit spending reached dangerous levels. And yet, despite the warnings, Congress stuck with ‘business as usual’ – more spending, more regulations, and bigger government.

“It’s time to put an end to ‘business as usual’ for the good of the country. Our country needs it, the American people demand it, and the future of our grandchildren depend on it. This legislation puts us on a path of fiscal responsibility, brings certainty and will restore private sector confidence.

“The naysayers say we can’t do this, they argue for tax increases on our job creators. This measure will unleash the private sector and result in more revenues to ensure strength in programs like Medicare and Social Security are strong and meets the needs of our seniors. Just raising the debt ceiling without spending cuts and reforms according to recent statements from Moody’s and Standard & Poors will lead to a downgrade of U.S. paper, a downhill spiral, higher interest rates, high taxes and less opportunities. I urge support of this and to cut spending now instead of in 6 to 10 years.”