OLSON APPLAUDS HOUSE ACTION TO CUT SPENDING AND AVOID U.S. DEFAULT7/29/11
Washington, DC– Rep. Pete Olson (R-Sugar Land) issued the following statement regarding his vote to prevent a default on our national debt, while cutting $22 billion in spending next year and $917 billion over the next 10 years. The Balanced Budget Act passed the House by a vote of 218-210.
Olson's statement is as follows:
"This evening, I cast a vote in support of America and for the full faith and credit of the United States. The Budget Control Act does not include any tax increases and provides dollar-for-dollar cuts in spending to increase the debt ceiling. Cut, Cap and Balance is my preference to rein in the runaway spending that is mortgaging our children's future, but there is no scenario under which we can pass that bill.
"In the meantime, we face a potential crippling economic situation that requires action now, not in 2012. This was not a perfect bill, but it does begin to tackle our spiraling deficit and ensures that we don‘t default on our debts. I firmly believe that passing the the Budget Control Act is the best option to ensure this agreement is reached under our terms - not President Obama's."
The Budget Control Act of 2011 will cut and cap federal spending, require a vote on a balanced budget constitutional amendment, meet existing commitments, and facilitate the enactment of a bipartisan plan to reduce the national deficit.
Media Contact: Melissa Kelly