The Budget Control Act takes an important step in the right direction by cutting $1.2 trillion in government spending over the next decade. Critically, it does this without resorting to Senator Reid’s gimmicks and without imposing the president’s preferred tax increases on American families and the struggling economy.
This bill is far from perfect. We still have a long way to go toward getting the key drivers of our debt — especially federal health-care spending — under control. But considering that House Republicans control only one-half of one-third of the federal government, I support this reasonable, responsible effort to cut government spending, avoid a default, and help create a better environment for job creation.
In addition to securing a down payment of $1.2 trillion in spending cuts, the Budget Control Act tasks a congressional committee with cutting $1.8 trillion more. Such a committee would not be necessary if the Senate would do its job and address our nation’s biggest fiscal challenges, as the House has done. Unfortunately, the Senate has failed to pass any budget for 818 days, while the president has failed to put forward a serious, credible plan to get the debt under control.
Democrats and Republicans in the House and the Senate have rejected the president’s effort to chase ever-higher spending with job-destroying tax hikes. Now is the time to secure a bipartisan step forward in the effort to put Washington’s fiscal house in order. The Budget Control Act achieves this goal. But much hard work still lies ahead.
— Rep. Paul Ryan (R., Wisc.) is chairman of the House Budget Committee.