July 19, 2011 Cut, Cap, and Balance Act

PRESS RELEASE from Ron Paul Presidential Campaign Committee

For Immediate Release: July 19, 2011

Contact: Gary Howard

Ron Paul Issues Statement on House Cut, Cap, and Balance Act
“This is far from the Pledge’s call for ‘substantial’ cuts”

LAKE JACKSON, Texas – Today, 2012 Republican presidential candidate Ron Paul issued a statement outlining his opposition to the House version of the Cut, Cap, and Balance Act. See statement below.

“While I applaud the spirit of the Cut, Cap, and Balance Act (CCB) and appreciate how it has shaped the debate to include a permanent solution to our deficit crisis, I could not support the legislation as it was presented today.

“Though I broke with many of my friends in Congress by voting against the House CCB plan, I was the first Presidential Candidate to sign the Cut, Cap, and Balance Pledge, as I believed in its call for ‘substantial’ spending cuts, hard caps, and a Balanced Budget Amendment.

“These difficult times require that presidential candidates be willing to lead on this issue by standing against runaway spending and promoting real changes to ensure future prosperity.

“If elected President, I will veto any spending bill that contributes to an unbalanced budget, and I will balance the budget in the first year of my term. I will also fight for and sign an iron clad Balanced Budget Amendment to the United States Constitution.

“I have never voted to raise the federal debt limit, and I have no doubt that we face financial collapse and ruin if we continue to grow our debt. We need to make major spending cuts now, in this budget, and we can no longer afford to allow more deficit spending based on promises of future cuts.

“The CCB act would add $2.4 trillion of new debt to our gargantuan $14.4 trillion debt. CCB would also only cut $111 billion from this year’s budget, allowing a deficit of nearly $1.5 trillion. This is far from the Pledge’s call for ‘substantial’ cuts. And, CCB locks us into current levels of overseas welfare, which will continue to endanger America’s security by forcing us to subsidize other wealthy nations.

“For decades, politicians have promised future restraint in exchange for hikes in the debt limit. Each time, it’s said that if we act immediately to avoid a crisis, we will give the matter proper debate at the next vote. But, time and again, politicians reveal themselves to be untrustworthy. Promises of cuts remain unfulfilled, and we soon find ourselves once more in a crisis that we are told can only be addressed by upholding the status quo yet again.

“Many of my friends have made the case that, despite this bill’s shortcomings, CCB should be supported in order to pass a Balanced Budget Amendment. CCB, unfortunately, does not guarantee a Balanced Budget Amendment will ever pass. It would still have to be ratified by the States, a process that could take years and perhaps even fail.

“If we want a Balanced Budget Amendment to be the silver bullet against Big Government that many hope it will be, it must be iron clad. The CCB Balanced Budget Amendment removed the two-thirds threshold requirement to exceed spending caps, which would be too easy for politicians to violate.

“Though I voted against today’s House version of Cut, Cap, and Balance, I continue to support the Pledge’s goals, and I remain committed to working on behalf of the American people to drastically reduce spending and implement fundamental changes that will reform government and restore our nation’s prosperity.”

For more information on Congressman Ron Paul’s Presidential Campaign, visit www.RonPaul2012.com.

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PRESS RELEASE from Pawlenty for President

FOR IMMEDIATE RELEASE

July 19, 2011

CONTACT: Alex Conant

Gov. Tim Pawlenty's Statement on the Passage of the Cut, Cap and Balance Bill in the House of Representatives

"I applaud House Republicans for courageously fighting to put an end to our nation's egregious spending and passing the "Cut, Cap and Balance" bill. President Obama and the administration have continued to spend beyond our nation's means amidst a hurting economy and soaring unemployment numbers. The time for temporary fixes has passed; our leaders need to start implementing structural, real reforms to get our budget in check. As governor of Minnesota, I made the often uncomfortable choices necessary to dramatically cut spending and balance every budget when I was governor. Restoring the economy will require similar tough decisions, and today's vote brings us one step closer to real reform."

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PRESS RELEASE from Rick Santorum for President

July 19, 2011

For Immediate Release

Contact: Matt Beynon

Santorum Commends House Leaders

On The Passage of "Cut, Cap, and Balance"

Verona, PA - Former Senator Rick Santorum (R-PA) commends the conservative leadership of the House of Representatives on the passage of the "Cut, Cap, and Balance" legislation:

"I am pleased that the House of Representatives passed the reasonable and responsible 'Cut, Cap, and Balance' legislation to bring fiscal sanity back to Washington. I commend the Republicans in the House who had the courage to take this important step towards getting our fiscal house in order and I urge the Senate to follow the House's lead. The time for posturing and rhetoric has passed, now is the time for the leadership the American people deserve from their representatives."

Senator Santorum was among the first presidential contenders to sign the "Cut, Cap, and Balance" Pledge that focuses on cutting and capping government spending, and passing a Balanced Budget Amendment to our Constitution. Senator Santorum has long been a defender of the Balanced Budget Amendment, with it being among the first bills he ever cosponsored in the United States Senate in 1995.

To learn more about former Senator Rick Santorum, please visit www.RickSantorum.com.

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STATEMENT from Office of Management and Budget

The Administration strongly opposes H.R. 2560, the “Cut, Cap and Balance Act of 2011.” Neither setting arbitrary spending levels nor amending the Constitution is necessary to restore fiscal responsibility. Increasing the Federal debt limit, which is needed to avoid a Federal government default on its obligations and a severe blow to the economy, should not be conditioned on taking these actions. Instead of pursuing an empty political statement and unrealistic policy goals, it is necessary to move beyond politics as usual and find bipartisan common ground.

The bill would undercut the Federal Government’s ability to meet its core commitments to seniors, middle-class families and the most vulnerable, while reducing our ability to invest in our future. H. R. 2560 would set unrealistic spending caps that could result in significant cuts to education, research and development, and other programs critical to growing our economy and winning the future. It could also lead to severe cuts in Medicare and Social Security, which are growing to accommodate the retirement of the baby boomers, and put at risk the retirement security for tens of millions of Americans.

Furthermore, H. R. 2560 could require even deeper cuts, since it conditions an increase in the Federal debt limit on Congressional passage of a Balanced Budget Amendment. H. R. 2560 sets out a false and unacceptable choice between the Federal Government defaulting on its obligations now or, alternatively, passing a Balanced Budget Amendment that, in the years ahead, will likely leave the Nation unable to meet its core commitment of ensuring dignity in retirement.

The President has proposed a comprehensive and balanced framework that ensures we live within our means and reduces the deficit by $4 trillion, while supporting economic growth and long-term job creation, protecting critical investments, and meeting the commitments made to provide economic security to Americans no matter their circumstances. H.R. 2560 is inconsistent with this responsible framework to restore fiscal responsibility and is not an appropriate method of reducing the Nation’s deficits and debt. The Administration is committed to working with the Congress on a bipartisan basis to achieve real solutions.