Tonight Congressman Ted Poe issued the following statement on the Budget Control Act:
Tonight the House voted on the Budget Control Act of 2011. This bill offers the Senate and the President yet another chance to restore financial stability in this country without raising taxes on anyone. It reduces spending more than the initial increase in the debt limit, caps future spending levels and requires the passage of a Balanced Budget Amendment to the Constitution in each chamber before giving the President authority for any future increase in the debt limit. After much consideration and ultimately a stronger, more conservative plan, I voted in support of this bill. This plan is not perfect, but it immediately takes Washingtons out-of-control spending off auto-pilot and reverses the dangerous path that weve been on for far too long.
I have always been a no-nonsense person from the bench to the halls of Congress. The reality is that failure to act now could result in increased uncertainty in our financial markets, ultimately leading to higher interest rates on the national debt. Higher increased rates would place a significant burden on students, families and small businesses. This effectively could erase any cuts that we have made so far or hope to make in the future.
I am a believer in fiscal responsibility and remain committed to the principles of cut, cap and balance. I also have consistently supported a Balanced Budget Amendment to the Constitution. The Cut, Cap and Balance Act passed the House on July 19th with my full support. We dont need a balanced approach; we need a balanced budget. The Budget Control Act contains many of the same principles as cut, cap and balance.
Since I first came to Congress, I have consistently opposed tax increases and will continue to do so going forward. The Budget Control Act does not raise taxes and includes procedural safeguards to protect Americans from future tax hikes.
The bottom line is that a failure to act is a failure to lead. This vote was a decisive rejection of liberals wish to see yet another unconditional, blank check written to the President and a massive raise in taxes on Americans. It is no surprise that not a single one of them voted for this bill. Although I would have preferred a Hail Mary touchdown pass, we are moving the football down the field as opposed to fumbling the ball. The games not over. And thats just the way it is.