WASHINGTON, DC – U.S. House Energy and Commerce Committee Chairman Fred Upton (R-MI) Tuesday (July 26) lined up behind efforts by the House GOP leadership to prevent a default on U.S. debt by securing significant federal spending cuts and following the House’s “Cut, Cap, and Balance” framework to begin putting our fiscal house back in order. The two-step approach the House will consider tomorrow calls for immediate spending reductions that exceed the preliminary increase in the national debt ceiling, as well as a longer-term strategy to reduce federal spending and pursue a Balanced Budget Amendment.
“There’s no question that we need to avoid default. Though the Senate failed to pass ‘Cut, Cap, and Balance,’ they also failed to pass any alternative to move forward on resolving the impasse. Both the House and Senate have agreed it would be a mistake to raise taxes, and I am hopeful we can pass an agreement that does focus on spending reductions that exceed any increase in the debt ceiling before the end of the week. My home state of Michigan’s unemployment rate has stood at over 10 percent for 31 consecutive months; we need a plan that protects struggling families and job creators and allows for economic growth and job creation. Failure means higher interest rates and greater economic uncertainty, which will hurt everyone. It’s time to act.”
Source: News release from Congressman Fred Upton