(WASHINGTON)—Oversight and Government Reform Committee Chairman Darrell Issa (R-CA) today released the following statement about the upcoming House of Representatives vote on the Cut, Cap, and Balance Act:
“The American people know the solution to our debt crisis—they do it every month: restrict spending to income.
“The Cut, Cap, and Balance Act addresses our federal spending problem. Beginning October 1, the bill would cut $111 billion from government spending. Then, for the next 10 years, federal spending would be tightly capped and save taxpayers $5.8 trillion. Significantly, it achieves these savings and provides a debt ceiling increase as America gets its fiscal house in order.
“Out of control spending is crippling our economy, starving the engines of growth and racking up massive debt for future generations. We’ve been saddled with $3.5 trillion in new debt since the Obama Administration took office. The federal government’s over-spending has got to stop— the Cut, Cap, and Balance Act gives us the tools to achieve this goal and get the economy back on the road to recovery.”