Thursday, July 21, 2011

Isakson Joins Two Dozen Republican Lawmakers in Urging Senate Passage, President’s Approval of ‘Cut, Cap and Balance’ Bill
Cosponsors Measure That Requires Balanced Budget Amendment, Major Spending Cuts Before Debt Ceiling Can Be Increased

WASHINGTON – U.S. Senator Johnny Isakson, R-Ga., today joined 26 fellow Republican lawmakers in urging the Senate to follow the House’s lead in passing “Cut, Cap and Balance” legislation, which would take a major step toward reining in federal spending and getting our nation’s fiscal house in order. The Republican lawmakers offered this legislation as a solution to the nation’s debt crisis in which Congress faces an August 2 deadline to decide whether to raise the “debt ceiling” and grant the federal government more borrowing authority above the current limit of $14.3 trillion.

On July 19, 2011, the House passed H.R.2560, also known as the “Cut Cap and Balance” plan, by a vote of 234-190. The Senate is tentatively scheduled to take a procedural vote on Saturday on whether to proceed to the bill. Isakson will vote yes.

Isakson is a co-sponsor of the Senate version of the bill, the Cut, Cap and Balance Act of 2011. It was introduced by Sen. Mike Lee, R-Utah, in July and has garnered a total of 39 Senate cosponsors.

Specifically, the legislation would cut fiscal year 2012 non-defense discretionary spending by $435 billion, set hard spending caps on future budgets and require the passage of a Balanced Budget Amendment before Congress can raise the debt limit.

“I am deeply committed to meaningful, significant spending cuts on the part of the United States government because we cannot sustain the reckless federal spending that has led us into this debt crisis. Without a serious commitment to reducing spending, I cannot agree to raise the debt ceiling,” said Isakson. “The Cut, Cap and Balance plan is the answer to solving the debt crisis because it is the straitjacket Congress needs to cut spending in the short-term, cap spending on an annual basis and sends a constitutional amendment requiring a balanced federal budget to the United States of America for ratification. If this legislation does not pass the Senate, we will find ourselves with no proposal on the table, which is a scary place to be. I strongly urge my colleagues to pass this legislation and President Obama to reconsider his threat to veto the bill if it reaches his desk.”

Earlier this month, Isakson spoke on the Senate floor to reiterate the importance of solving the nation’s debt crisis and ending out-of-control spending, which has been his number one priority this year.

Isakson has sponsored or cosponsored several pieces of legislation aimed at reining in federal spending. In January, he introduced biennial budgeting legislation that would switch Congress from an annual spending process to a two-year cycle, with one year for appropriating federal dollars and the other year devoted to oversight of federal programs. He has also cosponsored a constitutional amendment requiring Congress to balance the federal budget.