House Majority Leader Eric Cantor released the following statement on the Joint Economic Committee's (JEC) report analyzing the Spending Control and Economic Growth Act:
“House Republicans are committed to helping grow the economy for working middle class families and reducing wasteful spending in Washington, and the Spending Control and Economic Growth Act reflects those two priorities. We have always demanded that any increase in the debt limit be accompanied by savings and reforms commensurate with the level of additional borrowing being asked of the American people.
“The House Republican plan achieves this benchmark and will not only reduce wasteful Washington spending but also help put more money in the pockets of American families and encourage job growth and opportunity. Our plan delays the implementation of ObamaCare, which will help job growth and our economy while protecting people from its negative consequences.
“The Congressional Budget Office has previously estimated that an additional one-tenth of one-percentage point increase in economic growth will reduce the deficit by approximately $300 billion over ten years. Historically, the debt limit has been a place where members of both parties work together to steady Washington’s role in the economy. I sincerely hope that President Obama and Senate Democrats choose to stop ignoring our nation’s debt crisis and work with us to find common ground.&rdquo