“Today, I am proud to sponsor the Spending Reduction Act, which replaces the sequester in the first year with responsible cuts that protect our national security and adds an approximate $200 billion in additional savings for deficit reduction.
“The bill is designed to stop fraud, to eliminate waste and frankly, to replace the sequester that is indiscriminate in its cuts. Again, the bill is aimed at trying to promote national security, but also to drive towards the underlying issue that faces this country, which is the mounting deficit and load of debt that we are going to leave this generation and the next.
“We are committed in the House, as you know, to address the underlying problem which is the spending. That’s why we’re bringing this bill forward. Together with our vote today to extend permanent tax relief for the middle class, and small businesses, we House Republicans have taken concrete actions to avoid the fiscal cliff.
“Absent a balanced offer from the President, this is our nation’s best option and Senate Democrats should take up both of these measures immediately. The President has a decision to make. He can support these measures, or be responsible for reckless spending and the largest tax hike in American history.”
Read more about Leader Cantor's Spending Reduction Act.