“It's time to be honest with the American people. At a time when our government borrows 40 cents of every dollar it spends, we have no choice but to cut spending and begin living within our means. Contrary to what the Gentleman on the other side of the aisle continues to say, no one wants to bring default onto our country, and with millions of Americans out of work, we have to focus on getting the economy growing again. We, as Republicans, as the new Majority in this House, as the Gentleman from Maryland knows, have put a plan on the table that ensures Washington does not continue to spend money it doesn't have.
“House Republicans have a plan to cut, cap and balance our way to prosperity. This common sense legislation provides a straightforward plan to curb our massive debt and to finally begin to limit spending. The legislation before us would require, one, a balanced budget component, two, a supermajority requirement to raise taxes on the American people, and, three, a limit on spending as a percentage of GDP. Today, the House has the opportunity to show the people that sent us here that we are serious about turning the page on the failed fiscal policies that this town has been about over the last several decades and begin to get the fiscal house in order.
“House Republicans were voted into office to change the culture in Washington and we will not support the other side's request, or the President's request, to increase the debt limit without meaningful reforms to the system. Forty-nine states, including my home state of Virginia, already have a balanced budget requirement, and it's time that the federal government reflects the same policy to get our fiscal house in order. Cut, Cap and Balance makes sure that we begin to treat taxpayer dollars more responsibly just like families and businesses do with their own budgets. We need to act today, we cannot continue to kick the can down the road.
“The President continues to say, as the Gentleman on the other side tries to imply as well, that they want to do big things. We do as well, as evidenced by our budget that we put on the table. We implore the other side to get serious. Let's do big things. Let’s get our fiscal house in order. Let's do so without imposing higher taxes on the small business people that we so desperately need to start hiring again.
“The Gentleman from Maryland loves to talk about those corporate loopholes. He loves to talk about corporate jet owners and the kind of preferences that exist in the code. The Gentleman from Maryland knows all too well, he and I were in discussions for almost seven weeks when I said again and again that we would be happy to engage in a discussion of tax reform to get rid of those loopholes. The Gentleman also knows that those loopholes and the costs associated with those loopholes, pale in comparison to the problem. I know it makes for good politics to go throw the shiny ball out there and say that somehow the Republicans are wed to that kind of policy to sustain these preferences, when all along in our budget and in our plan we have said we're for tax reform.
“We have said we're for bringing down rates on everybody, and that's it. Let’s get serious and stop playing politics. It’s not about that. What's really going on in all of the debt discussions, in all of the negotiations, is the fact that the Minority and its party and the President continue to insist that we raise taxes on the small business people that we need so desperately to begin creating jobs and hiring people again."
House Majority Leader Eric Cantor (R-VA)
July 19, 2011