Leader Cantor Statement On Debt Limit Negotiations
July 22, 2011
Contact: Doug Heye, Megan Whittemore
202-225-4000

WASHINGTON, D.C. - Today, House Majority Leader Eric Cantor (R-VA) issued the following statement on the debt limit negotiations:

"Tonight, months after we had begun negotiations with President Obama, Vice President Biden, and the Administration, Speaker Boehner and I are ending discussions with the White House and beginning conversations with Senate leaders in the hopes of finding a solution to the debt limit debate in order to avoid default. Throughout the months of discussions, we have worked to identify real spending cuts, binding budget reforms, structural changes to save our entitlement programs, and significant debt reduction. Unfortunately, time and again these talks have reached an impasse for one reason: the Democrats’ insistence on raising taxes on small businesses and working families. We must get Washington’s fiscal house in order, but with millions of Americans out of work, the worst thing Washington can do is to raise taxes on those we need to start hiring again. Washington has a spending problem, and until that is fixed, raising taxes is simply asking the American people to send more money to be spent inefficiently.

"In recent days, Speaker Boehner and I have engaged in discussions at the White House with the goal of doing something big to address our debt crisis, just as we did in the House Republican Budget. During these discussions, it became clear that the White House has a fundamental philosophical difference about how we stop spending, begin to get our fiscal house in order and manage down our debt. Contrary to news reports, a deal was never reached with the White House and a deal was never close with the White House – especially after the President insisted on more tax revenue after the Gang of Six plan was released. America will pay its bills and meet its obligations, and in coming days we will offer a path forward that meets the President’s request for a debt limit increase, manages down the debt, and achieves serious spending cuts."