Aug 01 2011
Washington, D.C. – Senator Ron Johnson (WI) made the following statement regarding the upcoming Senate vote on the Budget Control Act:
“After reviewing the Budget Control Act of 2011, I have decided to vote against its passage. Although this bill represents the first time any future spending limitations have been attached to an increase in the debt ceiling, the limitations contained in the bill fall far short of serious budget reform.
“President Obama requested a $2.4 trillion increase in the debt ceiling. To put that amount in perspective, it took over 200 years for America to incur that level of debt - from our nation's founding to September 30, 1987. Because of President Obama's out-of-control spending, his $2.4 trillion debt ceiling increase will only last until March 2013. At that time, our total debt will be $16.7 trillion - about the same size as the entire U.S. economy. Our debt to GDP ratio will be 100 percent. This is a key measure that signals very real financial danger.
“Unfortunately, President Obama and his Democrat allies in the Senate refuse to acknowledge this danger by agreeing to serious reforms. Instead, the Budget Control Act will only reduce spending in the first year by $21 billion (0.6 percent of the total budget, and less than 1 percent of the increase in the debt ceiling). The total amount of deficit reduction is $1.6 trillion less than the rating agencies indicated would be required to prevent a downgrade in the U.S. debt rating.
“Last November, the American people sent a very clear message to Washington to get America's fiscal house in order. The fact that we are debating how to reduce the growth of government is a good thing, and the Budget Control Act is a step in the right direction. But it is simply inadequate, and my ‘no’ vote is my way of acknowledging that we simply must do more.”