Today, Americans for Tax Reform urged Senators to pass the Budget Control Act of 2011, the legislative solution to the debt ceiling negotiations. With the Senate continually deferring its budgeting responsibilities, taxpayers will learn who is truly serious about restoring the country's fiscal prowess when the measure comes for a vote today at noon. From our alert:
The debt ceiling deal will enact up-front savings of $917 billion while instituting caps to keep spending growth in check. The spending caps are enforced by sequesters, ensuring they cannot be exceeded. This signals a serious refutation of Washington’s spending habits, and lays the groundwork for permanent restraint in government spending.
The bill keeps the President’s aggressive spending agenda in check by establishing a two-step process to allow more borrowing authority. This requires a Joint Committee to enact at least $1.5 trillion in savings or a Balanced Budget Amendment to the Constitution be sent to the states before another debt limit hike is authorized. If either of these initiatives fail, an across-the-board sequester will be enacted equal to the amount of borrowing authority the President is able to request. This ensures another debt limit hike cannot occur absent significant spending reform.
The path towards fiscal solvency must start with an initial step. The House-passed Budget Control Act provides fiscally prudent lawmakers the opportunity to begin enacting lasting spending reform. Senators serious about getting the country’s fiscal house in order should support the debt limit solution before them and vote to concur in the House amendment to S.365. By keeping taxes off the table in the debt limit debate, this proposal rightly focuses on government overspending and sets the stage for greater federal fiscal improvements.
Click here for the full alert.