Tuesday, August 02, 2011

Schwartz on Debt Ceiling Compromise

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Washington, D.C. – U.S. Rep. Allyson Schwartz issued the following statement after voting in favor of the Budget Control Act of 2011.

“First and foremost, this bill removes the cloud of uncertainty over our economy and ensures America meets its obligations.

“There are rare moments that have been this dramatic and few votes that could have caused such serious consequences for every American.

“Had we defaulted, current and prospective homeowners, small business owners, students and their families, and so many other Americans could have seen interest rates skyrocket. If Congress had not acted tonight, interest rates paid by the government would have increased, leading to higher costs for every taxpayer.

“America has never failed to meet its obligations and Congress has never threatened to undermine the full faith and credit of the United States. And, led by President Obama, we would not let that happen.

“Let’s be clear, this is not the perfect bill. There were other proposals that would have made better choices for our country by taking a balanced approach and making more substantial spending cuts than the bill we voted on tonight.

“But, this is a moment that demanded compromise and action.

“This legislation cuts $2.7 trillion from federal spending over 10 years. It protects Medicare and Social Security for America’s seniors, does not inhibit our economic recovery, and is fair to middle class Americans.

“It is now time for Congress to focus our efforts on promoting an environment for private sector job growth.”

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