“This legislation is far from perfect," he continued. "I would have preferred that any increase in the debt limit be accompanied by common-sense solutions such as closing tax loopholes for companies that ship jobs overseas and ending tax breaks for big oil companies. Yet the possibility of defaulting on our nation’s obligations, potentially causing catastrophic harm to our already fragile economy, is not an option for me. I will support the legislation before the House today because America’s economic future depends on it.

“Part of getting our nation’s fiscal house in order is cutting spending, and I have said that any increase in the debt limit must be accompanied by spending cuts. This bipartisan proposal would cut spending by an amount more than the increase that it authorizes in the debt limit. I have also said that to the greatest extent possible, we should seek fairness in these cuts, meaning the least among us shouldn’t bear a disproportionate amount of the burden.  The cuts in this bill would be achieved without affecting Social Security recipients, Medicare beneficiaries, veterans, or those on Medicaid.  It also would protect increases in Pell Grants, the tools that allow more Americans to access higher education and compete for better jobs.”

The House is expected to vote on The Budget Control Act of 2011, S. 365, later this (Monday) evening.

Donnelly, Coats issue statements on U.S. fiscal debate

WASHINGTON, D.C. – Congressman Joe Donnelly  and Senator Dan Coats released  statements over the weekend (July 30-31) on the ongoing debate in Congress on resolving U.S. debt crisis issues.

Their statements follow:

Donnelly votes for balanced budget approach

WASHINGTON, D.C. - Congressman Joe Donnelly (D-Ind.) released Saturday (July 30) the following statement regarding H.R. 2693, the House version of Senate Majority Leader Harry Reid’s plan for avoiding default and getting the U. S.’ fiscal house in order.

“I supported the legislation before the House today because it is a balanced approach to avoiding a default on our nation’s obligations,” said Donnelly. 

“The legislation I supported today would require dollar-for-dollar spending cuts tied to increasing the debt limit. In fact, this bill would cut more spending than Speaker (John) Boehner’s proposal. His plan would have all but ensured cuts to Social Security and Medicare and was not a serious attempt to find a bipartisan solution to this issue.

"The common-sense, bipartisan plan I supported today, however, would successfully prevent a default and cut trillions of dollars in spending, putting us on a path to long-term fiscal stability and deficit reduction. While I am disappointed that this bill did not pass the House this afternoon, I continue to support a balanced approach and am dedicated to working with my colleagues on both sides of the aisle to reach a bipartisan solution.”

H.R. 2693 failed to pass the House, 173 to 246.

Coats says defeat of Reid debt bill demonstrates need to do more

WASHINGTON, D.C. – Senator Dan Coats (R-Ind.) Sunday (July 31) issued the following statement after voting against Senate Majority Leader Harry Reid’s (D-Nev.) debt bill on Sunday:

“Majority Leader Harry Reid’s legislation falls far short of addressing the dangerous debt crisis that threatens our nation’s economy. The bipartisan opposition to this bill demonstrates the need for a much more comprehensive and substantive plan.

“The American people deserve better than this. If Washington is serious about averting both a default and a downgrade of our economy, Congress needs to adopt a bold plan that includes spending reductions beyond what is currently being proposed and a commitment to reform entitlement programs and the tax code.”