(Lori Piotrowski) – In a press teleconference this afternoon, Congressman Joe Heck talked about the upcoming vote on raising the debt limit. Heck supports the House bill, saying he read the bill and had reached his decision only this morning after having downloaded the bill late last night and researching information to answer questions he had.
Heck’s prepared statement commented on the need for Congress to protect the full faith and credit of the United States. To do so, the House needs to pass this bill. Should the Senate vote down the bill (as Reid is claiming they will do), then the Senate must come back with a bill that would protect the U.S.’ credit rating.
[The bill is actually an amendment to S. 176. Read the text here. – Ed.]
“If the Senate votes down the House bill, then the ball is in their court to come up with a suitable plan,” Heck said. “I’m willing to have an up/down vote on any plan, and I hope that my colleagues in the Senate will do the same.”
A suitable plan, according to Heck, will cut spending and include a balanced budget amendment. “The house plan raises revenue by $2.4 trillion but it also includes savings of $2.7 trillion, plus it includes a balanced budget amendment. Seventy percent of the U.S. believes it’s time for a balanced budget amendment.”
He continued, “The Senate plan raises the debt limit by $2.7 trillion but includes only $2.2 trillion in cuts.” Heck explained that it was the CBO that originally pointed out that much of the savings in the Reid plan were coming from money that had yet to be requested and spent, but there is no guarantee that money will be requested.
According to Heck, unless the credit agencies see “real” spending reductions and a plan to get spending under control, the credit rating is in peril.
“The house plan is an excellent down payment, but it is not the final payoff. Eventually we will fix this issue by passing the balanced budget amendment and getting approval from the States.”