Nevada County’s Congressional representative, Tom McClintock says he voted against the Budget Control Act that both houses of Congress have now passed. He says by increasing the Debt limit by $2.1trillion dollars what congress has done is increase the debt on every family of four by $28 thousand dollars.
“So, congratulations, you just bought a new car. The only thing is, you don’t get the new car, all you get are the payments for the new car. What you actually bought is another 16 months or so of deficit spending at the current rates.”
McClintock also says the $2.1 trillion dollars in cuts in the bill, are far below the $4 trillion dollar deficit reduction that credit rating agencies have warned is necessary to preserve the Triple-A credit rating of the United Sates Government. President Obama signed historic legislation increasing the debt ceiling after the House and Senate approved the agreement. It cuts over two-trillion dollars in government spending in the next decade and has no tax increases. The measure passed in the U.S. Senate by a vote of 74 to 26. The compromise bill heads off a default crisis by raising the federal debt ceiling. Speaking after the vote, Obama thanked Americans for keeping up the pressure on legislators to reach a compromise.