Senate approves U. S. debt package - WALB.com, Albany News, Weather, Sports

Senate approves U. S. debt package

Posted: Updated:

Washington, D. C. -- The United States Senate has just voted to approve the House Bill to raise the nation's debt ceiling, forestalling a default on the nation's debt.

Georgia Senator Johnny Isakson voted 'yes' and Senator Saxby Chambliss voted 'no.'

The vote carried, 74 to 26.

U.S. Sen. Saxby Chambliss (R-Ga.), released the following statement today:

 "I applaud Speaker Boehner and Leader McConnell for their work in preventing a default on our nation's obligations. But I cannot vote for the largest debt-ceiling increase in America's history without significant assurances that the bill's proposed spending reductions will actually be realized, and without reforms to the way our government budgets its spending of taxpayer dollars. This bill failed to meet those requirements.

"The enforcement provisions that are supposed to lead to decreased spending are simply not strong enough. The bill includes self-imposed spending caps, but does not provide a robust-enough procedure to ensure that those caps are not violated. Congress has shown time and again that it is incapable of staying within spending limits.

"This bill does not address the actual debt. Because cuts were not deep enough and we didn't provide a plan that will ultimately pay off our debts, we took no concrete steps toward reducing America's public debt. In fact, we are still borrowing $4 billion a day, and after the passage of this bill are projected to have an increase of some $10 trillion in debt over the next decade.

"Our fiscal crisis is the most important challenge we face. I will continue to work with my colleagues to fight for fiscal reforms that will put us on a path to reduce our deficit and debt, and to balance our nation's books through a balanced budget amendment to the Constitution."

 

Copyright 2011 WALB.  All rights reserved.  

Powered by WorldNow