Following the passage of the Cut, Cap and Balance Act Tuesday evening in the House of Representatives, Sen. Rand Paul (R-Ky.) issued the following statement:
"Tonight the U.S. House of Representatives voted with the voice of the American people in supporting the Cap, Cut and Balance Act. The gravity of our debt crisis weighs heavy on our nation's shoulders, and I commend my colleagues in the House for passing legislation that leads us toward a solution. They have now passed the only current legislation that would both raise the debt ceiling and fix our debt problem.
"I implore my Senate colleagues to follow the same path in voting in favor of this bill, and for the President and his Administration to stop playing games with this matter and support the important goal of defeating our debt and balancing our budget."
The House passed CC&B by a vote of 234-190, with House Democrats nearly unanimous in their opposition to the bill. Crossing over to join Republicans in supporting the measure, were Democrat representatives Dan Boren, Jim Cooper, Jim Matheson, Mike McIntyre and Heath Shuler.
Senate Majority Leader Harry Reid, (D-Nv.), announced that a Senate vote on CC&B will occur on Saturday morning, and Senate Minority Leader McConnell, (R-Ky.), said that he welcomes a debate over the proposal and that he is looking forward to a Saturday vote.
The CC&B plan would cut total spending by $111 billion in FY 2012, and would also cap total federal spending at 22.5 percent of GDP next year; gradually decreasing spending levels over 10 years, until locking in at 19.9 percent of GDP in 2021 and beyond.
The plan would also reduce non-security discretionary spending below 2008 levels, saving $76 billion, and provides for a $35 billion cut to non-veterans, non-Medicare, non-Social Security mandatory spending. It would not affect current Defense spending levels.
Sen. Rand Paul on Fox's America's Newsroom - 07/20/11