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Courtesy Jose Borjon,

 Washington, D.C.– Congressman Henry Cuellar (TX-28) released the following statement yesterday after voting in support of S. 365 – Budget Control Act of 2011:

“Americans and lawmakers alike embark on a shared sacrifice today. In order to protect our economy and the future of the nation, we move forward to secure increasing the debt limit and reduce spending in the federal government. Today, the House of Representatives voted on a bipartisan bill that commits the United States to fulfill its obligations to pay our incurred debt and commit to budget discipline.

 “After months of wrangling with the federal budget, this agreement was reached in a bicameral and bipartisan compromise. I am pleased that this debt deal provides lawmakers the necessary tools to tighten our spending and provide certainty to support our economy. This bill gives confidence to our financial markets by allowing a debt ceiling increase through 2012, thereby eliminating any doubt that the United States may default on its debt. Economists and investors agree if the United States defaulted, the AAA credit rating would be downgraded and catastrophic consequences to financial markets would occur – this bill averts uncertainty. Not only are financial markets provided assurance, but seniors, those who are disabled, and retired can count on receiving their Social Security benefits on August 3^rd. American households will be able to receive other necessary government assistance that improves their quality of life every day.  

 “While raising the debt ceiling is not uncommon, the accompanying spending cuts are groundbreaking. As a Member of the Blue Dog Coalition and as true fiscal conservative, I believe it is critically important to ensure that we reign in government spending and seek to balance our budget in the best interest for the American people. This deal includes deficit reductions to both domestic and defense spending and would total nearly $2.1 trillion dollars over the next 10 years. It will not undermine critical investments, such as Pell Grants by funding them through 2015, so that our students can be globally competitive in the workforce. We are coupling an increase in the debt ceiling and real reform to future spending – this is a historic stride for our nation toward solidifying a fiscally conservative era of government.”