In response to the compromises reached in the Republican-ruled House and the Democrat-ruled Senate, Congresswoman Madeleine Z. Bordallo released the following statement:
“Tonight the House voted to pass an agreement that finds common ground to avoid a fiscal crisis and provides a framework to address our national debt.
“This agreement raises the debt ceiling through 2012 and will help ease anxieties in our financial markets. The proposal creates a joint, bipartisan congressional committee that would recommend to Congress long-term spending cuts and tax reforms before the end of the year. This agreement is not perfect, but it reflects compromise by both parties and puts our government on a path toward responsible deficit reduction.”
Bordallo also acknowledged the return of Congresswoman Gabby Giffords, D-Az., back to Congress following an attempt on her life in January.
“I joined my colleagues in welcoming Congresswoman Gabby Giffords back to Congress. Her vote in favor of this agreement underscored the importance of preventing an unprecedented default on our obligations. I am confident that this agreement will allow Congress to reasonably reduce our national debt, and I will support spending cuts and tax reforms that protect the middle class and our veterans,” said Bordallo.
After signing the bill into law, Obama released this statement:
“Congress has now approved a compromise to reduce the deficit and avert a default that would have devastated our economy. It was a long and contentious debate.
“This compromise guarantees more than $2 trillion in deficit reduction. It’s an important first step to ensuring that as a nation we live within our means. Yet it also allows us to keep making key investments in things like education and research that lead to new jobs, and assures that we’re not cutting too abruptly while the economy is still fragile.”
The president said this was “just a first step” and the compromise “requires that both parties work together on a larger plan to cut the deficit, which is important for the long-term health of our economy. And since you can’t close the deficit with just spending cuts, we’ll need a balanced approach where everything is on the table.”
Obama said this would mean making adjustments to protect healthcare programs such as Medicare. “It also means reforming our tax code so that the wealthiest Americans and biggest corporations pay their fair share. And it means getting rid of taxpayer subsidies to oil and gas companies, and tax loopholes that help billionaires pay a lower tax rate than teachers and nurses.”
