Congressman Jim Matheson voted for a bipartisan compromise Monday to reduce the federal deficit, preserve the credit worthiness of the U.S. and protect Utahns’ savings, retirement and education accounts. Matheson voted for S. 365- -the Budget Control Act of 2011– which is a bipartisan agreement to cut federal spending and put in place strict spending caps.
“I have heard a unified voice from individuals and businesses across Utah calling for statesmanship. They expect an end to the political bickering and they want a bipartisan solution that will cut and cap spending, as well as provide stability for the future so our economy can thrive,” said Matheson.
“We have heard warnings for weeks that a failure to act will result in downgrading our nation’s bond ratingвЂ”a direct measure of America’s power in a global economy. America is too good to play second fiddle to any other country. I will not allow partisan politics to compromise our standing in the eyes of the world. This bill is not perfect but it is a bipartisan agreement that prevents the U.S. from defaulting on its obligations. It implements true spending cuts and spending caps.”
“I have long supported the need for all sides to come together to begin to restore fiscal discipline to the federal budget. That means putting politics aside to do what is right for our economy, our businesses and our families. This is the first time in a very long time that we have legislation that reflects compromise and offers a bipartisan path forward to address our unsustainable debt, while protecting our nation from default,” said Matheson.
Matheson notes that the legislation includes two fundamental elements of his budget principlesвЂ”spending cuts and caps to discretionary spending for the next ten years.
The bill is endorsed by the U.S. Chamber of Commerce, the National Association of Manufacturers and the National Restaurant Association, among others.