Eric Cantor today issued the following statement regarding the Biden led deficit commission and the upcoming debt limit debate

Washington, D.C. – House Majority Leader Eric Cantor (R-VA) today issued the following statement regarding the Biden-led deficit commission on which he will serve, and the upcoming debt limit debate: “Earlier this week, S&P downgraded the United States’ long-term credit rating as a result of irresponsible spending practices, further highlighting the need to act immediately and take serious and binding steps to get our fiscal house in order. That is why it is so important that the latest iteration of the President’s fiscal commission be a serious and sincere effort to manage down our debt and foster long-term economic growth, and not serve as yet another arena for political theater.

For this commission to succeed, the President must agree to work with us in earnest. Going in, we need a clearly defined mission and a targeted purpose to be accomplished within a specific and binding timeframe. Our economy, global markets, job creators and families cannot afford to wait for the White House and Democrats to drag their feet when it comes to reducing our nation’s debt and deficit; we need real results immediately to make Washington begin to live within its means and get people back to work.

“With the debt limit window fast approaching, House Republicans have made clear that if the President and our Democratic colleagues refuse to accept serious reforms that immediately reduce federal spending and end the culture of debt in Washington, we will not grant their request for a debt limit increase. As the Washington Post pointed out, ‘the looming debt limit votes offers an opportunity to accomplish some real deficit reduction.’ We cannot afford to sit idly by and blindly raise the debt limit without binding and real spending reforms that will guarantee we don’t continue these bad spending practices in the future.”

April 20, 2011 Contact: Laena Fallon202-225-4027

TEXT CREDIT: Eric Cantor Majority Leader Office of the Majority Leader H-329, The Capitol House of Representatives P: 202.225.4000

IMAGE CREDIT: This work is in the public domain in the United States because it is a work of the United States Federal Government under the terms of Title 17, Chapter 1, Section 105 of the US Code. See Copyright.