WASHINGTON, D.C. - U.S. Rep. Elton Gallegly (R-CA) released the following statement today on his vote to cut government spending and raise the debt limit:

“This was a hard-fought battle to cut government spending in the face of unsustainable debt between those who wanted a free rein to continue spending and to raise taxes to do so, and those who want to streamline government, stop wasteful spending, and give the private sector opportunities to create jobs.

“While this is not a perfect bill, it gives us a strong down payment on cutting the nation’s deficit, cutting federal spending and getting the government’s financial house in order.

“The Congressional Budget Office (CBO) estimates the bill will reduce budget deficits by at least $2.1 trillion between 2012 and 2021. There are more than $21 billion in spending cuts next year alone, and the bill continues to reduce the deficit in the years ahead.

“And it cuts spending without raising job-killing taxes in a struggling economy. Make no mistake. This is the beginning, not the end, of our efforts to cut wasteful Washington spending. It’s not a perfect deal, but considering the Senate and White House are controlled by elected officials who want to spend and tax, this deal serves as notice that those days are over.”

Background:
Since President Obama took office, the national debt has increased by $3.7 trillion. It took the United States from 1776 until 1992 to accumulate the same amount of debt that President Obama accumulated in 2½ years.
Our national debt is nearly $14.3 trillion – higher than any time in American history – and already equals more than 95 percent of our entire economy.