Baucus: Time for Debate Is Over, Time for Compromise is Now
Senator Supports Long-Term Solution to Cut Spending, Deliver Certainty Montanans Need
Posted: Friday, July 29, 2011
Posted: Friday, July 29, 2011
(Washington, D.C.) - Montana's senior U.S. Senator Max Baucus is calling for compromise to avoid default and bring certainty to working families and small businesses. Baucus supports the Senate's long-term plan to cut more than $2 trillion in spending and ensure the U.S. can meet its obligations through 2012. Still, he says both sides of the aisle, and both Houses of Congress, need to come together to pass a compromise as soon as possible.
"Right now we need two things: serious spending cuts and meaningful certainty. The Senate compromise gives us both, but that doesn't mean it's the only option. There are good ideas out there, on both sides of the aisle, so there's no reason we can't reach an agreement on a long-term solution," Baucus said. "What we can't do is keep kicking the can down the road with stop-gap patches. Businesses need to know they'll be able to get the credit they need to make payroll in six months, homeowners need to know they'll be able to pay their mortgage and the world needs to know America is still a great investment."
The short-term measure the House of Representatives is working to pass includes only $900 billion in spending cuts and fails to provide a solution to meet U.S. obligations beyond the next six-months. Economists have warned that a short-term plan would not provide the certainty needed to preserve America's triple A credit rating and ensure stable interest rates for working families and businesses.
If the debt ceiling is not raised by August 2nd, the Treasury Department has said the U.S. government will not have enough revenue coming in to cover its obligations. As a consequence government services would be at risk, including Social Security, Medicare, veterans' benefits, troop payments and more. If the U.S. credit rating is downgrades, economists warn interest rates could skyrocket, making it impossible for homeowners to get a mortgage or businesses to get the credit they need to pay their workers. Baucus has also supported a balanced budget amendment and released county-by-county data last week showing Montana would be hit particularly hard under default.
What Does the Long-Term Senate Compromise Do?
The long-term Senate solution Baucus supports includes more than $2 trillion agreed upon cuts, and allows the U.S. to continue to meet its obligations through 2012. The Senate compromise keeps the promise to seniors and military retires, and does not cut Medicare or Social Security or raise taxes . The short-term House plan includes only $900 billion in spending cuts and won't allow the U.S. to meet its. obligations beyond the next six-months.
Contact: Kate Downen 406-224-5056/Jenny Donohue 202-224-4515/Kathy Weber 406-657-5915
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