WASHINGTON – U.S. Sen. Mike Johanns (R-Neb.) today voted in favor of the Budget Control Act, a bipartisan agreement to significantly reduce the deficit by $2 trillion and increase the federal debt ceiling in order to meet the country's financial obligations. The bill passed, 74-26, and now heads to President Obama for his signature.
"Our country's ballooning debt is the challenge of our time and this agreement to cut $2 trillion is just the first step toward reining in spending," Johanns said. "We've changed the debate from one focused on how much more money the government should spend to one focused on how much spending we must reduce, but much work lies ahead.
"I would have preferred a long-term plan that addresses insolvent entitlement programs, requires a balanced budget and reforms the tax code, but I also believe our country must pay its bills. Defaulting on our debt could have cost trillions in higher interest rates, not to mention hardship for individual Americans trying to pay off loans.
"We must now tackle the broader challenge of restoring our country's overall fiscal health. Failing to do so would be failing future generations – the situation is that serious."
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