July 29, 2011. This measure immediately increases the debt limit by $900 billion with conditional provision for an additional $1.6 trillion, yet is unlikely to achieve savings sufficient to prevent a downgrade of the nation’s credit rating. It increases spending authority by a half trillion dollars above the House Budget Act and postpones any significant reductions in anticipated spending for years into the future. The immediate impact for FY 2012 is to reduce spending $22 billion, or 2/3 of one percent after a 28 percent increase over the last three years. Even this modest reduction is unlikely due to provisions that exempt mandatory spending, emergency spending (determined by majority vote of the Congress) and spending on the “Global War on Terror.” The provision requiring a balanced budget amendment be sent to the states is undefined and unenforceable. The House has already passed legislation that would place the nation’s finances back on the path to solvency and if the Senate is unwilling to concur, it should return the bill to the House with amendments so that conference process can work while there is still time. Click for Extended Vote Note.
S. 627, "Budget Control Act of 2011," was voted on by the House of Representative on July 29, 2011. Congressman McClintock voted NO.
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