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Costa Statement on Debt Limit Compromise Vote

August 1, 2011

Washington, D.C. - Congressman Jim Costa (D-CA) released the following statement regarding his vote in favor of the bipartisan debt limit compromise. The compromise extends the debt limit of the United States through the beginning of 2013, reduces the national deficit by $1.2 trillion over ten years, establishes a 12 member bipartisan congressional committee to develop a long-term deficit reduction plan, and allows for a vote on a balanced budget amendment.

"Tonight, I voted for a long-overdue, bipartisan compromise that allows our country to pay its bills and puts America back on the path to fiscal responsibility. Though not perfect, it is a strong statement that America is a country that honors its financial obligations.

"I am hopeful that the agreement reached today represents the beginning of the end of our nation's fiscal irresponsibility. The bipartisan congressional committee should begin its work by looking at the recommendations of the Simpson-Bowles Commission on Fiscal Responsibility and Reform. These reforms, coupled with a clean balanced budget amendment along the lines of H.J.Res. 2, will ensure our economy recovers and remains strong for future generations. Tonight's vote was a start. Let's put aside the politics for good and get to work."