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Costa Statement on Speaker Boehner’s Debt Limit Bill

July 31, 2011

Costa: "It's time for cooler heads to prevail."

Washington, D.C. – CongressmanJim Costa (D-Fresno) released the following statement regarding today's vote on S. 627, legislation sponsored by Speaker of the House John Boehner to provide a short-term increase in the nation's debt limit. The bill passed the House by a vote of 218-210, and awaits consideration by the Senate where passage is considered unlikely.

"Leading credit rating agency Standard & Poor's has said the Speaker's two-step approach to the debt limit could still result in a downgrade of our nation's credit rating because of the uncertainty it would create. I simply could not bring myself to vote for legislation that would yet again call into question the full faith and credit of the United States," Costa said.

Costa also took to the House floor today to urge compromise and an end to the debt limit crisis. His remarks as prepared for delivery are laid out below:

Mr. Chairman, this rule will further drive a wedge between the two parties rather than bring us closer to an agreement.

It has been a week since bipartisan discussions over the $4 trillion "grand deal" broke down yet we have seen little progress toward a solution.

Missing in today's debate is a bipartisan approach toward our nation's fiscal health.

We can cut through the partisan rhetoric with a balanced package that:

Implements the Simpson-Bowles recommendations to reduce spending by $4 trillion over 10 years lower tax rates, ensure the solvency of Medicare and Social Security and stabilize the debt.

The House should also consider a clean balanced budget amendment, like H.J.Res. 2, which says our country can't spend more than we take in.

This amendment and the Simpson-Bowles recommendations should be coupled with a debt limit increase to get us through the next 18 months.

It's time for cooler heads to prevail, and with the clock ticking down to our nation's first ever default we cannot afford to wait a minute longer. Default is not an option.