WASHINGTON – After voting in favor of legislation to rescue 99 percent of the American people from a tax rate increase, U.S. Senator Bob Corker, R-Tenn., said “it’s time to move on to the spending reductions that will be part of the debt ceiling package.”
“I am disappointed we could not address our country’s fiscal issues all at once, but unfortunately, the president made it clear that he was only willing to do this in two steps and leveraged the country and the economy to force revenues to be dealt with first. Now that we’ve addressed the revenue part of the equation, it’s time to move on to the spending reductions that will be part of the debt ceiling package. Passing fundamental entitlement reform is the most important action we can take in ensuring our country’s solvency and now we must have the courage to finish the job and make the tough choices necessary to get these problems behind us once and for all,” said Corker.
Earlier this month, Corker offered legislation to raise the debt ceiling by roughly $1 trillion in exchange for roughly $1 trillion in reforms to Medicare, Medicaid and Social Security. (Click HERE for a summary of the Dollar for Dollar Act and HERE for the bill text.)