Update from Senator Bob Corker
August 4, 2011

A First Step: Changing the Conversation from Spending to Saving


*** Click image to watch video ***

This week, Senator Corker voted for the Budget Control Act of 2011, which passed the Senate by a vote of 74-26.  Prior to the vote on the Budget Control Act, Senator Corker voted in favor of the Cut, Cap and Balance Act, but it was blocked in the Senate.  He is also a cosponsor of the balanced budget amendment endorsed by all Senate Republicans.

Senator Corker believes our country’s battle with spending is the struggle of this decade and that this vote was a down payment that marks the beginning of our work, not the end. He is pleased that several concepts of the CAP Act—spending caps and sequestration—were included in the debt limit plan but is disappointed the bill applies a cap to only 37 percent of the budget. Ultimately, he wants the cap – or straitjacket – to be much lower and apply to 100 percent of the budget and will be evaluating the best way to move in that direction. 

“Left to my own accord, I would have much rather seen larger spending cuts now, a long-term plan like the CAP Act to put a fiscal straitjacket on Congress, and a constitutional amendment to keep Congress from falling off the wagon, but regrettably, with the current administration and Republican control of only one house of Congress, I believe this is the largest package we can get at this time. In the final analysis I had to ask myself: do I believe two to four more weeks of negotiating would produce a better deal? The answer is no, and I think the deal could get even worse,” Senator Corker said in a statement prior to the Senate vote.

“I’m encouraged that passage of this agreement changes the paradigm in Washington by requiring real cuts in order to raise the debt ceiling. I view the $900 billion down payment as a start and the additional $1.5 trillion the select committee is charged with finding as the floor for their work and will be pushing hard between now and December to get them to work toward something that is much more significant. In business, I learned that you can never go broke taking a profit, and in Washington I’ve found that you shouldn’t say no to a cut in spending.

“Our country’s battle with spending is the struggle of this decade and this package is a down payment which I view as the beginning of our work and not the end. With its passage, we will have changed the conversation in Washington from ‘how much will we spend?’ to ‘how much will we save?’.  As we move forward, I believe this debate has been good for our country. I feel like we have achieved the most significant cuts possible with the current administration, and I’m glad that resolving this issue will result in more predictability for the markets.”

Senator Rob Portman (R-Ohio) wrote an op-ed in the Wall Street Journal today explaining how maintaining the Budget Control Act’s principle of a dollar in spending cuts for every dollar increase in the debt limit could balance the budget in 10 years.  A chart showing this path to a balanced budget is available at Washington Post.com: http://ow.ly/5V51g.

On Tuesday, Senator Corker appeared on WATE-TV in Knoxville to discuss the Budget Control Act.

 
***Click image to watch video***

Senator Corker was also a guest on Steve Gill’s radio show to discuss the Budget Control Act: 08-03-11 Steve Gill Interview

Chattanooga Times Free Press (Free Press Editorial): Sen. Corker right on debt