House passes compromise legislation raising debt ceiling

August 1st 6:44 pm | Alaska Newspapers Staff

Rep. Don Young, R-Alaska, voted with the majority today as the House of Representatives passed the Budget Control Act of 2011 by a vote of 269-161.

The legislation cuts spending by $917 billion, implements spending caps, requires the House and Senate to vote on a balanced budget amendment and does not contain any new taxes. The measure, a compromise on all sides, was described by many who voted as an unpalatable necessity.

The senate is expected to take up the measure at noon tomorrow, (Washington D.C. time), just in the nick of time to keep the federal government's authority to borrow from expiring.

"I believe this is the best compromise we are going to get," Young said.

"We run a serious risk of collapsing our economy and running double-digit unemployment if we don't take action, and I am not willing to take that risk".

Young commended Speaker of the House John Boehner for his work on the legislation and in negotiations.

"This bill cuts more spending than it increases the debt limit by, avoids tax increases, and puts caps on future spending," Young said.

"There is no quick fix to this issue, but what we have done here is our best answer for the moment. This gives us time to work towards a stronger economy while ensuring that our country does not default on its debts."

Young said that the next step "needs to be putting a stop to the excessive regulations and big government that stifle our country on a daily basis. Until we do that, we will just be putting band-aids on bleeding arteries."

Alaska Newspapers Staff can be reached at editor@alaskanewspapers.com, or by phone at 907-348-2449

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