Jeff Bingaman United States Senator from New Mexico

U.S. SENATOR Jeff Bingaman

Tuesday, August 2, 2011

Contact Senator Bingaman's Office:

Jude McCartin
Maria Najera
703 Hart Building
United States Senate
Washington, DC 20510
(202) 224-5521

Bingaman Votes for Debt Reduction Compromise That Will Help the Country Avoid Financial Default

WASHINGTON – U.S. Senator Jeff Bingaman today voted to approve a compromise deficit reduction plan that will raise the nation's debt ceiling through 2012 and achieve $2.4 trillion in deficit reduction.  The measure has passed both chambers of Congress and can now be sent to the president for signature.

Although Bingaman believes the plan is far from perfect, he decided to vote for it to avoid a national economic crisis.

"There are reasons to vote for this package and reasons to vote against it.

"One of my main concerns about this proposal is that it does not raise additional revenue.  Every other deficit reduction package we've considered in my nearly 30 years in the Senate has contained both cuts and additional revenue, and that is the balanced approach I believe we should have taken in this case.

"The other major concern I have about this plan is the process by which it came together.  I believe approving this proposal could embolden Members of Congress in the future to hold our economy hostage to their demands, and that is a dangerous precedent for the country.

"I decided to vote for this compromise legislation, however, because it prevents our country from going into financial default, which would be a catastrophe for the economy of the United States and the world.

"Finally, the package does accomplish long-term deficit reduction, which I believe needs to be accomplished.

"Now Congress must turn its attention to what should be our No. 1 priority: job creation."