House Majority Leader Eric Cantor of Virginia said in a statement Thursday, that the House of Representatives will vote on the balanced budget amendment sponsored by Rep. Bob Goodlatte, also of Virginia.
“We are being asked by the Obama administration to approve a debt limit increase,” said Cantor in his statement. “House Republicans have made clear that we will not agree to raise the debt limit without real spending cuts and binding budget process reforms to ensure that we don’t continue to max out the credit card.” (Cantor walks out of budget talks)
Cantor grabbed headlines Thursday by walking out of the bipartisan debt limit talks hosted by Vice President Joe Biden. The lawmakers, said Cantor, had come to an impasse over the issue of taxes. While Democrats insisted spending cuts have to be combined with increased revenue in the form of higher taxes, Republicans said tax increases are off the table.
“One option to ensure that we begin to get our fiscal house in order is a balanced budget amendment to the Constitution, and I expect to schedule such a measure for the House to consider during the week of July 25th,” Cantor added. “I have no doubt that my Republican colleagues will overwhelmingly support this common sense measure and I urge Democrats to as well in order to get our fiscal house in order.”
The idea of a balanced budget amendment got a huge push on Capitol Hill this week, as more than 20 conservative lawmakers signed a “Cut, Cap, Balance Pledge,” tying any vote to raise the debt limit to a three-tiered legislative package that cuts and caps spending, and makes it a legal requirement to balance the budget.