Washington, D.C. -- U.S. Senate Republican Leader Mitch McConnell made the following statement on the Senate floor Thursday regarding a vote on legislation that would cut government spending now, cap it in the future and approve a constitutional amendment to balance the federal budget:

Forty-nine states have balanced budget requirements, yet Washington is allowed to spend taxpayer dollars unchecked.  With the federal government borrowing 40 cents of every dollar it spends, it is long past time for Washington to be required to balance its budget.  Republican senators have united to co-sponsor a balanced budget amendment to end Washington’s spending spree and put our nation back on a path to fiscal responsibility.

Despite the fast-approaching deadline for raising the debt ceiling, President Obama has yet to produce a concrete plan to address our nation’s colossal debt. Meanwhile, his failed economic policies have left individuals and businesses struggling.  Senate Republicans hope the president will stop obstructing real reform and work with Republicans to put in place responsible economic policies to reduce the debt and create an environment where businesses can grow and create jobs.

Our national debt is the most serious threat currently facing our country. Unfortunately, instead of offering serious solutions to our fiscal challenges, the president's policies have made an already bad situation much worse. Because Senate Republicans know that our nation cannot continue spending far more money than it takes in, all 47 Republican senators have united behind a balanced budget amendment. Democrats and the president should reject burdensome tax hikes, work with Republicans to balance our budget, and get the federal government's spending problem under control.
The president likes to talk about working with Republicans to address our nation's fiscal crisis, but so far, Republicans are the only ones with an actual plan to cut spending and reduce our nation's soaring debt. Republicans have put forward a balanced budget amendment and a jobs plan that would spur economic growth and allow small businesses to flourish. It's time for the president to get serious about working with Republicans to put our nation on a budget.
As our economy continues to stagnate, Congress faces a choice: balance the budget, or let America go broke. Republicans believe that members of Congress should have to stick to a budget like American families do. That's why every Republican has sponsored a balanced budget amendment that will rein in Congress' out-of-control spending and put our country back on a path to fiscal stability and economic growth.
Despite the fact that the administration's economic policies have failed to pull our economy out of its deep slump, Democrats and the president are pushing for more of the same. They want to run up our deficit, raise taxes on job creators, and cripple small businesses with burdensome regulations. Republicans think it's past time for a new economic policy -- one that frees up businesses to grow and create jobs and pays down the debt that is burdening our economy.
President Obama seems to be taking his economic policies straight from the Jimmy Carter playbook -- more spending, more government - and he's gotten nearly identical results: a stagnant economy, high unemployment, and high energy costs. Yet Democrats and the president are proposing more of the same. Deficit spending and burdensome government regulations didn't work then, and they're not likely to work now. It's past time for the president to lead, realize his administration's policies are making our economic situation worse, and work with Republicans to develop legislation that will allow businesses to create jobs and lessen our enormous debt.