PRLog - Aug. 1, 2011 - LINCOLN, Neb. -- Nebraska State Treasurer and Republican U.S. Senate candidate Don Stenberg said today that he would vote against the debt reduction plan agreed to by the White House and congressional leaders if he were a member of the United States Senate.
“I would vote against a plan for several reasons," Stenberg said.
“One, there is no requirement that a balanced budget amendment to the Constitution of the United States will be sent to the states for ratification.
“Two, it is very likely that under this plan the United States government will lose its AAA bond rating.
“Three, the plan cuts only $6 billion or $7 billion immediately. This is entirely insufficient in a budget of roughly $3.7 trillion.
“Four, there is no real assurance that the promised future spending cuts 2, 3, 4 or more years from now will actually take place.
“Five, the plan will likely lead to tax increases later this year. This is because the super committee created by the bill can, and likely will, propose tax increases.
If the Congress votes down this recommendation, approximately $350 billion will be cut from the defense budget. Forcing a choice between tax increases that will further damage our economy and reckless cuts to the defense budget is a great disservice to our nation," Stenberg said.
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Mr. Stenberg served as Nebraska Attorney General from 1990-2002 and was elected Nebraska State Treasurer in 2010. GOP U.S. Senate nominee in 2000 against Ben Nelson. Genuine, lifelong conservative. Supports 2nd Amendment, pro-life, balanced budget.