WASHINGTON, D.C. — U.S. Sen. Ted Cruz (R-Texas) today issued the following statement praising the passage of Rep. Tom McClintock’s (R-Calif.) Default Prevention Act in the House of Representatives:

“First and foremost, Congress must enact critical reforms to restore fiscal sanity for our nation and reverse the continued upward trajectory of our spending. We cannot continue to cripple future generations. The House took a significant step today in that regard and passed the Default Prevention Act, which ensures that our nation’s debt will be paid in full and on time. 

“This legislation allows the United States to pay the interest on its debt and avert the threat of default when the Obama Administration’s excessive spending reaches its limit. In the event Congress needs more time to determine a long-term solution to our debt problems, this bill provides the additional time necessary for Congress to get things right. 

“I applaud my colleagues in the House Freedom Caucus and the Republican Study Committee for consistently promoting the Default Prevention Act and working to curb the out-of-control spending that has become a staple of the Washington Cartel. Also, I salute my colleague Sen. Pat Toomey who has long been a leading voice in prioritizing government spending to avoid default.

“But these actions alone will not alleviate the need for significant structural reforms to federal spending, such as a balanced budget amendment. With a national debt of over $18 trillion, having doubled under President Obama, we must use every constitutional tool we have to address the enormous fiscal and economic problems facing this country. Our children’s future depends on it.”

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