Statement About House Action on Proposed Federal Spending Ceiling

I AM grateful for the responsible action by the House of Representatives tonight in passing the debt limit with my recommended $250 billion spending ceiling.

The Nation's taxpayers are the real winners in this action to provide insurance against any need for a tax increase.

This by no means is a bare-cupboard approach to Federal financing. A quarter of a trillion dollars is enough to provide generously for the Nation's needs-including the need to draw the line against higher prices and against higher taxes.

I urge the Senate now to take quick and positive action on the House-passed bill--without creating any loopholes--so that excessive spending and inflation can be held in check and higher taxes can be avoided.