WASHINGTON -- Congressman Leonard Lance (NJ-7) today released the following statement in reaction to the U.S. House vote rejecting the debt plan authored by U.S. Senate Majority Leader Harry Reid (D-NV):

"Both chambers of Congress have spoken.  Both legislative bodies have put forth plans that they believe best address our current fiscal situation.  Now is the time to take the best of both plans, put aside our differences and work together toward a compromise measure that avoids default, adds certainty to our economy and puts our Nation on a sustainable path toward fiscal responsibility.

“Compromise does not mean retreat or failure.  Following decade after decade of fiscal mismanagement under both major parties, the House Republican Majority of the 112th Congress has changed the debate in Washington on the issues of spending, debt and deficits.  The narrative on Capitol Hill is no longer how much can government spend but how we can best reduce spending.  This new awakening to fiscal prudence is in the best interest of the Nation.

“As the United States moves closer to an Aug. 2 default the American People expect us to act.  The world is watching.  It is past time we produce an agreement that can pass both the U.S. House and Senate.  President Obama should then sign the legislation into law.”

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