Congressman Bill Owens, D-Plattsburgh, voted in favor of the deficit reduction compromise Monday night as the measure passed the U.S. House of Representatives 268-161.

The Senate is scheduled to vote on the measure at noon today, just hours before the midnight deadline.

The debate leading up to the Budget Control Act of 2011 was “an unnecessarily ugly process that exposed the worst of Washington,” Owens acknowledged.

But the compromise “will ensure that we avoid a catastrophic default while protecting Medicare and Social Security and making a serious down payment on deficit reduction," the 23rd Congressional representative said.

He continued, "I know many of my constituents are not happy with this deal, and I share many of their concerns. But compromise is about making tough choices, and defaulting on the debts we owe was not an option. Had this deal not been approved by Congress, the effects of a default would have rippled across the economy and harmed every American.”

A statement issued by the North Country Congressman shortly after the vote follows:

“Mortgage and credit card interest rates would have increased, local job creators would have faced higher costs in obtaining a loan, the full faith and credit of the United States would have been damaged, and seniors, the disabled and veterans reliant on federal benefits would have seen a delay in their checks.

"Unfortunately, we came perilously close to default because many in Washington insist on adhering to ideology rather than fact. While there is clearly tremendous risk associated with the growing deficit and debt, there is equal danger according to leading economists in excessively deep cuts that stifle job creation.

“These same experts, as well as the bipartisan Simpson-Bowles Commission and the Senate Gang of Six, have concluded that to solve this fiscal crisis we must both cut spending and raise revenue. That is why I have consistently supported streamlining the tax code and allowing the Bush-era tax cuts to expire for the wealthy.

“We had a unique opportunity during these negotiations to reform our tax code, and I am disappointed that because so many of my colleagues refused to abandon politics and ideology this compromise contains no revenue.

"While Congress averted a crisis in the eleventh hour by passing this compromise, we can do better. It is my hope that the select committee created under this plan will produce additional, reasonable cuts that will allow our economy to continue to recover and that we will return to the critical issue of raising revenue in the coming months. With the debt ceiling raised and the possibility of a government default out of the picture, we must turn our focus to job creation."