Sen. Lamar Alexander, R-Tenn., talks on Capitol Hill in Washington in this 2009 AP file photo by Alex Brandon.
In this file photo, Sen. Bob Corker, R-Tenn., speaks during a news conference on the debt ceiling on Capitol Hill in Washington. (AP)The U.S. Senate's No. 3 Republican, Lamar Alexander of Tennessee, plans to support the Budget Control Act, saying, "finally, Washington is taking some responsibility for years of spending money we don't have."
"At a time when the federal government is borrowing 40 cents of every dollar it spends, this is a welcome change in behavior that I am glad to support," he said. "Make no mistake. This is a change in behavior - from spend, spend, spend to cut, cut, cut."
Alexander said that "for every dollar we are raising the debt ceiling, we are reducing spending by a dollar - not adding to it. This reduction in spending is about $2.4 trillion over 10 years."
The bill, which passed the U.S. House on Monday, is scheduled to come up for a vote on the Senate floor today. U.S. Sen. Bob Corker, R-Tenn., has already announced plans to vote for it.