Abstract: The invention relates to a punching/binding machine comprised of a frame (1), a matrix (3), a rake (4), a comb (2), a cutting knife (5) and a control lever with which the cutting knife (5) and/or the comb (2) can be displaced relative to the matrix (3) and/or to the rake (4). A machine requiring a minimal number of production components is obtained when the control lever (15, 14) is provided with the frame (1) as one piece and when it is engaged with at least one driving element (6) which, in turn, is separately or simultaneously engaged with the cutting knife (5) and/or with the comb (2) in order to effect said displacement. Advantages with regard to cost and operation are achieved with a combined punching/binding machine of the aforementioned type that is based on a frame consisting of two interconnected V's.