WASHINGTON, DC (May 31, 2023) — Today, Congresswoman Valerie Foushee (NC-04), released the following statement after the United States House of Representatives voted on the Fiscal Responsibility Act of 2023, a bipartisan budget agreement reached between President Biden and House Republican lawmakers.
“My constituents sent me to Congress to represent their best interests, and that includes avoiding the House Republican manufactured debt ceiling crisis that could send our country into a catastrophic default.
“President Biden was masterful at negotiating a deal that not only protects vital programs like Social Security, Medicare, and Medicaid, but the Fiscal Responsibility Act of 2023 will also protect veterans’ health care, historic infrastructure and climate investments, and over 40 million student loan borrowers. And while we see House Republicans attempt to cut food assistance by enacting stricter work requirements, the Congressional Budget Office found that the stipulations negotiated by President Biden will actually increase funding and eligibility for SNAP beneficiaries.
“Although this agreement is not perfect, it is critical that our country pays its bills, and it is essential that we build an economy that works for the American people and serves hardworking families, children, seniors, and veterans.”
In North Carolina’s Fourth District, a default on our debt would:
- Kill 7,300 jobs as unemployment doubles;
- Threaten the retirement savings of 93,800 people near retirement;
- Put Medicare, Medicaid, and Veterans Affairs health benefits at risk for 232,000 people; and
- Jeopardize Social Security payments for 83,000 seniors.
However, the Fiscal Responsibility Act of 2023 will:
- Prevent a Default on Our Debt: The agreement will suspend the debt limit through January 2025, ensuring that the United States avoids an economic recession that will kill jobs and skyrocket costs for working families.
- Protect Critical Services for Children and Families: The agreement will protect critical funding for education, health care, and housing in contrast to the extreme House Republican’s proposal for 22 percent cuts and a decade of harmful budget cuts.
- Protect Veterans’ Health Care: The agreement will fully fund medical care for veterans, including increasing funding for the PACT Act’s toxic exposure fund (TEF) by nearly $15 billion over enacted levels.
- Protect Medicaid, Medicare, and Social Security: The agreement protects Medicaid – which House Republicans voted to take away from as many as 21 million Americans, and blocks efforts to end Social Security and Medicare.
- Protect Clean Energy and Infrastructure Investments: The agreement protects the generational historic investments in the Bipartisan Infrastructure Law, the CHIPS and Science Act, the PACT Act, and the Inflation Reduction Act.
- Protect Student Loan Borrowers: The agreement protects the 40 million borrowers in President Biden’s student debt relief plan and the Income-Driven Repayment plan.
- Protect Lifelines for Vulnerable Americans: The agreement helps more veterans, people experiencing housing instability, and young people aging out of foster care access SNAP, while avoiding the devastating changes proposed by House Republicans to SNAP and TANF.