12/07/2021 | Press release | Distributed by Public on 12/07/2021 21:30
Today's vote is a follow-up to a vote in March in which Rep. Demings voted to prevent automatic cuts from slashing Medicare, farm subsidies, and other programs. Wrote the New York Times, unless Congress passes a fix, American families will see "an estimated $36 billion in cuts to Medicare next year and tens of billions more from farm subsidies and other social safety net programs…many mandatory spending programs could be completely defunded, including social services block grants, a Justice Department program that provides aid to crime victims, and the Black Lung Disability Trust Fund."
The bill also included a provision to permit a one-time exception in Senate operations that can raise the debt limit with a simple majority. The debt ceiling increase is a required vote by Congress which is necessary to meet existing financial obligations to Social Security recipients, veterans and the public. In the past these votes have been bipartisan - seven times in the last ten years. Two years ago, Senator McConnell said "America can't default. That would be a disaster," and supported suspending the debt limit.
The debt ceiling vote is not an increase in U.S. debt, nor is it an authorization for additional debt. Rather, it upholds American obligations on past, existing debt, incurred in large part because of record GOP-led deficit spendingunder the last administration. A default on U.S. debt would instantly collapse the U.S. economy, "wipe out as many as 6 million jobs and erase $15 trillion in household wealth," according to CBS News, citing a Moody's Analytics report.
The Democratic Build Back Better plan is fully fundedand will reduce the deficit. President Trump's administration "had the third-biggest primary deficit growth, 5.2% of GDP, behind only George W. Bush (11.7%) and Abraham Lincoln (9.4%)."