Washington, D.C. — Tonight, the U.S. House of Representatives passed a bill that would raise the debt limit to prevent America’s first-ever default on its debt. Following the passage of the bill, Navin Nayak, counselor at the Center for American Progress released the following statement:
The House did the right thing by passing President Joe Biden’s default avoidance plan. Now, the onus is on the Senate to save America from its first-ever default. There is no question that the bill they’re voting on is imperfect: The Mountain Valley Pipeline would set a dangerous legal precedent for similar projects and risk the safety thousands; the new work requirements for the Supplemental Nutrition Assistance Program (SNAP) will cause hunger for many Americans; and cuts to IRS funding will make it easier for wealthy people and corporations to avoid paying taxes. But not passing this bill would tank the economy, likely costing millions of Americans their jobs, shuttering businesses, and endangering middle-class Americans’ retirements. The fact that House Speaker Kevin McCarthy (R-CA) and MAGA extremist members of his caucus were able to hold the American and global economy hostage as part of a power grab speaks to how deeply broken the debt ceiling process is. The Senate must pass this bill, and then lawmakers should immediately turn to ensuring that our country’s fiscal health is never imperiled by a group of extremist politicians again.
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