House Budget Committee Advances “Fiscal Commission” Legislation – Retired Americans

January 19, 2024

Home Finances Committee Advances “Fiscal Fee” Laws

On Thursday, the Home Finances Committee authorized three items of laws that pave the way in which for cuts to Social Safety and Medicare: the Fiscal Fee Act (H.R. 5779), the Fiscal State of the Nation Act (H.R. 6952), and the Debt-to-GDP Transparency and Stabilization Act (H.R. 6957).

The committee authorized the Fiscal Fee Act by a margin of 22-12, with each Republican member current and three Democratic members – Reps. Earl Blumenauer (D-OR), Scott Peters (D-CA), and Jimmy Panetta (D-CA) – voting to ship it to the complete Home for consideration. If handed, the invoice will create a 16-member fiscal fee to seek for methods to scale back the nationwide deficit and “stability the funds.”

In his opening assertion, Home Finances Committee Rating Member Brendan Boyle (D-PA) emphasised the hazard {that a} fiscal fee poses to Social Safety and Medicare: “There are completely those that are on the brink of use a fee as a backdoor option to pressure by means of unpopular cuts that I fully oppose and can fully oppose.” He additionally urged members to take motion to extend revenues as an alternative of pursuing cuts.

Rep. Boyle and Rep. Sheila Jackson Lee (D-TX) provided amendments that may have taken Social Safety and Medicare profit cuts off the desk as a possible fiscal fee suggestion possibility, whereas Reps. Brian Higgins (D-NY) and Bobby Scott (D-VA) submitted amendments that harassed growing income and shutting tax loopholes as potential suggestions. Committee members blocked all 4 amendments.

“This fiscal fee laws is predicated on the false premise that Social Safety is including to the nationwide deficit,” mentioned Robert Roach, Jr., President of the Alliance. “If its proponents had been critical they may have ensured that measures to extend income – not simply cuts – can be thought-about. This laws is unhealthy for People of all ages and the Alliance goes to make that clear to each member of Congress.”