Team AOC - What to Know About the debt Ceiling Bill

 

Late last night, the House passed the so-called ‘Fiscal Responsibility Act,’ which includes conservative policies that Kevin McCarthy demanded in exchange for raising the nation’s debt ceiling.

House Republicans hurt the hungry, our climate, and student loan borrowers — all in the name of so-called ‘fiscal responsibility’ — while absolutely refusing to close any tax loopholes for the rich. Republicans also refused to walk back any of Donald Trump’s or President Bush’s tax cuts, which cost nearly $10 trillion and include tax breaks on yachts and private jets.¹

Congress voted to increase the debt ceiling three times under President Trump without ever demanding any budget or policy concessions because we know it is deeply dangerous for lawmakers to threaten to crash our economy. If Congress doesn’t raise the debt ceiling, then we default on our debts — which would crash the stock market and immediately cost millions of jobs.

Kevin McCarthy held the lives and savings of working people hostage. So Alexandria joined 46 other Democrats and voted NO on this debt ceiling deal. Alexandria stands up to hypocritical policies from Republicans that hurt everyday people.

So what did Republicans ultimately get from this debt ceiling bill?

• More work requirements for anti-poverty programs. Research shows that ‘work requirements’ do not increase employment but do increase hunger. Most people on food stamps already are working — those who don’t work largely do not because of mental or physical illness. These requirements just add another layer of paperwork to an already difficult process. The bill specifically increases work requirements for 700,000 participants from 49 to 54 years old.²
• Fewer environmental protections. The bill makes it harder for communities to stop proposed fossil fuel pipelines and other pollution near their homes. The bill also allows the Mountain Valley Pipeline to move forward — a 300-mile pipeline for carrying fracked gas from West Virginia to Virginia.³
• Student loan repayments will begin again. Starting September 1, 45 million Americans with federal student loans will have to restart payments even if the Supreme Court hasn’t ruled on Biden’s student debt forgiveness program. 90% of people eligible for the President’s student debt relief earn under $75,000 annually. Resuming payments without offering them relief would cause enormous hardship.

Alexandria is in Congress to fight back against dangerous, extreme hypocrisy that has become all to common place in Washington. She’s fighting to recreate a system that actually works for the people it’s meant to represent.

In solidarity,

Team AOC