January 19, 2024

Home Funds Committee Advances “Fiscal Fee” Laws

On Thursday, the Home Funds Committee approved three pieces of legislation that pave the best way 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 accredited 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 price range.”

In his opening statement, Home Funds 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 strategy to power by way 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) offered amendments that will have taken Social Safety and Medicare profit cuts off the desk as a possible fiscal fee suggestion choice, whereas Reps. Brian Higgins (D-NY) and Bobby Scott (D-VA) submitted amendments that pressured growing income and shutting tax loopholes as potential suggestions. Committee members blocked all 4 amendments.

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


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