David Rouzer announces support of ‘Fiscal Responsibility Act’ debt ceiling agreement
WASHINGTON, D.C. (WECT) - The Fiscal Responsibility Act, an agreement to prevent a default on the country’s debts that was agreed upon by House Speaker Kevin McCarthy and President Joe Biden over the weekend, will be voted on May 31 in the U.S. House of Representatives after clearing a key committee Tuesday evening.
While many members of Congress on both sides of the aisle have openly criticized the bill, Seventh District Representative David Rouzer announced his support for the agreement, saying in an email news release that “The key to a balanced budget is for the Gross Domestic Product to grow faster than the nation’s spending.”
The following is Congressman Rouzer’s full statement from his email release:
“This past weekend, House Speaker Kevin McCarthy finalized an agreement to prevent a default on our payment obligations and protect the good faith and credit of the United States. For this deal to become law, the House and Senate must approve it and the President must sign it.
In a recent Fox News op-ed regarding the Fiscal Responsibility Act, former House Speaker Newt Gingrich declared ‘Republicans win on the debt ceiling.’ He lays out the case well from the perspective of history and the big picture.
It is the dollar’s reserve currency status that enables us to print and borrow money. The key to protecting the dollar’s status and getting back to a balanced budget year in and year out as we did in the mid-1990s is for our Gross Domestic Product (GDP) to grow at a faster clip than spending. Keep in mind, Social Security, healthcare (including Medicare, Medicaid, Children’s Health Insurance and Veterans’ benefits), and the debt service account for more than 50 percent of the total budget — not to mention the money needed for national defense.
There is plenty of waste in the federal government and this agreement goes after that in a significant way while putting in place great regulatory reforms as well as work requirements for welfare programs. This will help grow the economy and drive up GDP growth so that we can begin to get ahead of the curve.”
If the House and Senate vote to approve the agreement, the bill will go to President Biden to sign.
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