Washington, DC – Today, U.S. Representative Young Kim (CA-40) voted for the Fiscal Responsibility Act (H.R. 3746) to responsibly raise the debt ceiling, reduce federal spending, and protect key government programs like Social Security, Medicare, and veterans’ benefits.
“America’s standing in the world is at risk. We cannot afford to saddle future generations with runaway debt or default, which would have a devastating economic impact on Americans and cede leverage to China and Russia as they seek to undermine American leadership around the world,” said Rep. Kim. “This bipartisan deal is not perfect, but it is the first significant step to change our nation’s trajectory away from uncontrollable debt while protecting key programs like Social Security, Medicare, and veterans’ care. I will keep fighting to get our nation back on the right track and protect the American dream for future generations.”
This bill takes historic steps to restore fiscal responsibility by:
- Cutting over $2 trillion in government spending over the next six years;
- Clawing back $28 billion of unspent COVID funds;
- Putting responsibility of student loan repayments back to borrowers instead of taxpayers, saving taxpayers an estimated $5 billion every month;
- Rejecting the Biden administration’s request for $5 trillion in proposed tax increases and government mandates;
- Nixing President Biden’s request for new IRS agents this year;
- Reining in the size and scope of executive actions and the federal government;
- Enacting meaningful work requirements for SNAP and TANF benefits to get Americans back to work and make sure our resources go to those who need it;
- Cutting government red tape to speed up permitting process for energy and infrastructure projects; and,
- Protecting Social Security, Medicare, and veterans’ benefits, including funding for health care for veterans exposed to burn pits and other toxins during their time of service.
