Washington, D.C.—Today, Senator Martin Heinrich (D-NM), Chairman of the U.S. Congress Joint Economic Committee (JEC), released the following statement in response to the proposed debt limit legislation:
“This deal urgently avoids the catastrophic impacts of a default. Like any compromise, this legislation is no one’s ideal solution. But it is also significantly better than the radical House Republican bill that would have threatened Medicaid coverage for 21 million Americans, cut $17 billion in public safety funding, and forced the Veterans Affairs health system to cancel 30 million hospital visits.
“With the deal, we have protected funding for veterans and preserved programs that help families with children. The deal also avoids drastic cuts to Medicaid, safeguarding access to healthcare for 21 million people whose coverage was in jeopardy had Republican’s demands been met. The bill also sustains important investments from the Inflation Reduction Act that are already supporting nearly 142,000 clean energy jobs that support local economies while reducing carbon emissions.
“At the same time, let’s be clear: This deal is not perfect. Republican’s insistence on imposing ineffective SNAP and TANF work requirements will take meals off the table for some. Instead of pushing Americans further into poverty, we should be rolling back massive Republican tax cuts for the wealthy.
“Congress must act to avoid a default. Our nation has always paid our bills, and it’s important we continue to do so - and this plan accomplishes that.”
About Chairman Martin Heinrich
U.S. Senator Martin Heinrich has served the people of New Mexico in the United States Senate since 2012. In addition to his role as Chairman-Designate of the U.S. Congress Joint Economic Committee, Heinrich also serves as Chairman of the Subcommittee on Agriculture, Rural Development, and Food and Drug Administration on the Senate Appropriations Committee, and as a member of the Senate Energy and Natural Resources Committee and the Senate Select Committee on Intelligence. Prior to his election to the U.S. Senate, Heinrich served two terms in the U.S. House of Representatives, four years as an Albuquerque City Councilor, as New Mexico’s Natural Resources Trustee, and in AmeriCorps with the U.S. Fish and Wildlife Service.
About the U.S. Congress Joint Economic Committee
The U.S. Congress Joint Economic Committee is Congress’s bicameral economic think tank. It was created when Congress passed the Employment Act of 1946. Under this Act, Congress established two advisory panels: the President's Council of Economic Advisers (CEA) and the JEC. Their primary tasks are to review economic conditions and to recommend improvements in economic policy. Chairmanship of the JEC alternates between the Senate and House every Congress.??