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Statement from Rep. Molinaro on the Bipartisan Fiscal Responsibility Act

Washington, DC – U.S. Rep. Marc Molinaro (NY-19) today released the following statement on the bipartisan Fiscal Responsibility Act:

“Upstate New York working families are still grappling with record-high inflation, soaring energy costs, and a national debt exceeding $30 trillion. To deliver relief, I approached the debt ceiling debate seeking to find common ground on three primary objectives: to curb inflation, avoid a default, and protect future generations from overwhelming debt.

“Over a month ago, the House passed a bill, with my support, that achieved these goals. Through persistent efforts from governing-minded lawmakers like myself, we were able to jumpstart negotiations between President Biden and Speaker McCarthy. These negotiations resulted in a bipartisan agreement on the Fiscal Responsibility Act.

The bipartisan Fiscal Responsibility Act closely resembles the legislation passed by the House last month and accomplishes what we set out to do. It raises the debt ceiling until January 2025 and makes historic cuts to the federal spending that is driving inflation. The bill also enacts bipartisan reforms to SNAP and TANF, strengthens Social Security, protects Medicare and veterans benefits, and grows the economy. According to the nonpartisan Congressional Budget Office, this bill can save our nation $1.5 trillionFor these reasons, I will vote to pass the bipartisan Fiscal Responsibility Act. This bill will provide relief to working families and takes a meaningful step to prevent future generations from being saddled with trillions of dollars in debt.”