Fiscal Responsibility Act of 2023

Floor Speech

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Mr. THOMPSON of California. Mr. Speaker, the American people can't afford a default. Default on our debt would be catastrophic, an economic disaster with consequences for every one of our constituents. Congress can't let that happen.

This bill is not perfect, but thanks to President Biden's leadership, the bill before us achieves two key points: One, it prevents default, averting an economic disaster; and, two, it preserves not only key programs like Social Security, Medicare, and Medicaid, but also maintains virtually all House Democrats' achievements from the last 2 years, including the climate provisions of the Inflation Reduction Act, which I was proud to author with my colleagues on the Ways and Means Committee.

Despite where Republicans started, the President has negotiated legislation that protects Medicaid and the Inflation Reduction Act, the CHIPS Act, and the PACT Act, which provides for veterans' healthcare.

Now, I share some of my colleagues' concerns with the bill. I am particularly opposed to the Republicans' demand to cut mental health care. After climate change, mental health is the single biggest crisis in our country. There is no reason to cut critical funding for mental health.

Their cuts to the IRS will not decrease the deficit. It will increase the deficit. A fully funded IRS is in everyone's best interests.

Overall, this legislation is a compromise, which is what the American people expect and deserve from a divided government. Most important, it averts the catastrophe of a default.

Mr. Speaker, I urge my colleagues to support this bill.

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