Radanovich Issues Statement on President Bush's Signing of Deficit Reduction Act
2/8/06
WASHINGTON - Congressman George Radanovich (R-Mariposa) today called the Deficit Reduction Act, which President Bush signed today, an investment in America's future.
"The Deficit Reduction Act is a significant step in our recommitment to restraining spending and promoting fiscal discipline," Congressman Radanovich said. "It will reduce the deficit by more than $39 billion and provide common-sense reforms of government programs to eliminate waste, fraud, and abuse."
Highlights of the Deficit Reduction Act:
· Expands welfare reform by reauthorizing the successful welfare reform policies in TANF and providing an additional $1 billion for child care;
· Lowers the government's prescription drug costs by setting more realistic reimbursement rates for medicines based on the average manufacturers' price;
· Rebuilds community first-responder capabilities by freeing up vital spectrum airwaves;
· Protects workers' pensions by placing the Pension Benefit Guarantee Corporation (PBGC) on a more solid financial foundation and protecting taxpayers from the cost of a massive bailout;
· Increases heating assistance for low-income Americans by assuming $1 billion in additional funding for the Low-Income Home Energy Assistance Program (LIHEAP);
· Prevents Medicare physician payment cuts in 2006 by freezing payment rates for physician services and includes significant new quality reporting initiatives for hospitals and home health agencies as well as increased transparency on quality measures;
· Increases student loan limits to allow more students access to higher education, reduces fees, and finds savings by reducing excess lender subsidies; and
· Enacts reforms based on the cost-saving recommendations of the bipartisan National Governors Association to slow the growth of the Medicaid program. However, the amount spent on the Medicaid program will continue to rise.
http://www.house.gov/apps/list/press/ca19_radanovich/bush_deficit.html