Congresswoman Nita Lowey (D-NY) issued the following statement today on the deal reached by Congressional negotiators to end the default crisis:
"It is outrageous that the need to prevent a default on the federal debt enabled ideologues to push our economy to the brink of another depression. Painful cuts to health, education, and infrastructure priorities will make it harder -- not easier -- to create jobs and grow the economy. However, default would have even more catastrophic consequences for Americans' jobs, interest rates, retirement and investments, and economic security.
"Our current debt challenge was caused by charging fiscally irresponsible special-interest tax breaks, costly wars, and a prescription drug benefit to the national credit card -- policies advanced by some of the very individuals who now refuse to pay for them. Now and in the future, the budget must not be balanced on the backs of senior citizens, hard-working middle-class families, and vulnerable Americans. That is why I am pleased this legislation does not slash Social Security, Medicaid, and Medicare benefits.
"I am hopeful that this legislation has opened the door for comprehensive tax reform that creates jobs, simplifies the tax code, and closes indefensible special interest tax breaks and loopholes."