Posts tagged: budget deal
Idaho's two senators both were in the minority today, as the Senate voted 64-36 in favor of a bipartisan budget deal that President Barack Obama is expected to sign into law. The deal, brokered by Rep. Paul Ryan, R-Wis., and Sen. Patty Murray, D-Wash., sets federal spending on domestic and defense programs and averts the threat of a government shutdown for the next two years; it makes modest changes in spending levels, replaces about $63 billion in automatic sequester budget cuts, and adds new fees on airline passengers and increases federal workers’ pension contributions.
Idaho Sen. Mike Crapo called the deal “the wrong direction for our fiscal policy and our economy,” and Idaho Sen. Jim Risch called it “a step backward.” The deal leaves in place the bulk of the $1 trillion in sequester cuts through 2021, but eases an especially harsh set of cuts scheduled to hit in 2014 and 2015 on the Pentagon, domestic agencies and Medicare providers. All 53 Democrats in the Senate voted yes, along with two independents and nine Republicans; all 36 “no” votes came from Republicans. The pact earlier cleared the House overwhelmingly, with majorities from both parties supporting it. Here are Crapo and Risch’s full statements on their votes:
“This deal unfortunately falls into the same promises of future budget cuts that never materialize, and then raising new revenue to offset increasing spending. The bottom line is that Americans end up paying more to justify bigger spending by Congress. It is the wrong direction for fiscal policy and our economy; that is why I could not support the agreement.”
“This deal raises federal spending at a time when we should be cutting spending. Under present law, with the sequester, the federal government is actually cutting its spending for the first time in decades. This deal reverses that with a promise it will cut spending later. The deal also provides for having to borrow about one-third of every dollar spent. This is all simply irresponsible. In addition, along with many other problems, this deal cuts retirement benefits previously promised to veterans. This is just wrong. The bill that passed the Senate today is a step backward and I could not support it.”
Click below for a look at the deal's likely impact on the U.S. economy, from AP economics writer Josh Boak in Washington, D.C.