Today Chairman Deborah Pryce (R-Ohio) applauded House passage of the Deficit Reduction Act, a plan that reforms government, responsibly slows the growth of spiraling mandatory spending, and saves the American taxpayer nearly $40 billion over five years.
“American taxpayers, and anyone concerned with the nation’s long-term fiscal stability, have won a great victory today,” said Pryce. “The Deficit Reduction Act embraces the need to make do with less, while simultaneously streamlining and improving programs upon which many Americans are dependent.
“The Medicaid program has long served as a critical social safety net for those who can't pay for their medical care. This initiative will implement reasonable, commonsense reforms to ensure that Medicaid can continue to protect Ohio's most vulnerable citizens.
“The bill also builds upon the incredible success of the welfare reform bill passed a decade ago by closing loopholes and eliminating duplicity in public assistance programs, helping move people from welfare to work more quickly, and promoting and encouraging stable, healthy families.
“Finally, the act improves our student loan program by eliminating waste and loopholes that allow lenders to pocket excess payments from students. Doing so will provide billions of dollars in savings, much of which will be reinvested into grant programs to provide students with more aid that better helps them achieve the dream of a college education.”
Highlights of the Deficit Reduction Act:
• Saving and strengthening Medicaid by adopting provisions offered by the bipartisan National Governors Association;
• Lowering prescription drug costs;
• Reducing waste, fraud, and abuse;
• Strengthening and simplifying student loan programs;
• Rebuilding community first responder capabilities by freeing up vital spectrum airwaves;
• Protecting 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; and
• Strengthening and improving upon the current welfare law to help more Americans move from welfare to work.
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