House Republican Conference Chairman Deborah Pryce (R-Ohio) today praised the House’s passage of the conference report on the Deficit Reduction Act, which reduces the deficit by over $39 billion.
“The Deficit Reduction Act reforms important government programs to eliminate waste, fraud, and abuse and achieves real budget savings to reduce the deficit,” Pryce said. “Today’s vote is just more evidence of Republicans’ commitment to fiscal responsibility.”
Highlights of the Deficit Reduction Act:
-- Imposes penalties for middle and upper-income seniors who transfer or hide assets to appear impoverished and attempt to qualify for long-term care services under Medicaid. Lowering prescription drug costs;
-- Lowers the cost the government pays for prescription drug costs by setting more realistic reimbursement rates for medicines based on the average manufacturers’ price.
-- Strengthens and simplifies student loan programs by reducing lender subsidies;
-- 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 a $1 billion (50% increase) in additional funding for the Low-Income Home Energy Assistance Program (LIHEAP); and
-- Expands Welfare Reform by reauthorizing the successful welfare reform policies in TANF and providing an additional $1 billion for child care.
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