WASHINGTON – U.S. Sen. Mark R. Warner (D-VA), a member of the Senate Budget Committee, issued the following statement today following the Senate passage of the Bipartisan Budget Act of 2019, a two-year bipartisan budget deal that would suspend the debt ceiling until July 2021:
“Today I voted to preserve the full faith and credit of the United States and steer us away from another harmful government shutdown in the fall. By suspending the debt ceiling for two years, the bipartisan budget agreement guarantees that the United States will continue to pay our bills, while also preventing harmful sequester cuts that would hurt our military and jeopardize important programs that serve our veterans, prepare our children for the future, and rebuild our crumbling roads and bridges.
“Even with this deal, overall spending on education, research and development, homeland security, and other important investments will still be near historic lows as a percent of the economy. Our nation’s long-term fiscal challenges are real, but they are primarily due to declining tax revenue and a failure to reform our mandatory spending programs. It is disappointing that congressional and White House negotiators chose to pay for only a fraction of this deal, with fee increases and cuts to spending, when there are more sustainable and equitable ways we could have paid for this must-pass legislation. We should be asking large corporations and the wealthiest among us to contribute more—not putting $2 trillion in tax breaks that disproportionately benefit them on the nation’s credit cards. I continue to believe that we must do more to strengthen our nation’s balance sheet, so it is strong enough to sustain continued economic growth for the long term, and I urge my colleagues from both parties to more seriously address our financial challenges in the future.”
The legislation, which passed the House of Representatives on July 25 by a vote of 284 – 149, now heads to the President’s desk for approval.