WASHINGTON, DC– Congresswoman Fudge voted against H.R. 4853, which costs over $800 Billion, reduces funding for Social Security, and extends tax cuts for the wealthy. The measure, which the House passed by a vote of 277 to 148 late Thursday night, was passed by the Senate on Wednesday and now goes to President Obama for his signature into law. Congresswoman Fudge released the following statement after passage.
“The compromise does not reduce the national debt. It piles nearly $1 Trillion onto the deficit and it does so at the expense of our seniors and the millions of other Americans who rely on Social Security.
“At this moment, Social Security funds itself through payroll taxes. The compromise reduces its funding by cutting the payroll tax and then replaces that loss with money from the general fund. However, it gives Americans absolutely no guarantee that that loss in funding will be replaced by money from the General Fund. If we lower the payroll tax, will Americans let us raise it again? I don’t think so. We’re handing Republicans the ammunition they needed to defund Social Security and I will not participate. I refuse to chip away at Social Security.
“Last week, the Ohio Alliance for Retired Persons presented me with over twenty-five thousand signatures of people asking me to protect Social Security. I promised to protect the one program that has reduced poverty among our elderly and disabled for generations. I am not about to back down now for tax cuts that only benefit a small percentage of Americans.
“Over the past two years, I’ve voted for each and every extension of unemployment benefits because I believed it was the right thing to do. These are tough times and Ohioans are hurting. I see it every day when I’m at home. It’s disappointing and cruel that Congressional Republicans are holding jobless benefits hostage to provide comfort to the comfortable.
“Economists across the board say cutting taxes for the wealthiest 2 percent of Americans does not create as many jobs as extending unemployment benefits. In fact, the Center for American Progress estimates that to create one job, it takes four times the federal dollars in tax cuts compared to extending unemployment benefits. Clearly, trickledown economics have not, and will not work.”