Barrett Votes to Cut Deficit by Over $39 Billion

For Immediate Release
December 19, 2005
Contact: Colleen K. Mangone, Communications Director
202-225-5301



Barrett Votes to Cut Deficit by Over $39 Billion

Washington, DC – For the first time since 1997, the House has taken a major legislative step to reduce the deficit by passing the conference report on the Deficit Reduction Act. Congressman Barrett (SC, 3), a member of the House Budget Committee, voted in favor of the legislation, which reduces the deficit by over $39 billion.

“Today’s vote once again demonstrates our commitment to responsible fiscal policy,” said Barrett. “The Deficit Reduction Act contains important common sense reforms of key government programs and achieves real budget savings to keep our government on sound financial footing.”

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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