On Wednesday, May 31, 2023, Congress took a key vote to save America from defaulting on its debt. Following the critical vote in Congress, Congressman Jonathan L. Jackson (D-IL) is taking a moment to reflect on the decisions made and the challenges ahead. Responding to President Biden’s call for swift and responsible action, Jackson had cast his vote in favor of the Bipartisan Budget Agreement.
“Defaulting on our debt was not an option,” Congressman Jackson explained, “treasury bonds are the cornerstone of the world’s financial system — the ‘risk-free’ asset upon which all others are based. The potential fallout of a U.S. debt default is unthinkable: a recession, mass job losses, decimated retirement accounts, and increased borrowing costs for all Americans. This bipartisan agreement is a critical safeguard against such a crisis.”
Despite his approval of the Budget Agreement, Jackson voiced outrage over the cuts to the Supplemental Nutrition Assistance Program (SNAP). Highlighting the irony of the situation, he remarks, “The nonpartisan Congressional Budget Office’s estimate exposes the contradictions in the Republicans’ strategies. Their proposed SNAP work requirements, aimed at cost-saving, contrast sharply with the increased costs of the expanded benefits we Democrats advocated for, which will add nearly 80,000 people to SNAP’s rolls each month.”
Jackson emphasized, “the GOPs intent was never about reducing the deficit; it was about marginalizing those most in need.”
Despite his reservations about parts of the Budget Agreement, Jackson recognizes the necessity of compromise. “Negotiations involve give and take,” he states. “While I have deep concerns about certain aspects of this agreement, particularly the new SNAP work requirements, the President has managed to protect many of our core priorities. While not perfect, this agreement was the only viable option we had to prevent a catastrophic default on our debt. It safeguards our economy and provides a basis for future discussions and amendments.”
Looking to the future, Congressman Jackson reaffirms his commitment to everyday Americans. “Our work as Democrats isn’t over,” he emphasizes. “We will continue to build on the economic progress we’ve made and fight tirelessly to ensure an America that is inclusive, empathetic, and supportive of all its citizens.”
