Representative Marc Molinaro speaks on the Fiscal Responsibility Act

ALBANY (WBNG) -- On Wednesday, the United States House of Representatives will vote on the Fiscal Responsibility Act.

The Fiscal Responsibility Act is an agreement reached between Speaker of the House Kevin Mccarthy (R, CA-20) and President Joe Biden to avoid a default on federal loans.

The act will also suspend the federal debt limit until the first day of 2025.

12 News spoke with Representative Marc Molinaro (R, NY-19) who describes the bill as historic.

“The Fiscal Responsibility Act provides the largest spending reduction in history,” said Molinaro. “This brings us below the 2022 discretionary spending levels.”

Molinaro applauded Speaker Mccarthy for negotiating legislation that helps the economy in what Molinaro called three important categories.

“The speaker and the team negotiated a good piece of legislation,” said Molinaro. “It comes to the table with three very important goals: do not default on American debt, slow inflation and stop mortgaging away children’s futures.”

Molinaro described the agreement as bipartisan and was happy to see Republicans and Democrats work together ahead of the June 5 debt ceiling deadline. He said when both sides come together it is good for the country.

“When we have robust and energized debate and we can engage in the important discussion, dialogue and negotiations, we can produce a better outcome for Americans,” said Molinaro.

A package of rules advancing the Fiscal Responsibility Act to a vote passed in the House by a 241-187 margin earlier Wednesday.

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