Congressman Tim Bishop announced Tuesday he will oppose the new debt plan sponsored by House Speaker John Boehner, but would “reluctantly” vote in favor of Senate Majority Leader Harry Reid’s proposal.
Mr. Bishop (D-Southampton) said he believes the GOP plan “preserves tax loopholes,” that would downgrade the country’s credit rating and would lead to “massive” cuts to Medicare, Medicaid and Social Security, according to a press release issued by his office.
“My line in the sand is that I will not support a deal that asks Medicare recipients to sacrifice, but does not ask for an ounce of sacrifice from big oil companies and hedge fund managers,” Mr. Bishop said in a statement. “It is long past time to find a reasonable compromise and then get on to the business of helping Americans find jobs.”
Mr. Bishop said failing to raise the debt ceiling by August 2 would have an adverse effect on the country’s economic recovery and could potentially jeopardize Social Security benefits and paychecks for members of the military, as well as hinder the nation’s ability to pay interest on its outstanding debt.
In an effort to avoid a doomsday scenario, Mr. Bishop said he will vote in favor of Mr. Reid’s proposal because it aims at cutting $2.7 trillion over 10 years without cutting Medicare, Medicaid or Social Security.