Thank you, Mr. Chairman, and thank you to Rep. Ferguson for hosting us in your district today.

It’s great to be here in Georgia today to discuss how we can continue to help families, small businesses, and our overall economy.

We know that the best way to grow the economy is to grow the middle class.

That’s what Democrats on this committee and in the House did last Congress with our majority.

Faced with a dire economic situation from the pandemic, we successfully created jobs and worked to tackle inflation.

Ways & Means Democrats made historic investments in creating more domestic manufacturing, lowering health care and energy costs, and increasing opportunities for small business owners.

Here in Georgia, millions of working families are currently eligible for the Inflation Reduction Act’s rebates for energy-efficient appliances, lowering their energy bills and putting money back in their pockets.

I’m a strong supporter of the Child Tax Credit, a proven tool that lifts children out of poverty and grows the middle class.

The American Rescue Plan included a one-year expansion of the Child Tax Credit.

2.1 million children received the enhanced CTC totaling over $3.26 billion in parents’ pockets.

That meant it was easier for them to put healthy food on the table, keep a roof over their heads, and pay their bills.

In just a few months, this program helped cut childhood poverty nearly in half.

Name another program that has had that kind of impact.

I’ve talked to countless parents about the Child Tax Credit and many tell me it also simply provided a little more peace of mind.

As a mother, I understand how much this means when you’re raising a child.

The impact of Democrats’ economic plan is in the data:

• 236,000 jobs were created in March.
• Over 12 million jobs have been created over the past two years.
• The unemployment rate is down to 3.5 percent.
• Real GDP increased at an annual rate of 2.6 percent in the fourth quarter of 2022 and 3.2 percent in the third quarter.

But all that work is now under threat by House Republicans.

Let me be clear: the greatest threat to the economic security of Georgians and families across the South right now is Republicans’ extremist policies.

This week, Speaker McCarthy finally unveiled his so-called “plan” to raise the debt ceiling.

This bill would kill thousands of jobs, gut programs families rely on, accelerate the climate crisis, and undo much of the progress over the last two years.

Meanwhile, President Biden’s plan would make the investments we need in our future while cutting the deficit by nearly $3 trillion over the next decade.

The right way to avoid a default is to pass a clean debt ceiling increase.

My colleagues and I are open to finding a bipartisan path forward on funding the government and lowering the deficit.

But we’ve also been clear that we cannot have these discussions if Republicans are going to hold the economy hostage.

There is a bipartisan path forward on growing our economy and middle class. 

Something that has been one of my top priorities that Democrats and Republicans alike support is increasing the availability of affordable housing.

The lack of affordable housing is a problem I consistently hear as I travel the country.

Over 17 million households are spending more than half their income on rent.

That’s not sustainable when there are other bills to pay like groceries, utilities, and health care.

We have a proven effective tool in the Low-Income Housing Tax Credit.

LIHTC is our country’s most successful affordable housing program and has created over 3.5 million affordable homes since its creation.

But we know it can do more.

That’s why I champion the Affordable Housing Credit Improvement Act along with my Republican colleagues to build more affordable housing by expanding and enhancing the credit.

My bipartisan, bicameral bill had 207 cosponsors last Congress, many of whom are members of this committee.

It would create an estimated 2 million more affordable homes over the next decade.

Nearly 152,000 of them would be here in Georgia.

This is the kind of bipartisan issue Americans want us to address.

Thank you again, Mr. Chairman, for holding this hearing.

 

Original source can be found here.