Congresswoman Waters' Statement on Passage of "Fiscal Cliff" Deal

Congresswoman Maxine Waters (D-CA) released the following statement on Tuesday night's passage of Senate Amendment H.R. 8, the American Taxpayer Relief Act of 2012:

"I am pleased that we were able to reach an agreement that prevents tax hikes from rising on middle class families and ensures that the wealthy will pay their fair share to reduce the deficit. While this agreement is not perfect, it is a step in the right direction to protect families and grow the economy.

"The bill includes significant steps that will prevent a typical family from seeing a $2,200 tax increase in 2013. I am glad that in addition to a permanent extension of the middle class tax cuts, it prevents two million people from losing UI benefits in January by extending emergency unemployment insurance benefits for one year.

"The deal extends President Obama's expansions of the Child Tax Credit, Earned Income Tax Credit, and the new American Opportunity Tax Credit, which helps families pay for college and prevents income taxes from increasing by an average of $1,000 for 25 million working families and students. This agreement also ensures that we can continue to make investments in education, clean energy, and manufacturing to create jobs, strengthen the middle class, and grow the economy.

"As a vocal advocate on behalf of struggling homeowners who has led my caucus on issues pertaining to loan modifications and mortgage servicing reforms, I was also pleased that the package included an extension of the Mortgage Debt Relief Act of 2007. Under this provision, up to $2 million of forgiven debt is eligible to be excluded from income through tax year 2013.

"In the months ahead, there is still more work to be done as we discuss raising the debt ceiling and address defense and discretionary spending. I will remain committed to standing against any benefit cuts to programs Americans rely on including Social Security, Medicare and Medicare. I will assess the impact of the funding used to pay for the Sustainable Growth Rate (SGR or "doc fix"). I will oppose any cuts to services for diabetes and other illnesses that disproportionately impacts those in underserved communities.

"I will continue to work on behalf of my constituents and the most vulnerable Americans by taking common sense steps to reduce the deficit and keep our economy moving forward, but not at the expense of our children, seniors, and working families."

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