Press Releases

Larsen: Bipartisan Budget Agreement is “Necessary Step” to Prevent Catastrophic Default, Maintain U.S. Global Economic Leadership

WASHINGTON, D.C. – Today, Rep. Rick Larsen (WA-02) released the below statement in support of the Bipartisan Budget Agreement (BBA):

“I will be voting ‘yes’ on the Bipartisan Budget Agreement, a necessary step to prevent catastrophic default and maintain U.S. economic leadership in the world,” said Larsen, the lead Democrat on the House Transportation & Infrastructure Committee. “Passing the BBA is a critical step forward to protect Northwest Washington working families, veterans and seniors, create more jobs, and keep the economy on the move.” 

The House is expected to consider the BBA on Wednesday. If the BBA passes the House, the bill will head to the Senate for consideration.

What the BBA Does

If the BBA passes the House and the Senate and is signed into law by the President, it would:

  • Prevent Catastrophic Default – The BBA suspends the debt limit through January 1, 2025, ensuring the United States can avoid catastrophic default and show the world the United States meets its obligations. 
  • Protect Veterans’ Benefits – The BBA fully funds medical care for veterans, including increasing funding for the PACT Act’s toxic exposure fund (TEF) by nearly $15 billion over enacted levels.
  • Protect Historic Investments in Infrastructure and Green Jobs – The BBA protects historic investments in green jobs and clean energy in the Inflation Reduction Act and the bold, long-term investments in infrastructure included in the Bipartisan Infrastructure Law.

Larsen In Touch with WA-02 Small Businesses, Nonprofits and Community Stakeholders

Larsen recently spoke with local small business owners, nonprofit leaders and community members to discuss how a default would devastate local communities and the critical services Larsen’s constituents rely on, including affordable housing, nutrition initiatives, veterans’ and retiree benefits, health care and banking services.