Courtney: Debt Compromise Avoids Potential "Economic Catastrophe''

U.S. Rep. Joseph Courtney was one of 269 members of the House of Representatives who thought enough of the debt compromise to cast a positive vote for it on Monday.

“This negotiated, bipartisan bill includes items important to Democrats and Republicans, as any compromise should," said Courtney, a Democrat representing the 2nd District. "With just hours to spare before the United States would default, it is also the only viable path to avoiding economic catastrophe."

The U.S. government loan default deadline is Aug, 2.

A total of 161 House members voted against the compromise.

The bill cuts spending by $2.1 trillion and raises the debt ceiling for two more years, the Huffington Post is reporting. The Senate is scheduled to vote on the plan Tuesday.

Courtney said the compromise protects seniors by "prohibiting automatic cuts to Social Security, Medicaid and Medicare beneficiaries."

"They are cuts which I have consistently opposed,'" he added. "It also provides long-term peace of mind to families and financial markets by ensuring that we are not engaged in this divisive, unnecessary debate just six months from now."

Courtney said a positive vote was necessary.

“This plan is far from perfect, but it succeeds on some critical fronts," he said. "It locks down a significant payment toward deficit reduction, while also establishing a bipartisan process to address larger savings and tax reform in the future, including waste at the Pentagon. With this long process finally over, Congress must focus its attention where the American people have wanted it all along: on job creation and protecting our fragile economic recovery.”

Courtney was recently named to a panel to examine defense spending.