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WASHINGTON – “Bipartisan passage of the omnibus spending bill will help grow the economy and invest in manufacturing, infrastructure, and education and job training for our middle class.
“Essential to this legislation are the International Monetary Fund quota and governance reforms. The IMF has promoted stability, jobs, and growth for the past 70 years, and these reforms will strengthen the U.S. leadership position in this critical institution, while putting the Fund on a strong financial footing. Along with passage of Trade Promotion Authority and the conclusion of the negotiations on the Trans-Pacific Partnership trade agreement this year, the IMF reforms reinforce the central leadership role of the United States in the global economic system and demonstrate our commitment to maintaining that position.
“While the bill also contains a modest increase in IRS funding, the IRS budget would still be well below the level the agency needs to provide the kind of quality service the American people deserve. Fully funding the IRS is important for individual taxpayers, the security of our data, and our ability to collect the revenue our country needs.
“The legislation also allows for additional investments in the Hardest Hit Fund program that will enable states most impacted by the housing crisis to enhance their foreclosure prevention efforts. Both the Hardest Hit Fund and the Making Home Affordable programs helped stabilize the housing market during the crisis. This bill allows us to provide greater resources for states in the program by helping struggling homeowners and supporting additional blight removal, among other tools.
“Congress missed a crucial opportunity to provide Puerto Rico with meaningful tools to address its fiscal crisis. The Administration has been clear that the situation in Puerto Rico is urgent. Congressional Democrats have worked to find a solution, and Speaker Ryan's direction to the relevant Committees of the House of Representatives to work on a legislative solution reflects the need for Congress to act quickly. Any solution must include both independent oversight and an orderly process to restructure the Commonwealth's debt. Providing restructuring authority to the people of Puerto Rico will require Congress to confront difficult interests and tough issues, but it is essential to protect the 3.5 million Americans who live in the Commonwealth. The Administration remains committed to working with Congress to address this crisis.”
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