WASHINGTON, DC - August 1, Congressman Mike Michaud issued the following statement after voting in favor of a bipartisan bill to reduce the national debt and avoid a default:

"While this bill isn't perfect, it's a bipartisan compromise that will avoid default, which would have severely impacted the lives of every American.

"Our seniors will now receive their Social Security checks. Our service members will get paid and avoid putting their families through unneeded financial hardship. Veterans' benefits will not be threatened. Interest rates won't skyrocket on home and car loans. The bill also ensures that we won't revisit this crisis in just a few short months. This promotes economic stability, which impacts the investments and retirement savings of millions of Americans.

"The bill also contains explicit protections for Social Security and Medicare benefits, which is something I've called for throughout this debate. The bill's deficit reduction committee will put tax reform on the table, something that previous proposals rejected. And as a result of the deficit reduction goals contained in the bill, it will be very difficult to extend the irresponsible and unaffordable Bush tax breaks for the wealthy.

"To break the stalemate in Washington, no one party got everything it wanted. How we got here was messy, and I join many Mainers in being disgusted with the process. But at the end of the day, I believe this bill makes some important progress that will improve the fiscal stability of our nation."