Fiscal Responsibility
Over the years, Democrats have shown our commitment to restoring fiscal responsibility by taking actions that have reduced our national deficit while investing in the American people’s priorities. During the 117th Congress, House Democrats delivered the landmark Inflation Reduction Act, which will reduce the deficit by over $300 billion while lowering health care and energy costs and taking action on climate change. In sharp contrast, Republicans jammed their 2017 Trump Tax Scam through Congress without a single hearing, gifting trillions of dollars in unpaid-for tax handouts to the wealthiest Americans and large corporations while leaving our nation with ballooning deficits. They have repeatedly held our economy hostage to benefit their irresponsible ideological agenda, whether creating artificial “fiscal cliffs,” shutting down the government, or bringing our nation to the brink of defaulting on its obligations. With other landmark legislation delivered during the 117th Congress, including the American Rescue Plan, the Bipartisan Infrastructure Law, and the CHIPS and Science Act, Democrats have worked to invest in economic recovery, job creation, all while cutting the deficit in half last year. Democrats are committed to continuing our work to restore sound, long-term fiscal management so future generations can afford to invest in opportunities, secure the American Dream, and ensure workers have the tools to Make It In America.
House Republicans are resisting bringing legislation to the Floor that would provide critical assistance to address the humanitarian crisis at the border, because of the cost – yet, those same House Republicans have passed multiple tax extender bills that add hundreds of billions to the deficit.
This week, the House considered the Transportation, Housing and Urban Development appropriations bill.
Mr. Speaker, I rise in opposition to this bill, but I am constrained to respond to the remarks, the emotional remarks, the perplexed remarks of the Gentleman who preceded me.
Mr. Speaker, we ought to extend the research and development tax credit to help businesses invest in innovation. But Republicans are asking us to do so without paying for it, which would add $155 billion to the deficit.
Mr. Speaker, I rise with a great deal of sadness. We're punting. USA Today said: ‘House action on tax extenders forfeits credibility on deficits and national debt.’ They are right.
Wanted to make sure you saw this USA Today editorial on House Republicans’ fiscally irresponsible bill to extend the R&D tax credit on the Floor today. Here are some highlights:
We know you’re all focused on the contempt resolution and Benghazi, but don’t forget that the House will be debating a permanent extension of the research & development tax credit later this afternoon. To recap some numbers for you, before you write your stories:
This week House Republicans are bringing legislation to the Floor to extend the research and development tax credit for businesses.
As Budget Chairman Paul Ryan continues his “poverty messaging tour” today, with both a Budget hearing and CBC meeting, your ever-helpful Democratic Whip press shop put some questions together for you to ask him. There’s a lot to choose from, including his budget that disinvests in the majority of critical programs that prevent poverty and help people get out of it, and a voting record that doesn’t reflect an interest in ending poverty. Here are just a few questions to get you started:
MESSAGE FROM THE DEMOCRATIC WHIP
This week, I was disappointed that the Republican-led House of Representatives passed an extreme budget that cuts investments in our nation’s future, including education, infrastructure, and research. Additionally, this harmful budget would repeal the Affordable Care Act for the 53rd time, eliminating health care benefits and important patient protections for millions of Americans. It also ends the Medicare guarant