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.
MESSAGE FROM THE DEMOCRATIC WHIP
On Monday I gave a speech, hosted by Third Way, on the need to continue to work to put our nation on a fiscally sustainable path. I talked about several items Congress can take action on this year to make progress toward this goal; you can find a full video of my speech here.
“Good morning. I want to thank Third Way for hosting, and I want to thank all of you for this opportunity to address one of the most compelling challenges our generation faces – achieving a sustainable long-term budget outlook.
At a time when our country continues to face major challenges to its economy, it is very disappointing that the House returned yesterday for a three-week session with no substantive legislation planned to address those challenges.
“Thank you, John. I am always glad to be here with you and with the men and women behind America’s credit unions. In Maryland, you continue to make a real and important difference for families and small businesses, and I thank you for the work you continue to do. But as much as we in Maryland like to think that John is one of a kind, here in this room are thousands of dedicated individuals who want to make sure that Americans from coast to coast can benefit from membership in a credit union.
“Our budgets reflect our nation’s priorities, and the budget President Obama plans to submit to Congress next month for Fiscal Year 2015 will once again demonstrate his administration’s commitment to increasing opportunities, promoting job growth, and protecting our national security.
"Five years ago, under the leadership of President Obama and House and Senate Democrats, Congress took action to help our economy begin to recover from the Great Recession.
I’m pleased that this week Congress passed legislation to ensure that America can pay its bills, providing certainty and stability for our nation’s economy and businesses.
“I thank the Speaker. And I thank the Gentleman from New York, and I thank the Gentleman from Michigan. Let me start by saying, this issue ought not to be subject to a debate.
As any family or business owner in America can attest, willfully failing to pay bills on time is a recipe for disaster that can precipitate financial ruin. Yet, that is exactly what Congress is on track to do with America’s finances unless it acts right away to avoid a catastrophic default.