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.
“[The sequester] is not shutting down government so obviously it's going to be a slow erosion, not an immediate tidal wave.
If last year is any indication, the Ryan Budget due to be unveiled next week is sure to leave us disappointed.
Just today, Budget Committee Chairman Paul Ryan told the Wall Street Journal: “I wouldn’t expect any big surprises.”
Democrats continue to call for a big and balanced solution to stop the irrational and irresponsible across-the-board spending cuts known as the sequester. While House Democrats have proposed a solution to stop these reckless cuts, Republicans have refused on four separate occasions to bring this legislation to the House Floor for a vote.
“I agree with the Gentlelady who has just spoken. But I want to say to my friend, Mr. McKeon, this is neither regular order nor rational policy. It ought to be rejected.
Lack of action by Republicans means the impact of the sequester will be felt over the coming weeks and months across a range of government departments. The Washington Post breaks down how these indiscriminate cuts could impact departments ranging from the FDA to the FAA:
MESSAGE FROM THE DEMOCRATIC WHIP
Today the irrational spending cuts known as the sequester took effect after House Republicans refused to take action. These extreme and irrational across-the-board spending cuts could have a devastating effect on our economy and national security, harming international and domestic programs that effect our seniors, children, business owners, veterans and military personnel.
“Mr. Speaker, we are now two days away from failure-triggered, ideological-driven and irrational budget cuts called ‘sequester.’ It's an extraordinarily bad policy that 229 Republicans voted for on July 19, 2011 [in their Cut, Cap, and Balance bill]. These cuts could be incredibly harmful to our national defense, our economy, and our national welfare.
Over the last few weeks, there has been no shortage of dire predictions about the harmful impact of the sequester if it goes into effect on Friday, March 1. These reckless and irrational cuts could put our economic recovery and national security at risk. But despite many warnings, Republicans have continued to speak in support of this harmful policy, choosing these irresponsible cuts over a compromise that balances spending cuts with new revenues:
New poll out by USA Today/ Pew Research Center is further proof of what we’ve been saying all along – Republicans’ problem is not just messaging, but their policies and priorities.
Case in point, Republican voters agree with President Obama – and not their own party – that more revenues have to be part of deficit reduction:
“We need to cut spending, raise revenues and have a balanced program, just as Bowles-Simpson, Domenici-Rivlin, Gang of Six [suggested].