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 deadline to avert the sequester is looming, so Republicans are working hard to come up with a plan to avert them. Wait, sorry. No they’re not. Per The Washington Post:
MESSAGE FROM THE DEMOCRATIC WHIP
Earlier this week, I was proud to witness the second inauguration ceremony for President Barack Obama. On that day, we had an opportunity to reflect on the accomplishments of the last four years, while looking ahead to the challenges we continue to face.
“I want to say to the Speaker before he leaves the Floor, I believe the Speaker wants to get to a responsible agreement between our parties, between the House and the Senate and between the Congress and the President on getting to a responsible way to reduce the budget. This bill is not that vehicle. This bill, in my view, is an irresponsible waste of our time. This bill does not do what Republicans said they wanted to do over and over and over again. And that is: give a sense of certainty to our economy, to our people, and to the international community.
MESSAGE FROM THE DEMOCRATIC WHIP
Earlier this week, the House of Representatives passed a bipartisan bill providing comprehensive aid to victims of Hurricane Sandy. While this relief should have been passed before the end of the last Congress, I am glad that the people in the Northeast most affected by this natural disaster will be able to receive the much needed tools and support they need to rebuild their homes, businesses and communities.
"Sadly, with today's proposal we see a continuation of putting politics before policy, which the Republican majority pursued with a vengeance in the last Congress. To my knowledge, no responsible Republican leader believes that default will be anything other than disastrous.
Republicans continue to float the idea of holding the debt limit hostage so that they can get their way on fiscal negotiations. Defaulting, as the President has warned, would hurt our economy, delay Social Security, Medicare and military payments, and could lead to a credit downgrade (again).
It seems like it was only last Congress that we were seeing headlines like these:
Today’s must-read is a Politico article highlighting Republican division and the difficulty they are having in setting their agenda:
“House Republicans — who start their annual retreat in Williamsburg, Va., on Wednesday — are facing something of a conundrum: They have the majority but don’t know what to do with it.”
Recently, a growing number of Republicans have been threatening to either hold the debt ceiling hostage during fiscal negotiations or force a government shutdown by refusing to fund regular agency appropriations. Instead of attempting to make either of these reckless moves, which are sure to wreak havoc on our economy for the sake of scoring political points, Republicans should immediately work with President Obama to ensure the continued recovery of our economy. As seen in 2011, treating the debt ceiling as a bargaining chip would be dangerous, sowing uncertainty and tempting another downgrade of our credit. And as was the case in 1995 and 1996, a government shutdown would bring turmoil to all sectors of the economy. Republicans should not bet the fiscal stability and economic wellbeing of our country in their attempt to gain political points.