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 American people ought to know the full extent to which the budget sequester would be disastrous for our economy and security. That is why this bill is so important. The sequester was never intended to take effect – it was an irrational deterrent meant to force both sides to the table and still ought to be viewed as an unacceptable alternative to inaction on the part of Congress.
As he prepared to take office, President Kennedy spoke to a nation troubled by anxiety over America’s leadership in the world and uncertainty over whether future Americans would inherit a strong and secure economy.
With less than one week before the highway bill expires and student loan interest rates double, House Republicans are once again trying to score political points instead to working to restore our economy. Instead of adopting bipartisan bills that create jobs and give businesses the certainty they need to grow and hire, Republican leaders are choosing instead to stage political show votes. It is time for Republicans to stop playing games with our economy and instead focus on growing the economy and creating jobs.
This chart from a Dartmouth survey explains the Republican plan to achieve deficit reduction – more specifically, it points out why they don’t have one. As Slate points out, there’s “no Republican support at a grass-roots level for any measure that would lead to substantial deficit reduction.”
Yesterday’s meeting with Grover Norquist to keep Republicans in the fold came as more and more Republicans are starting to admit that we can’t face our fiscal challenges without putting revenues on the table. Our favorite recap, courtesy of TPM:
With two weeks to go before the highway bill expires and student loan interest rates double, House Republicans are not taking action on either item. Instead, they're once again wasting time on political messaging bills. Their message items this week: two anti-environmental bills that do not create jobs and threaten public health.
We’ve got two weeks to go before the highway bill expires and student loan interest rate doubles. So obviously Republicans are taking action on these critical items – oh, wait. No, they’re not. Instead they’re focusing on… deadly force to protect salmon? We’re sure Americans across the country who are looking for work are relieved to know Republicans are on top of it.
Today, we heard President Obama lay out a plan for America’s economic future to provide businesses with certainty, to create jobs for the middle class, and to pay down our debt. The American people understand what’s at stake this year: the progress of our economic recovery and the potential for a new generation of prosperity. The path laid out by the President is the right way to further our recovery, as demonstrated by the success of our auto industry after Democrats took action to prevent automakers from going bankrupt.
There has been a lot of finger-pointing recently about who is responsible for our country’s economic health. While Republicans are busy blaming President Obama, this New York Times op-ed by Bruce Bartlett—himself an advisor to two Republican presidents—explains that the previous White House occupant, Mr. Bush, is actually more responsible for our country’s budget deficit.
By now, you have probably heard it plenty of times from us: Republicans continue to insist on confrontation over consensus, no matter the cost to our economy. We need a big, bold and balanced deficit reduction plan, but it takes two to tango. And the GOP is so allergic to compromise, House Republicans skipped town for another recess, with critical measures to keep our highways funded and student loan rates from doubling still unresolved.