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
Today we concluded another week under this “do-nothing” Republican Congress with no action on critical legislation. Once again, House Republicans refused to take up comprehensive legislation that would create jobs or restore certainty to our economy. They are now heading home for their ninth recess, despite calls from Democrats urging the House of Representatives to stay in session to address critical legislation.&
“When crisis struck our financial system in 2008, it wasn’t because there was too much regulation. For years, the Bush Administration and the Republican Congress took the referees off the field when it came to Wall Street.
As our economy continues its recovery, House Republicans have rolled out a summer agenda that ignores job creation and does not address a number of critical items. Two items expire at the end of this month: a surface transportation reauthorization bill – which the Senate passed with an overwhelming bipartisan vote – and legislation to stop student loan interest rates from doubling on July 1. House Republicans are also holding an extension of the middle class tax cuts hostage to tax cuts for the wealthy, despite the need for families to have certainty that their taxes will not increase next year.
CBO’s Long-Term Budget Outlook makes it abundantly clear that our long-term structural problems should be just as concerning as the looming fiscal cliff, including the budget sequester, facing us at the end of this year. CBO’s report is a warning that we must get our fiscal house in order by achieving big and balanced deficit reduction that includes both spending and revenues. Cutting domestic spending alone won’t work, and it will require both parties working together. I still believe this is a goal we must pursue in Congress this year – and one that is achievable. Doing so would provide certainty to businesses that have been holding back investment and could constitute the single greatest stimulus to our economy and job creation.
So far, House Republicans’ summer agenda is not drawing rave reviews.
I am glad that the House removed a provision from the Military Construction and Veterans Affairs appropriations bill that would have prohibited federal agencies from operating under project labor agreements with contractors. Project labor agreements protect the safety of workers, ensure the highest quality of work, and provide time-saving and money-saving efficiency. They are also an important tool in ensuring that contractors comply with equal employment rules and environmental standards.
Here’s what House Republicans AREN’T doing this week – focusing on jobs and preventing student loan interest rates from doubling:
Last week, House Republicans unveiled a summer legislative agenda that brings forward partisan bills that do not create jobs and will result in higher taxes for the middle class because of their refusal to ensure the wealthy pay their fair share.
In case you missed it while at your Memorial Day weekend barbeque, wanted to pass along this Washington Post piece about Republicans refusing to take Grover Norquist’s pledge.
Stop us if you have heard this one before: Speaker Boehner’s debt limit demands are unproductive at best and threatening our fragile economic recovery at worst.
But don’t take our word for it, just ask University of Pennsylvania Wharton School professors Betsey Stevenson and Justin Wolfers, who write in Bloomberg today: