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.
If you only look at one chart today, this is it.
Read the full MarketWatch article that sets the record straight about who increased spending the most. (HINT: It wasn’t Democrats.)
Here we go again. Norm Ornstein’s op-ed in Roll Call today slams Speaker Boehner’s threat to hold the debt limit hostage once again, calling it a sign of fiscal irresponsibility that will lead us right back to the shutdown threat and S&P downgrade from last year.
Some choice quotes below:
Wanted to make sure you all saw this op-ed in Roll Call today by Stan Collender on Speaker Boehner’s “exceptionally irresponsible” demands that he will allow the U.S. to default on its obligations unless he gets exactly what he wants.
In case you missed it in the hustle and bustle last week, Politico goes inside the House GOP Caucus and finds a number of Republican members who are finally ready to admit that revenues are necessary if we’re going to seriously address the deficit, and are rejecting Grover Norquist’s tax pledge.
From the Politico article:
“Grover’s grip may be loosening.”
Each year, Congress has a duty to review and authorize defense programs that keep Americans safe and our troops supplied for their missions. This has traditionally been an area where Democrats and Republicans have come together, and I have consistently supported this important bill. I continue that support today, though I am disappointed that this year’s authorization bill includes several troubling Republican provisions.
I continue to be disappointed at how Republicans are approaching deficit reduction. Every day, we hear Republicans talking about the need for painful cuts to get our deficits in order. However, time and again, Republicans appear unwilling to exercise fiscal discipline when it affects something they like.
Wanted to make sure you all saw this editorial in today’s New York Times about the unrealistic and unhelpful debt limit marker Speaker Boehner laid down yesterday. Make no mistake; if the country is once again pushed to the brink of default, it will be because Speaker Boehner and Congressional Republicans are once again choosing confrontation over compromise.
You would think Republicans would avoid bringing our nation to the brink of default once again, but a year later Speaker Boehner is putting forward the same partisan strategy that resulted in our nation’s first credit downgrade:
“In other words, welcome to déjà vu all over again.”
Even though Speaker Boehner has spent the day blaming Democrats for our current deficit problem, the numbers—and the charts—tell a very different story. Today, TPM breaks down the real reasons for our exploding national debt. Here’s a hint: It isn’t the policies of President Obama or Congressional Democrats.
Since taking the House majority, Republicans have chosen confrontation over compromise, choosing to move to the extreme right instead of moving to the middle and finding common ground. For over a year, Republicans have refused to work with Democrats, clinging to their partisan stance and walking away.