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.
We’ve got a number of questions on the “election-year giveaway” (according to Bruce Bartlett) Republicans brought to the House Floor today. While it’s entertaining watching Republicans contort themselves to make this look like it’s about small businesses, the numbers make it pretty clear that it’s about relief for the wealthiest while everyone else bears the cost. Here are some questions for Republicans that continue to leave us scratching our heads:
It is hard to call us to responsibility, but that's what our public wants. Our public wants it on the right, they want it on the left, and they want it on the middle. This is a totally fiscally irresponsible piece of legislation, and you know it. And I know you know it. And America ought to know you know it.
This week, Republicans are rolling out more specific details of their extreme budget that ends the Medicare guarantee, destroys jobs, and cuts taxes for the wealthy. Committees are holding hearings on the specific spending cuts to critical programs that Republicans want to make in order to keep funding tax cuts for the wealthy.
This week House Republicans are bringing another bill to the Floor that gives an across-the-board tax cut to the wealthiest Americans. Republicans are trying to hide under the claim that this bill will help small businesses, but the facts don’t back them up.
This week, House Republicans will vote again for their budget that ends the Medicare guarantee and puts our economic recovery at risk, while cutting taxes for the wealthy. Back in their districts, it was poorly received by voters who are concerned about the impact of the budget.
Today marks the two-year anniversary of the Student Aid and Fiscal Responsibility Act being signed into law by President Obama. This law, passed by a Democratic-led Congress, makes higher education more accessible and affordable:
But there is no balance in this proposal. Seniors, middle class, vulnerable, working Americans are asked to pay the price of this agreement. And, indeed, not only are they asked to pay the price, but the best-off among us is asked to do the least. That's not the America of which we are all proud that has worked together, sacrificed together at times, to come together to make a joint contribution to the welfare of this country.
The Democratic Whip’s office has created the following online quiz to show how the Republican budget will impact seniors, the middle class, working families, and the most vulnerable by refusing to ask the wealthiest among us to contribute.
In order to achieve a big and balanced deficit reduction package, we must build a broad consensus. The budget substitute offered tonight by Reps. Jim Cooper and Steve LaTourette came to the Floor before that broad consensus could be achieved, which is why I voted against it. However, we must continue working to achieve a big and balanced deficit reduction solution in order to set our country back on a sustainable fiscal path. I continue to believe that the Bowles-Simpson model should be a basis for ongoing discussions in the effort to create the needed consensus.
The Chairman of the Budget Committee has spoken of a choice between two futures. He is correct in framing it this way. The budget he proposes would end the Medicare guarantee, cut taxes for the wealthiest, and place our economic recovery at risk.