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.
Last week, House Republicans put forward a more-of-the-same budget that ends the Medicare guarantee while protecting tax cuts for the wealthiest Americans, and puts our economic recovery and jobs at risk. While Republicans were clear that they want to protect tax cuts for the wealthiest Americans and place the burden of deficit reduction onto seniors, the middle class, working families, and the most vulnerable, their budget left several questions unanswered.
They have offered a budget that is somewhat a reprise of last year's. It savages Medicare, turns the guarantee into a higher cost, problematic benefit. We don't think that's what the American people want. Secondly, it makes again the tax disparities between our people even greater. It shifts resources from the middle class and poor to the wealthiest in America. It gives $150,000 additional tax cut to millionaires and doesn't say how you're going to pay for that, $10 trillion in additional tax cuts, which clearly means you're going to explode the deficit even more. They pretend they will cut out preference items. They also in that process severely undermine investments in our future, investments in education, investments in research, investments in growing jobs, investments in infrastructure. Clearly, with the result of diminishing the quality of our society in the long run, and don't get to balance.
Last week, House Republicans introduced a budget for fiscal year 2013 that is a repeat of the budget they put forward last year. It ends the Medicare guarantee while protecting tax cuts for the wealthiest Americans, and according to the Economic Policy Institute, puts four million jobs at risk. Instead of pursuing a budget that creates jobs, strengthens entitlements, reduces the deficit in a balanced way, and asks all Americans to contribute their fair share, the Republican budget makes the wrong choices.
After seeing the disastrous Republican budget put forward last week, which would end the Medicare guarantee and increase costs for seniors, destroy jobs, and cut taxes for the wealthy at the expense of the middle class, Americans want a budget that works for all of us. The Democratic budget proposal does just that by preserving the Medicare guarantee, investing in a strong economy, taking a balanced approach to setting us on a sustainable fiscal path, and asking everyone to pitch in toward investing in America's future. It is the right budget to meet the challenges we face.
Yesterday, Republicans unveiled a more-of-the-same budget for fiscal year 2013 that ends the Medicare guarantee while protecting tax cuts for the wealthy, and puts our economic recovery at risk. The Republican budget makes the wrong choices and places the burden of deficit reduction onto seniors, the middle class, working families, and the most vulnerable by refusing to ask the wealthiest among us to contribute. Budget Committee Chairman Paul Ryan called on the American people to make a choice between two futuresfor our nation. Here’s a look at our future under the Republican budget – and the future Democrats envision instead.
The Republican budget introduced by Rep. Paul Ryan today is a repeat of last year’s budget: it once again ends the Medicare guarantee while protecting tax cuts for the wealthy. It slashes investments in innovation, education, and infrastructure, which puts our economic recovery at risk and threatens American jobs. It does not reduce the deficit in a responsible way, instead placing the burden of deficit reduction onto seniors, the middle class, working families, and the most vulnerable by refusing to ask the wealthiest among us to contribute.
Today, Budget Committee Chairman Paul Ryan is unveiling the House Republican budget. In addition to ending the Medicare guarantee, their budget has broken the agreement made by Speaker Boehner last year as part of the Budget Control Act by setting spending levels below the level Republicans agreed to.
Our budgets reflect our values and the direction we want for this country in the year ahead – and for several years beyond. With our economic recovery gathering momentum, we ought to ensure that our budget for Fiscal Year 2013 strengthens that recovery and helps American businesses create jobs that grow our middle class.
The primacy of calls for major deficit reduction have all but stagnated, but House Minority Whip Steny Hoyer is trying to revive an urgency in Washington, D.C., around his signature issue.
House Minority Whip Steny Hoyer of Maryland this morning called on Congress to replace $1.2 trillion in automatic spending cuts mandated by law at the end of the year with a balanced package of deficit reduction akin to the grand bargain President Obama and House Speaker John Boehner negotiated unsuccessfully last summer.