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.
CBO’s Budget and Economic Outlook released today reveals what Americans already know: we have to get Americans back to work, and we have to get our fiscal house in order by reaching a big and balanced deficit reduction plan this year. Such a plan requires both getting a handle on spending and raising revenue. It is clear from the CBO’s forecast that allowing the Bush tax cuts to expire for the wealthiest Americans can be a part of that solution. Real and effective deficit reduction should be based on the principle that everyone should pay their fair share. I hope Republicans work with Democrats to take the steps we need as a nation to get us back on a sound fiscal path.
The empty resolutions Republicans have put forward in order to draw an artificial contrast between the parties will only succeed in showing Americans the real difference between those in Congress who want to play games and those of us who want to get to work tackling our pressing challenges, including job creation and deficit reduction. I hope Republicans will use tonight’s State of the Union address as an opportunity to set their games aside and begin working with Democrats on the important tasks we have before us.
Tonight the President will deliver his State of the Union address to Congress, and discuss his “Blueprint for an America Built to Last,” a plan that will emphasize four pillars to support economic revitalization: American values, American manufacturing, American energy and skills for American workers. These pillars line up with House Democrats’ Make It In America plan, which aims to support job creation by cultivating an encouraging environment for businesses to innovate and make products here in the U.S.
According to a new poll by The Washington Post and ABC News, 84% of Americans disapprove of the way Congress is doing its job. I don't know that the other 16% are paying attention, because we're not doing our job well. And this certainly is not doing our job well. The reason it's not doing our job well is because it is a pretense. A sham. This legislation is to pay bills that we've already incurred. Whether it was incurred with your votes or our votes, we have incurred those expenses.
Today marks the beginning of the second session of the 112th Congress, and another opportunity for Republicans to abandon their ideological agenda and focus on jobs and reducing the deficit. Instead of putting forward a comprehensive jobs plan or taking meaningful action on the deficit, so far, House Republicans have led a do-nothing Congress.
This Administration has pursued a strong national security policy that has achieved significant victories in eliminating Al-Qaeda leaders and decimating the group’s operational capabilities. It [has] engaged in successful cooperation and coordination with our NATO allies in Libya without losing a single American life and brought our troops back from Iraq with dignity. Today’s announcement follows a strategic review of defense policy and aims to strengthen our Armed Forces’ ability to address the challenges of a changing global security environment. In line with this new strategy, the defense budget will adapt to ensure that our military has all the resources it needs to support the changing mission, while at the same time contributing to comprehensive deficit reduction. Our deficits themselves represent a national security threat that must be addressed, further reason why it is important to achieve a big and balanced solution this year. This new strategy recognizes that our military continues to be the greatest in the world and a source of pride for all Americans.
One year ago today, Republicans took control of the House of Representatives and promised to focus on job creation. But one year later, we’ve witnessed the least productive session of Congress in recent years. Republicans still do not have a comprehensive jobs plan and have not taken meaningful action to reduce the deficit in a big, balanced way. Instead of debating and voting on jobs bills like House Democrats’ Make It In America plan, the House Republican leadership walked away from the American people and focused on an ideological and partisan agenda that had nothing to do with getting Americans back to work. They brought us to the brink of shutdown and default. They held hostage a tax cut for middle class families and unemployment insurance benefits for Americans who lost jobs through no fault of their own. And they have, through their actions, increased the uncertainty faced by working families trying to plan for the future and by businesses waiting to expand and hire.
Any attempt to delay sequestration would be short-sighted and imprudent. It is an approach that does not appreciate the size and scope of our problem. The sequester was created as a deterrent to inaction on deficit reduction because no one wants to see these indiscriminate spending cuts take place – but that does not give us an excuse to kick the can down the road and avoid our responsibilities.
As we look back on the first session of the 112th Congress, it’s clear that Republicans have taken little action on Americans top priorities: job creation, economic growth, and deficit reduction. With Christmas just a couple of weeks away and millions of children sending their Christmas lists to Santa, Democrats have put together our own wish list for next year.
It’s been nearly a year since Republicans took the House majority and they pledged to focus on Americans’ top priorities: creating jobs and growing our economy. But instead of working with Democrats on a bipartisan basis to put Americans back to work and address the deficit in a meaningful way, Republicans have led an unproductive year and focused on the wrong priorities.