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.
This time, President Obama did not compromise with himself beforehand, or put out a half measure in hopes of luring nonexistent Republican support. This time, he issued an unabashed call for economic fairness in cutting the federal deficit, asking as much from those on the economy’s upper rungs as from those lower down whose programs may be trimmed.
This vote sent a clear message to Republicans: the American people want a bipartisan approach to running our government. We should immediately pass disaster relief that meets the needs of our people and protect - not cut - programs proven to create jobs while we reduce the deficit. If Republican leaders bring a bill to the floor that honors the bipartisan agreement from August, they will find it has bipartisan support for passage.
I rise in opposition to this bill. Now, all of us are for a Continuing Resolution which keeps the government in business. In the past on both sides of the aisle we have talked about clean CR’s. Clean CRs in the short-term, this going until November 18, to keep government running. I was hopeful we would have such a CR this time. So that we would not continue to give to the American public the feeling that we can't come to agreement.
The deficit reduction plan put forward by the President is a balanced approach to reduce the deficit, create jobs, strengthen entitlement programs and ensure that all Americans pay their fair share. But rather than work with Democrats on a balanced plan, Republicans immediately rejected the President’s proposal because it calls on all Americans to do their part. By opposing a plan that asks the wealthy to pay their fair share, Republicans will be forced to answer the question: Who do they stand with?
Wanted to be sure you saw this editorial in today’s New York Times on President Obama’s plan to reduce the deficit, create jobs, strengthen entitlements and ensure all Americans pay their fair share.
Key excerpts:
- The Treasury Department working paper they’ve referenced compares the first four years of tax changes.
The plan put forward by the President today is a balanced approach to create jobs in the short-term and bring down the deficit over the long-term. It asks everyone to pay their fair share, strengthens Medicare and Medicaid for future generations while protecting beneficiaries, and emphasizes the need for immediate job creation. It lays out how the Joint Select Committee can go beyond their mandated deficit reduction requirement, which I believe is essential to getting a handle on our nation’s deficit. I also support the President’s call for tax reform that would help grow the economy and reduce the deficit by lowering rates and closing wasteful loopholes that only benefit the wealthy and special interests.
My friend has been recently quoted; I’m sure, accurately, perhaps, correct me if I’m wrong, in saying that during the first eight months we focused on ‘cut’ of [Republicans’] ‘cut and grow’ [plan], and now we need to focus on ‘grow.’ I would tell my friend, assuming that quote is accurate, that in fact here we are again focused on ‘cut,’ not on ‘grow.’
I rise, Mr. Speaker, to urge my colleagues to vote down this resolution of disapproval, which is transparently political and which will do nothing to secure our nation's fiscal future. In fact, this resolution is premised on the assumption that the American people are ignorant – I don't believe it – ignorant about America’s fiscal challenges. As often as some in this House attempt to falsely persuade the American people that raising the debt ceiling means taking on more debt, we are here to repeat the truth: this is about paying the bills we have already incurred. The American people understand that fact, as evidenced by their disgust with the partisan brinksmanship that almost brought America to the brink of default.
This week, the Joint Select Committee on Deficit Reduction began work on a roadmap to bring down our nation’s deficit and restore our fiscal health. They heard from Doug Elmendorf, Director of the Congressional Budget Office, who reiterated once again what we already know: our nation’s current fiscal position is not sustainable. We also know that the problem we’re facing stems in part from buying things without paying for them, including two wars, tax cuts for the wealthy, and a prescription drug program.