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 have missed, in my opinion, a wonderful opportunity. An opportunity to make a ‘grand bargain,’ as the Speaker wanted to do, as Leader Pelosi wanted to do, as Leader Reid wanted to do, as the president wanted to do, and as the vice president wanted to do.
We're going to be meeting with our caucus today and we want to talk to them, find out what they believe. Again, all of them to a person believe that default is not an option, which is why this is such a tough decision. But we've missed an opportunity. This is not a balanced approach, revenues need to be on the table and we haven't done that.
Our neighbors, our friends sent us here to be responsible and to come to the aid of our country at a time of crisis. Our country is at such a time now. Our people confront uncertainty and fear and they're looking to us for the courage to compromise and act to prevent default and gridlock and irresponsibility.
While Republicans wasted time this week on a partisan Default Bill, U.S. stocks posted the biggest weekly decline in a year. Our economy needs certainty, but Republicans continue to hold it hostage to their ideological agenda. With only a few days left until a potential default, Republicans must work with Democrats on a long-term agreement that pays our bills, reduces the deficit and gives businesses and the markets certainty they need.
This evening, in a partisan vote, the House passed Speaker Boehner’s short-term plan on the debt limit. Speaker Boehner’s plan, which will return our nation to the edge of a default crisis in a matter of months, is a recipe for damaging, job-destroying economic uncertainty—which, in the wake of today’s disappointing report on economic growth, is clearly the last thing America needs. In addition, in order to win the support of the most extreme members of his own party, Speaker Boehner added a provision that would permanently write Republicans’ narrow ideological priorities into the Constitution itself. This bill is no solution to this Republican-created crisis. It is clear that it will not pass the Senate; nor would President Obama sign it.
How much is Republican hostage-taking costing America? According to Third Way’s analysis of the S&P 500 Index, “from the moment Speaker Boehner walked away from the table last Friday to the opening bell this morning, shareholders in U.S. stocks have lost $405 billion.” In addition, the Down Jones Industrial Average has dropped 483 points since Speaker Boehner’s most recent walk-out.
Today we learned that our economy grew by 1.3% in the last quarter, which is clearly not strong enough, even after eight straight quarters of growth. As growth has slowed, it is disappointing that Republicans have yet to present a comprehensive jobs plan to get Americans back to work. Unlike Republicans, Democrats have a plan: the Make It In America plan to strengthen our manufacturing sector, create jobs, and help American families succeed. We hope Republicans will join us in passing legislation to revitalize American industry and the middle-class jobs it creates.
Good afternoon, and welcome to “The Blame Game.” Let's meet our contestants:
John Boehner: Downgrade Of U.S. Credit Rating “Beyond My Control”
Boehner Spokesperson: “If we pass this today, we will have sent not one, but two bills to the Senate that would end this crisis.”
A look at the headlines show the markets are looking for certainty. But instead of working with Democrats on a long-term, balanced compromise to pay our bills, reduce the deficit and give certainty to our economy, Republicans are wasting time with their partisan, short-term Default Bill.
Today’s headlines show it was a tough morning for House Republicans as they continue to push a short-term debt limit proposal that doesn’t have support within its own party and is destined to fail in the Senate. Rather than wasting time with a bill that will never reach the President’s desk, Republicans need to work with Democrats on a long-term, balanced agreement to pay our bills and reduce the deficit.