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.
Wanted to be sure you saw today’s Washington Post editorial on Republicans’ inability to say yes to any agreement and the need for bipartisan compromise in order to pay America’s bills.
We see a deeply divided party on the Republican side of the aisle who knew this crisis was coming. I advised in April as we sat around the be the Cabinet table with the President we ought to solve this problem by the first of June and not push this country to the brink of default. Unfortunately, every effort to do that has been rejected. Every effort, every meeting, every conference that's looked for compromise, the Republicans have walked out… What the Speaker now sees is that his own members have walked out on him.
While Wall Street is urging Congress to take action quickly to pay America’s bills, Republicans are wasting time we don’t have on a short-term debt limit proposal that doesn’t solve our problems and kicks the can down the road.
We find ourselves at an unprecedented place today. America stands on the brink of default. It stands there, my friends, because the leadership of this House has failed to act in a timely and responsible way. This is an unprecedented status for America, an intolerable place. And Americans are understandably outraged at the politically-caused impasse that confronts us, the consequences of which have been correctly characterized as catastrophic.
With less than a week until possible default, Republicans are putting an already weak housing market at risk by refusing to work with Democrats on an agreement to pay our nation’s bills and reduce the deficit.
There’s a USA Today editorial about how far House Republicans have strayed from their conservative hero, President Ronald Reagan, which begs the question:
Today’s NY Times editorial highlights how Republicans are putting our economic security at risk by refusing to compromise on a debt limit proposal. With the Dow dropping over 400 points in four days and our credit rating at risk of downgrade, we’re running out of time to ensure we pay America’s bills.
With less than a week until possible default, Speaker Boehner and House Republicans continue to advocate for a debt limit proposal that does not solve the problem; instead, it kicks the can down the road and does not give our economy the certainty it needs. Republicans often argue that we must give the business community certainty so that we can create jobs and grow the economy. But instead of working with Democrats on a long-term, balanced solution to pay our bills and reduce the deficit, Republicans are holding our economy hostage to their short-term proposal that will fail in the Senate.
Wanted to be sure you saw this WSJ article about the uncertainty American businesses are feeling as Republicans continue to hold our economy hostage to Speaker Boehner’s short-term debt limit proposal that is dead on arrival in the Senate.