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.
There are three reasons Democrats want to pass a long-term deal to get a handle on our deficit problem, avoid default and give businesses certainty:
1.) Jobs
2.) Jobs
3.) Jobs
According to this Weekly Standard column by Bill Kristol, conservatives should side with Speaker Boehner. Not because it will avoid economic catastrophe or stave off our country’s first default in its history, but because it will be a “victory over Obama.”
Key excerpts:
For those who’ve thought that House Republicans’ actions these past several weeks bear a close resemblance to a two year-old’s tantrum, you should check out this Business Insider piece. It should serve as a reminder to Republicans that they can’t just throw a hissy fit when they don’t get absolutely everything their way.
Wanted to pass along this NY Timesarticle highlighting how a credit rating downgrade would be felt across the nation—slowing economic growth “for years to come,” hurting job creation and increasing the deficit.
Key excerpts:
A look at the morning headlines shows Speaker Boehner is facing opposition from a significant number of conservative Republicans, who won’t vote for his short-term proposal to pay America’s bills. With less than a week until possible default, we don’t have time for the Speaker to rewrite his bill, which is destined to fail in the Senate.
Not only does Senator Reid’s long-term, balanced debt limit proposal give our economy more certainty than Speaker Boehner’s short-term bill, but it also reduces the deficit more than the GOP plan. So, our question of the day is this: which proposal should the House consider?
Today, I voted against Republican legislation that would cut short the permitting process for the Keystone XL pipeline from Canada. I support the pipeline, but this bill is a solution in search of a problem. The Obama Administration remains set to make a decision on the pipeline by the end of the year. Cutting short the timeline for a decision would restrict the administration’s opportunity to hear comments and input from the relevant federal agencies, the states, and the public on the range of issues raised by the pipeline: its environmental impact, potential safety problems posed by a pipeline moving this specific kind of crude oil, and, above all, the question of whether approving the pipeline is in the national interest. I urge the Obama Administration to conclude the permitting process in a timely manner, but this unnecessary bill would do little to encourage a responsible and well-informed decision.
A look at this afternoon’s headlines shows Speaker Boehner is going to have a tough time passing his short-term debt limit proposal:
Wanted to be sure you saw the Washington Post article highlighting the uncertainty felt by the business community as Republicans continue to hold our economy hostage.
Yet another poll is out showing that Americans support a balanced agreement to pay our bills and reduce the deficit. This one’s particularly significant, having been taken last night after the President and the Speaker laid out their respective positions. Unfortunately for Speaker Boehner, his short-term, kick the can down the road plan didn’t fare so well: