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.
Pop Quiz for Senator Bob Corker (R-TN):
Which option will keep us from defaulting?
A. Compromise on a balanced package that includes revenues and spending cuts, and increase the debt limit
OR
B. Chill out
Sen. Corker’s Response: B
Wanted to be sure you saw this White House blog post by White House Communications Director Dan Pfeiffer highlighting Republican opposition to short term debt limit increases. In a quick turnaround, Republicans are arguing for short-term extensions of the debt limit, which would put our economic security at risk and create uncertainty for businesses and the markets.
I am extremely disappointed that once again Speaker Boehner and House Republicans have chosen to walk away from talks to reach a comprehensive deficit reduction plan. It is my understanding that Speaker Boehner made an offer for a long-term comprehensive solution, which he's stated he is for, and that the President supports. Unfortunately, included in Speaker Boehner’s offer was an unrelated demand that a portion of the Affordable Care Act be repealed - which would neither help America pay its bills or reduce the deficit.
Tomorrow marks the 200th day of Republican control of the House of Representatives and they have still not produced a comprehensive jobs plan. With millions of Americans out of work, Republicans have failed to put forth an agenda to create jobs, despite their campaign promises. We cannot afford to wait any longer.
Today, the Department of Defense certified the repeal of ‘Don’t Ask, Don’t Tell,’ a discriminatory policy that weakened our military; the policy’s repeal will officially go into effect in 60 days. ‘Don’t Ask, Don’t Tell’ is coming to an end because the views of our troops, the judgment of our military leaders, and the experience of our allies has made one thing clear: open service by gay and lesbian troops does not harm military readiness or effectiveness. With this policy at an end, gay and lesbian troops can serve our country openly, and all Americans will benefit from their patriotism, service, and willingness to sacrifice. I was proud to take a leading role in the legislative struggle to end ‘Don’t Ask, Don’t Tell,’ because it was both the right and smart thing to do. May all of America’s men and women in uniform, gay and straight, continue to serve with the courage and honor characteristic of our Armed Forces.
As Republicans continue to dig their heels in, putting our economic security at risk in order to protect tax cuts for the wealthy, time is running out to ensure that we pay America’s bills and avoid the catastrophic consequences that default would have on our economy.
This morning, Americans for Tax Reform President Grover Norquist made a big splash by saying that allowing the Bush tax cuts to expire in 2012 would not violate his organization’s pledge against tax increases.
One year ago today, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act. This legislation was a much-needed response to the financial crisis that cost millions of Americans their jobs—a crisis whose effects we are still feeling. It is evident that the Bush Administration’s failure to conduct proper oversight of our financial industry did severe damage to the jobs, savings, and futures of families across our country. In response, Dodd-Frank took important steps to put the financial referees back on the field.
Key Point: “Not continuing a tax cut is not technically a tax increase,” Mr. Norquist told us. So it doesn’t violate the pledge? “We wouldn’t hold it that way,” he said.
Out from under the anti-tax pledge
Washington Post Editorial, Published: July 20
Wanted to make sure you all saw this article in the New York Times outlining the damage to our fragile economy that default would do. So far, House Republicans have refused to heed the warnings and have refused to work with Democrats on a big, grand bargain approach to deficit reduction that includes revenues.