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.
In this very important debate, do we need to bring down spending? We do; but one of the interesting facets of every report that's been issued in a bipartisan way—the so-called Gang of Six, the Simpson-Bowles Commission, the Domenici-Rivlin Commission—is the premise that we must not take action that undermines the most vulnerable among us. I know my friends on the Republican side of the aisle, who pride themselves on being the party of Lincoln, understand Lincoln's message of healing, of bringing us together, of making sure that we lifted up our fellow citizens and cared for the sick and for the homeless, for the young, and yes, for the old. So I thank Chairwoman Lee, such an extraordinarily courageous and powerful voice on behalf of those who sometimes have no voice. I am pleased to join my voice to hers and hopefully to all 435 of us who have been given the privilege of serving in this body—to raise our voices on this day on behalf of a nation that has been perceived around the world as being a nation of hope, of opportunity, of heart, and of soul. Let us reflect that in whatever way we go forward in ensuring the fiscal health of our nation, the health of our people—physically, mentally, financially—is equally important.
Republicans may be in denial about the catastrophic consequences of failing to ensure we pay America’s bills, but it’s clear that states will pay the price if Congress doesn’t come together on a balanced agreement to ensure we pay our bills. In case Republicans need a visual to understand the impact, CAP has put together an interactive map showing how states would be affected, with each losing hundreds of millions of dollars if we fail to ensure we pay our nation’s bills.
From the Democratic Whip Press Shop:
We know that Republican debt limit antics have reached the point of absurdity when The Onion hits the nail on the head describing the Republicans’ position that’s putting our economy at risk. Republicans may be pushing our country toward default, but at least they’re pushing the bounds of satire at the same time:
Wanted to make sure you all saw this post in the Washington Post’s Plum Line blog about how House Republicans are so dug in on the deficit issue, they are not even willing to listen to Ronald Reagan.
With less than two weeks to go before America defaults on its debts, House Republican Freshman are still trying to score political points and push their extreme agenda, even if it means America not paying its bills for the first time. Or even if it means turning on their own party leaders.
As Politico reports:
While we’re all focused on talks to ensure America pays its bills and we reduce the deficit, this NY Times article caught our attention. Hypocrisy is alive and well among House Republicans:
Now that House Republicans have taken a symbolic vote on their radically ideological “Cut, Cap and End Medicare” bill, perhaps they will listen to the majority of Americans who support a big, balanced agreement and work with Democrats on a compromise that includes both revenues and spending cuts to ensure we pay America’s bills and reduce the deficit.
The American public is rightfully very distressed with the Congress of the United States. They’re distressed that a time of great challenge and great risk, we fiddle while the debt threatens to burn us, to place our country in the position of being judged un-creditworthy. That is not worthy of this Congress, or any one of us who serves in this Congress. We have 14 days, according to the Secretary of the Treasury, until such time as America will be unable to pay its obligations. That is not a situation that will be looked at positively by the financial sector, or by any one of our constituents whose ability to save, to have a 401-k that is stable, to purchase an automobile or a refrigerator, or to send their kid to college will be put at risk because of increased interest rates. Not one of us will be held harmless if this Congress fails to do its duty.
Wanted to make sure you all saw this White House blog post on Republicans’ “Cut, Cap and End Medicare” bill, an extreme proposal that increases our chances of default and makes the same drastic cuts as the Republican budget, which ends Medicare and drastically cuts Medicaid, while preserving tax breaks for the wealthy. Democrats continue to urge Republicans to work with us so that we can enact a large agreement to reduce the deficit and ensure America pays its bills.