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.
Just who are Republican leaders taking their marching orders from on the debt limit negotiations? It certainly isn’t the American people.
My thoughts are with all those killed and injured in today’s heinous attacks in Mumbai, India. India is a crucial ally and friend of the United States, and I have confidence that its people will show resilience and courage in the face of terrorism, which only attempts to sow fear. Attacks like today’s can, tragically, end lives; but they cannot destroy India’s commitment to the principles that have made it a thriving democracy. I look forward to the day when the perpetrators of these attacks are brought to justice, and I know that America stands by India in this time of need.
Today, Federal Reserve Chairman warned of the “tremendous” consequences if Congress fails to ensure we pay America’s bills.
Key point: "It is a concern," he said before the House Financial Services Committee on Wednesday. He warned that a default on government bonds would send "shock waves through the entire global financial system.”
The Hill
Surely Republicans aren’t actually rooting for the economic catastrophe that would occur if America didn’t pay its bills, but that’s certainly hard to tell from today’s NY Times article:
Democrats are ready and willing to work with Republicans on a balanced agreement to ensure we pay our nation’s bills and reduce the deficit. But instead of coming to the table to address an issue they say is a top priority and is critical to economic growth, Republicans are walking away and risking our economy security while protecting tax breaks for the wealthy. Today on NPR Morning Edition, Norm Ornstein summed up the Republican strategy well:
Wanted to pass along this article in today’s Washington Post about the letter business leaders sent to Congress and the White House putting pressure on Republicans to agree to a comprehensive deal to ensure that America pays its bills and reduce the deficit.
While Democrats seek compromise on a large, comprehensive deficit reduction package, Republicans keep walking away in order to fight for tax breaks for the wealthiest Americans while advocating the end of Medicare.
If you’re wondering how genuinely concerned Republicans are about deficit reduction, look no further than to Senator McConnell's comments on the Senate Floor:
Wanted to make sure you all saw this story in The Hill on how business leaders are urging Congress and the White House to reach a comprehensive deal to ensure that America pays its bills and avoid the catastrophic consequences of default.
Yesterday, Speaker Boehner and Majority Leader Cantor argued that the fact that they are considering an increase in the debt limit is a concession, as both parties try to negotiate a large, comprehensive agreement to reduce the deficit and ensure America pays its bills. Ensuring America pays its bills isn’t a concession—it’s their responsibility. After all, their own budget, which nearly every Republican voted for, raises the debt limit and it was their policies that created most of our debt.
This week, Republicans backed away from negotiating a larger, comprehensive agreement to reduce the deficit and ensure America pays its bills. Instead, Republicans are choosing less deficit reduction, despite the fact that they argue deficit reduction is critical to boosting the economy and creating jobs and identified it as a top priority in their Pledge to America.