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.
Today, President Obama issued an executive order directing our nation's independent regulatory agencies to examine their regulations, eliminating those that are found to have outlived their usefulness or to unnecessarily stand in the way of job creation. Many federal regulations protect consumer safety, economic fairness, our environment, and more, and it is important to keep those useful regulations in place. At the same time, though, it is appropriate to consistently scrutinize regulations and end those that are harmful, duplicative or out-of-date. Such a review is an important part of Democrats' Make It In America agenda—a legislative program to strengthen America's economic competitiveness and job creation—and I am glad that President Obama has furthered those goals with today's executive order.
As the talks at the White House continue, I remain hopeful that we can reach an agreement on a long-term, balanced approach to reduce our deficit and ensure that America pays its bills. However, that will require my Republican colleagues to remain at the negotiating table and work with us on a deal to address this crisis in a serious way. Democrats have said that everything needs to be on the table and have put everything on the table. Republicans must be prepared to make concessions of their own and not put the entire burden on seniors, the middle class and the most vulnerable among us.
We were intrigued to hear Republicans say on yesterday’s Sunday shows that there has to be an deficit reduction agreement to ensure America pays its bills – despite the fact that they are walking away from a big, comprehensive compromise that would seriously reduce the deficit:
On Fox News Sunday:
Tonight, the President made clear that we will continue ongoing discussions as we work to reach agreement on a long-term, balanced approach to reduce our deficit. While Democrats are continuing to fight for a deficit reduction compromise that will strengthen the economy and reduce deficits for decades, I’m disappointed my Republican colleagues have indicated they’re not in favor of a compromise deal that would address the fiscal crisis in a serious way. I’m hopeful they will stay engaged so that we can in fact enact an agreement that ensures America pays its bills and reduces the deficit in a balanced way without putting all of the burden on seniors and the middle class.
Now the gentleman makes the point that spending is out of control. The fact is, as the gentleman clearly knows, that when you were in charge of the House and the Presidency and the Senate you increased spending by more than was increased during the Clinton administration by a percentage on an annual basis. So that I’m glad to hear that your side now, without fail, talks about spending being out of control. As a matter of fact, I have a feeling if your side was spending five cents that would you think that we would need to cut an additional five cents in revenues so that we could not pay the bills. That's why we ran up $6 trillion in deficits. You did not pay for what you bought. I’m with those who strongly believe we ought to pay for what we buy, but I also believe that we ought not to put this country on the brink of financial chaos and bring us down in the eyes of the world because we don't extend our debt.
This morning, we learned that our economy added 57,000 private-sector jobs in the month of June, and a net total of 18,000 jobs. We are clearly a long way from replacing all of the jobs lost as a result of the financial crisis in 2008, and we will need many more months of much stronger progress to create jobs for the millions of Americans out of work. Our unacceptably high unemployment rate of 9.2% demonstrates that our problem is still urgent.
Over the past six months, Republicans have held our economy hostage by suggesting America may not pay its bills. But before they were against it, Republicans strongly supported action to ensure we pay our nation’s bills.
Each July 4, we celebrate our nation’s independence and again take pride in America’s history. This pride comes from knowing that the courage, determination and hard work of generations of Americans before us — many of whom fought and died to preserve our liberty — made our country what it is today.
Republicans took the House majority six months ago and have done little to live up to the promises in their Pledge to America.
Today the President clearly stated Democrats’ position: we must ensure that America pays its bills, and agree to a balanced approach to reduce the deficit that includes spending and revenues. We disagree with Republicans who want to protect tax breaks for the wealthy, the oil companies, and special interests, while fighting to end Medicare and reduce the deficit on the backs of seniors and the middle class.