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.
Yesterday, Majority Leader Cantor acknowledged the consequences of failing to raise the debt limit—a statement Democrats welcome as we continue to call on Republicans to work with us to ensure America pays its bills and set a plan to reduce the deficit. Despite months of warnings from economists, business leaders and Wall Street executives, Republicans have held our economy hostage by suggesting we may not pay our nation’s bills.
Yesterday, House Republicans voted in lockstep to deem the Republican budget passed. Their budget makes the wrong choices—ending Medicare and raising costs for seniors while giving tax breaks to the wealthiest Americans.
I think the Biden talks are serious talks…. [T]he reports I get are that there are real efforts at making progress and addressing the fiscal crisis that confronts our nation and confronting the debt and deficit that we need to bring down, but also to constructively move forward on trying to reach bipartisan agreement which is the only way we're going to be able to affect change.
This is a serious issue. Our country is in crisis from a fiscal standpoint. But this vote is not the 'adult moment' of which Speaker Boehner spoke. This is not an honest debate; this is not an honest proposal.
Today, Republicans are wasting taxpayers’ time and money by bringing a debt limit extension to the Floor that they intend to defeat. Rather than working with Democrats to ensure America pays its bills and lay out a responsible plan to reduce the deficit, Republicans have put forward this political stunt.
This week, the House passed legislation that provides our Armed Forces the resources they need to keep our country safe and support our military families. I voted for this legislation, but I have concerns about some of the parts of the bill that don’t help make our nation safer, including reopening the issue of the repeal of “Don’t Ask, Don’t Tell,” an overly broad expansion of the President’s powers to use military force, and limiting the tools in our tool box to fight terrorism...
After this week’s stunning electoral upset in Western New York, Republicans have gone into overdrive trying to defend their misguided budget plan to end Medicare as we know it and more than double costs for seniors.
Last night, voters in Western New York sent a clear message that the Republican plan to end Medicare as we know it is the wrong choice. But today, Senate Republicans chose to ignore that message and instead voted for the Republican budget that does not balance and puts insurance company bureaucrats in charge of seniors’ health care – a move that will more than double seniors’ health care costs.
This week, Senate Republicans vote on the Republican budget that makes the wrong choices for how to address our nation’s deficits: it ends Medicare as we know it, raises costs for seniors, and gives tax breaks to the wealthiest Americans.
But though Hoyer called for compromise, he minced no words calling out Republicans for their refusal to support using increases in tax revenue, achieved by tax reform, to help close the deficit gap. He suggested that Republicans still believe that tax cuts are ‘a fiscal and economic cure-all,’ despite the economic growth experienced under higher tax rates during the Clinton administration and the assertions of economists that the Bush administration’s tax policy is a major driver of the national debt.