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, Republicans mark 100 days in the House majority. During that time, they have pursued divisive social issues, passed bills that have no chance of becoming law, introduced a budget that would end Medicare as we know it and threatened Americans with a government shutdown. But there is one thing that Republicans have failed to do: they have failed to even consider a single bill to create jobs...
We had a good meeting in the White House yesterday. I think a good, frank discussion. I think the President’s speech laid out essentially what the Commission that he appointed, which was headed by former Chief of Staff Bowles and former Senator Alan Simpson, which said yes, we need to bring spending down. I think that’s generally agreed upon. We’ve got to rein in deficit and debt, it’s dangerous to our economy, our people and our competitiveness internationally. What the President indicated yesterday was yes, we’ve got it bring it down. We’re going to cut spending by about two-thirds of that $4 trillion he wants to cut over the next 12 years and rely on revenues, that is paying for what we buy, for the other third, which is essentially the formula that the Commission set forward. David Stockman in referring to the alternative Ryan budget made it very clear that he thought that was not a reasonable alternative. And that in fact, we had to rely to a much greater degree than the Republicans, who say absolutely no, on revenues.
Budgets are a reflection of values and priorities, and the Democratic budget introduced today shows that we are focused on strengthening the economy and bringing down the deficit. This budget lays out an alternate vision of how we can reduce the deficit while protecting investments in job creation and the future of our economy. It reduces the deficit in a balanced way, unlike the Republican budget which makes working families and seniors bear the burden while cutting taxes for the wealthy and special interests. I want to commend Ranking Member Chris Van Hollen for his work on putting together this budget.
Well, I thought the President's speech was an excellent speech and what he essentially outlined was the vision that he sees going forward. First of all, he recognized that the deficit is a critical problem we must confront but we must confront it according to the President, and I agree with him, within the framework of the values that we hold dear in this country. And that is, as your previous discussion indicated, making sure that we take care of one another. He did contrast his vision with that of the Republican budget offered by Mr. Ryan, the Budget Chairman in the House, a vision which gets to the same objective of cutting $4 trillion in spending and getting toward balanced budgets but also indicated it should not be in the context of doing away with Medicare as we know it, substantially putting those on Medicaid at great risk by eliminating its guarantees, by cutting such programs as Head Start and other early education and investment in the education of our children so we will be competitive internationally; and at the same time, giving $1 trillion worth of tax cuts to the wealthiest in Americaa.
Today, President Obama outlined a fiscally-responsible plan that would reduce our deficit by $4 trillion over the next 12 years. It subjects our entire budget, including defense spending, to the scrutiny we need to find savings. And it calls for a fairer, simpler tax code that would mean lower rates for businesses and families.
Today, President Obama is speaking on a plan to confront our nation’s unsustainable deficits. I believe it will stand in stark contrast to the Republican budget: a budget of disastrous priorities that concentrates its pain on middle- and working-class Americans, while creating yet another windfall for the wealthy—at a time when income inequality is at a height we haven’t seen since the 1920s.
On the CR, I'm still looking at it and our members are still looking at it, but clearly we want to keep the government running. Clearly we needed to reach compromise, and I think the President and Mr. Reid tried to reach the best compromise that was possible.
This week, the House will consider the Republican budget proposal for fiscal year 2012. Budgets are about choices, and the Republican budget makes the wrong ones. Democrats believe we can reduce the deficit while also protecting investments that grow the economy and create jobs. It’s not a question of whether we should reduce the deficit, but how we reduce it. The Republican budget proposes we balance the budget on the backs of the working families and seniors by cutting important investments in our future, ending Medicare as we know it and dismantling Medicaid.
I'm pleased President Obama will be giving a speech this week to lay out a path of action to seriously address our nation's deficit. I strongly believe that reducing the deficit is critical to ensuring the long-term strength of our economy. Entitlement reform must be part of that effort, to ensure that Social Security, Medicare, and Medicaid are protected for seniors and working families, as well as strong for generations to come. This can only be done in a bipartisan way, and I hope Republicans work with us and put all options on the table. I support President Obama's focus on this issue, and stand ready to work with him.
Tonight President Obama, Senator Reid, and Speaker Boehner announced that a deal has been reached to fund the government for the remainder of the fiscal year. I am pleased that Republicans backed away from their hardline position of shutting the government down over divisive social issues. I will carefully review the details to ensure it contains spending cuts that do not greatly harm our ability to create jobs and invest in our economy. I believe that we must reduce the deficit, but it can be done in a way that protects investments in our future. I want to thank the President and Congressional leaders for their efforts to reach an agreement.