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.
Defections among rank-and-file House Republicans on the latest short-term U.S. spending bill exposed divisions that may complicate negotiations with Democrats on a broader budget plan.
Closing those loopholes can also reduce the deficit. In the spending bill on the floor this week, total discretionary spending for Fiscal Year 2011 adds up to $1.1 trillion. How much do our tax expenditures cost for the same fiscal year? Coincidentally—$1.1 trillion. Closing tax loopholes isn’t the only answer to our budget challenges—but it must be part of the answer. Because if we attempt to solve our debt without addressing defense, entitlements, and revenue, we’re fighting with one hand and four fingers tied behind our back.
We can compete with anybody in the world, frankly, given the proper environment. And I’ve talked to numerous members of the corporate community. I've talked to labor. I've talked to the National Association of Manufacturers. And we are going to pursue this Make It In America agenda because Americans know that we need to be focused on jobs, on expanding opportunity and providing for good wages and good benefits for working American families so they can provide a good life for themselves and their families. And as a consequence of doing so we'll create communities and states and a nation which will be and continue to be the envy of the world.
Now, the fact of the matter is this is a lousy way to run a railroad. We are trying to run the largest enterprise in the world in two-week segments. It is costly to the private sector. It is extraordinarily inefficient for the public sector, and it is demoralizing for the private sector who deals with the government and for the public employees we have asked to perform the service that is we have set forth as policy. And so I say at this juncture, this ought to be the last of this type. We need to reach agreement.
Today the House will consider a short term continuing resolution to fund the government for the next three weeks. Democrats continue to call on Republicans to cut and compromise on a measure that funds the government for the full year so that we prevent a shutdown and stop funding the government in week-by-week increments, which is inefficient and disruptive to the private and public sector.
"But there is a sure sign of someone who does not take those problems seriously: disparaging and scapegoating public servants, instead of taking on the real challenges...
We cannot continue funding government week by week. It is disruptive and wastes taxpayer money, and it causes significant uncertainty for the private sector. That is why it is imperative for Republicans to put forward a new long-term measure and tell us where they are willing to compromise. They don’t have any excuses left: the Senate rejected House Republicans’ reckless and arbitrary spending cuts, which would have cost thousands of jobs and harmed our economy. And using their own measure - $100 billion in cuts – Democrats have already offered to meet them more than halfway. So it’s time for Republicans to step up and put something new on the table.
We need to do more to address the foreclosure crisis in this country, but the Republican housing bills on the floor this week are not the answer. By only proposing to terminate housing programs and not offering any solutions of their own to help responsible middle class American families stay in their homes, these bills are not the way forward. So far, Republicans have not put forth a jobs plan, have not put forth a real health care reform plan and today, it is clear they have no plan to help middle class families stay in their homes.
In recent weeks, I’ve come to the floor to argue that the Republican spending plan does two extremely harmful things: it weakens our economy and fails to seriously reduce our debt. Democrats agree that cutting spending is part of the solution to our deficit problem—but we also believe that cuts should be smart and targeted, not reckless.
Now that the Senate has failed to pass either the Republican spending bill or the Democrats’ compromise measure, it is time for negotiations on a long-term solution to continue. Democrats have come more than halfway to Republicans' demand of 100 billion in spending cuts, and yet Republicans have so far refused to move an inch from their one and only proposal. Since their proposal has failed in the Senate, Republicans must now put forward a real compromise measure that backs away from their reckless and arbitrary spending cuts that would cost thousands of jobs. We need to make smart spending cuts while protecting investments in our nation’s future.