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.
Congress has now sent a two-week Continuing Resolution to the President to cut spending and keep the government running. We have now cut $45 billion of the $100 billion that Republicans have set as their goal. Funding government two weeks at a time is inefficient and cannot continue.
I want to thank Chairman Rockefeller and Ranking Member Hutchison for giving me the opportunity to speak on one of our nation’s defining challenges: strengthening and creating jobs for America’s middle class. That same goal is behind the Democrats’ Make It In America agenda. Make It In America is about creating an environment in which American businesses can thrive, innovate, and create jobs here—and it is about ensuring we have a workforce that can fill the well-paying jobs of the future. I believe that when more products are made in America, more families will be able to Make It In America.
Our deep debt is a serious danger to our economic future and our children’s opportunities. The American people want us to bring the debt down, and I doubt that there’s a Member here who disagrees.
While the House considers a two-week continuing resolution this week, Americans remain focused on how Congress will cut spending while investing in our nation’s future over the remainder of the fiscal year. Democrats agree that we need to cut spending, and are willing to work together to reach a compromise plan for the remainder of the fiscal year. Republicans will have to abandon their extreme and arbitrary cuts which will harm our economic recovery and job creation, while not seriously reducing the deficit.
While Republicans have now proposed a two week extension to keep the government open, we must stay focused on reaching a compromise to fund the government for the remainder of the fiscal year. Republicans must abandon the extreme and arbitrary cuts they called for in their spending bill that passed the House last week, and move closer to Democrats’ position of cutting spending in a smart, targeted way. I have talked to members of the Republican leadership, and I am hopeful we can resolve our differences on a long-term measure quickly so that we are not forced to continue funding the government in disruptive two-week increments that undermine efficiency. We need to seriously discuss how we can cut spending and invest in our nation’s future, and ensure that we continue the services which are essential to the American people and our economy. If we are going to get a handle on our nation’s deficit, we cannot continue to focus on a small portion of the budget. I hope Republicans will work with us to responsibly reduce the deficit and invest in the future of our economy.
The Republican plan to slash government spending by $61bn in 2011 could reduce US economic growth by 1.5 to 2 percentage points in the second and third quarters of the year, a Goldman Sachs economist has warned.
When Republicans took the House majority, they pledged to create jobs and immediately start cutting the deficit. But they still haven’t put forward a real agenda to create jobs or to address the deficit in a serious way. A look at the past two months shows Republicans have failed to address Americans’ top priorities:
President Barack Obama says the U.S. must invest in research and development, science, and especially education — or risk seeing the technological breakthroughs of the future happen in some other country."
We have, as the Speaker indicated, been here for two months. We've been here for two months and we have not taken a single action to create jobs in America. In fact, we've done two major things that will undermine, in my view, jobs in America.
House Minority Whip Steny Hoyer (D-Md.) on Wednesday morning reiterated Democratic arguments against the Republican spending bill for fiscal 2011, and said House Republican rules will ensure nearly $5 trillion in new debt despite the party's claims that it is cutting spending.