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 unveiled a budget that makes tough choices to reduce spending and cut the deficit by $1.1 trillion while protecting investments that strengthen the economy and create jobs. His budget priorities stand in strong contrast to the Republican Spending Bill, a short-sighted proposal that arbitrarily cuts critical investments and does not put forward a real plan to address the deficit – even after they proposed policies that would add $5 trillion to the deficit.
Today, President Obama released his proposed Fiscal Year 2012 budget. The president’s budget makes the tough choices we need to reduce spending and put our nation’s fiscal house in order; in fact, it would reduce our deficit by $1.1 trillion over the next decade. At the same time, however, the budget identifies those investments we need to grow our economy and create jobs—investments in out-building, out-innovating, and out-educating competitors around the world. President Obama’s priorities—protecting our fiscal future while investing in growth—stand in strong contrast to the priorities of Republicans. Their spending bill for the rest of this fiscal year would make indiscriminate and short-sighted cuts to the investments our economy needs to stay competitive. I hope that Republicans will, instead, work with President Obama to reduce our deficit without sacrificing America’s competitive edge.
This evening, Republicans announced a spending bill that would severely damage our economy’s ability to grow and create jobs. Democrats agree that spending cuts are necessary to tackle our deep budget deficit...
While we wait to see Republicans’ full proposal, what we’ve seen so far shows that they have not made the careful decisions necessary to ensure that while we cut spending, we do not cut investments in our economic future. Democrats believe we must reduce the deficit and cut spending, but not at the expense of the investments that will pay off tomorrow with an educated workforce, cutting edge research that keeps our economy the world’s leader, and a strong infrastructure.
Democrats are committed to restoring fiscal responsibility and cutting spending is one part of the effort to reduce the deficit. While Democrats agree that we must reduce spending, House Republicans have introduced a short-sighted plan that does not distinguish between necessary cuts, and cuts to investments that are critical to our continued economic recovery. While Speaker Boehner has dismissed investment in long-term economic growth as “ineffective stimulus,” Democrats are focused on cutting spending without cutting smart investments in our future that create jobs, expand private sector employment and will continue growing the economy.
I tell people the Democratic party sees themselves as the party of workers, but if we're going to be the party of workers, we have to be the party of employers. People have to understand that synergy. I think it's appropriate that the President reaches out. We have an agenda that I call Make It In America. That has a number of meanings. Obviously going to make it, you are going to succeed. But also that we're going to manufacture things, make things and sell them abroad, grow things and sell them abroad. The President wants to double exports. The way we'll do that is to have a working relationship between business and the Congress and the President.
Today’s employment report for January shows that America’s private sector grew for the 13th month in a row. For the second straight month, our unemployment rate dropped by .4%, to 9.0%, matching the sharpest one-month decline since 1998. But more needs to be done for the millions of Americans who are still out of work.
I believe it is essential that Washington return to fiscal responsibility and tackle our deep debt. While cutting spending is part of the solution, a responsible approach must recognize there are federal investments that can best help grow our economy and create jobs. The Republican plan to cut those job-creating investments is dangerously short-sighted. The economy is starting to move again, but Republican policies would put the brakes on it. And Republicans are ignoring the calls from business, education and other leaders to increase key investments in innovation, education, and infrastructure that are at the heart of economic growth and job creation. Just as few parents would immediately cut back on their children’s education to balance their household budget, America should not follow Republican proposals to shortchange the future.
This afternoon, House Democrats held an important hearing on the ongoing work of job-creation and economic recovery for the middle class. As President Obama has argued persuasively, wise investments in innovation, education, and infrastructure are essential to America’s economic competitiveness and to creating a future of well-paying jobs. That's why Democrats continue to work to pass the Make It In America agenda, legislation aimed at rebuilding America's manufacturing strength and middle-class opportunity. It's also why Democrats have helped states and cities across our country finance much-needed roads and bridges, water and sewer projects, hospitals, energy projects, public utilities, and more. These projects mean immediate jobs--but they also mean a strong foundation for future growth.
President Obama delivered a compelling vision of how we can work together to address America’s challenges. While our economy is on the road back to health, we know we still have a long way to go—and tonight, the president discussed a strategy for getting us there.