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.
After borrowing trillions of dollars to finance tax cuts, a new entitlement, and two wars, Republicans tell us that they are now taking the deficit seriously. And if they meant it; if they were interested in the deficit as anything other than a political cudgel; if they actually used their House majority to back up their words with action—then no one would be happier than the Democratic Party. Our deficit is too big for partisan politics: it cripples our children’s opportunities; it makes it harder for them to pay for a college education, buy a home, start a business, or plan a future.
The correct answer is D! Despite promises that they would govern differently than they did in the past and start cutting the deficit immediately, the “new” Republicans have returned to the same fiscally irresponsible policies as the old Republicans by breaking their promise to cut spending by $100 billion and more importantly by not putting forward a real plan to reduce the deficit.
Today, the House Ways and Means Committee is meeting to discuss reforming the U.S. tax code. Though in its early stages, I believe tax reform can be one of the most promising areas for bipartisan cooperation in this new Congress. Members of both parties can agree that a tax code that unleashes economic productivity, creates middle-class jobs and reduces the deficit would be a major boost to our economic future.
Last year, Democrats acted to reform health care in America: to make it easier for small businesses to cover their employees; to take important steps to bring down costs; and to stop insurance company abuses that bankrupt sick Americans or deny them coverage.
As Congress returns to work this week, our community is still recovering from the tragedy in Tucson, Ariz., and praying for the health of Rep. Gabrielle Giffords (D-Ariz.) and all of the wounded. A tragedy like this doesn’t make our differences disappear; but this can, I hope, be a time to remember that the grave challenges our nation faces are common to us all and can only be overcome with common effort.
Republicans had a clear opportunity to live up to their promises of a fair and open process in the 112th Congress with the consideration of their Patient’s Rights Repeal Bill. By all accounts the broke that promise, refusing to allow any Democratic amendments and bringing it straight to the Floor without committee consideration. With virtually no discussion of the consequences, Republicans are bringing to a vote a bill that takes away the new freedoms that Americans have in their health care and takes us back to the days where insurance companies can deny care if you have a pre-existing condition, cancel coverage when you get sick and arbitrarily limit the amount of care you receive.
I rise in opposition to this rules package, not for small reasons, but because it authorizes trillions of dollars of new debt, without paying for it. There are two ways to create debt: you can buy things and not pay for it, or you can simply cut revenues and make yourself unable to pay for things. If you don’t cut spending or maintain revenues consistent with your spending, then you will inevitably create new debt.
Outgoing-House Majority Leader Steny Hoyer said Democrats are prepared to work closely with the incoming GOP majority on efforts to bolster job creation and rein in deficit spending.
Many people knowledgeable about the federal budget said House Republicans could not keep their campaign promise to cut $100 billion from domestic spending in a single year. Now it appears that Republicans agree.
ARE HOUSE Republicans serious about dealing with the deficit? You could listen to their rhetoric - or you could read the rules they are poised to adopt at the start of the new Congress. The former promises a new fiscal sobriety. The latter suggests that the new GOP majority is determined to continue the spree of unaffordable tax-cutting.