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.
As the 112th Congress begins, the “new” House Republicans are starting off by returning to their old ways. Their Rules Package shows that while they made promises to the American people that they would govern differently and cut the deficit, they are already failing to live up to their pledge.
Citing the possibility of "fiscal turmoil," outgoing House Majority Leader Steny Hoyer (D-Md.) on Monday called for bipartisan cooperation in the next Congress to tackle budget deficits and reform the tax code.
Despite sharp divisions, Democrats and Republicans might be able to reach agreements in the 112th Congress on issues such as scientific research and education and even on overhauling tax policy, House Majority Leader Steny H. Hoyer said Monday.
House Majority Leader Steny H. Hoyer (MD) delivered remarks this morning at the National Press Club on the need for American leaders to look beyond two-year election cycles to address the challenges facing our country, including job creation, economic growth, and fiscal responsibility. Below are his remarks as prepared for delivery:
I am encouraged by the fact that a bipartisan majority – nearly two-thirds – of the president’s bipartisan fiscal commission supported the report put forward. Though the commission has ended its work, our national conversation about returning America to fiscal balance has been energized by the commission’s efforts and I expect that conversation to proceed. A bipartisan consensus is forming around a balanced approach to deficit reduction that makes hard choices on both the revenue and spending sides—an approach that includes putting our entitlements on more stable footing; responsible spending cuts that take all parts of our budget into account, both non-defense discretionary and defense; and fair tax simplification that also raises revenue.
The report released today by the President’s bipartisan commission is a positive contribution as we work to address the deep deficits and debt confronting our nation. While job creation and growing the economy remain our top priorities in the near-term, we must balance that with a long-term plan to reduce the deficit. The threat posed by the deficit to our economy and hard-working families is real, and the solutions will not be easy. But Members of Congress and the American public must have the courage to take the tough actions necessary to move the budget toward balance. While I may not endorse every single specific proposal in today’s report, putting these options on the table is an essential step before we can have an honest discussion about how to return to a fiscally sustainable path.
Millions of Americans are out of work, and many are tightening their belts; Federal employees must be no different. While I appreciate that the President reduced the length of his proposed pay freeze from three to two years, it would have produced significantly more savings had that sacrifice been shared between Federal civilian and military personnel--with a strong exception for the members of our military and civilian employees risking their lives on our behalf in Afghanistan, Iraq, and anywhere else they are serving in harm's way. It would have also added an element of fairness: there has been parity between civilian and military pay raises for 22 of the past 28 years in which raises were authorized, and hundreds of thousands of Federal civilian employees work alongside military employees in the Department of Defense and other agencies. In fact, the first American casualty in Afghanistan was a CIA agent--a federal civilian employee.
“Today, Minority Leader John Boehner demonstrated to the American people that Republicans have no new ideas, and instead would return to the exact same failed economic policies of the past...
The Republicans unveiled their "Pledge to America" last week and, just as we thought, it contained no new ideas and was a return to the "exact same" failed agenda as President Bush. Their agenda to return to their previous policies makes it clear who they stand with—big corporations and special interests, instead of middle class families.
Today Republicans unveiled an agenda that talks about the importance of open and transparent government, but a look at their record on those issues shows a very different story. While Republicans may talk a big game, they certainly haven't lived up to it. A return to power won't change that.