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, Republicans unveiled their agenda that will take us back to the exact same deficit busting policies that helped lead us into the recession. When they were in charge, Republicans dramatically increased spending and put us on a path to the record breaking deficit we face today.
Republicans claim to care about our deficit, but just like President Bush and the previous Republican Congress, they clearly care much more about tax cuts for the wealthy.
Today's projections from the CBO reinforces the need for continued work to bring down the deficit and further strengthen the economy, while also showing that Democrats' actions have had a positive impact. The deficit for Fiscal Year 2010, while lower than previously projected, is still far too high. Democrats have taken real steps to restore fiscal responsibility, including returning to the pay-as-you-go law that led to surpluses in the 1990's, creating a fiscal commission to put forward solutions to balance the budget, and passing a budget that cut spending.
Throughout this Congress, Democrats have passed legislation to help bring the deficit down and set a path toward long-term fiscal balance, including a budget enforcement resolution, PAYGO, and additional measures to address waste, fraud and abuse – almost entirely without Republican support.
Throughout the 111th Congress, Republicans have opposed every effort to help Main Street Americans, while supporting those corporate interests that wreaked havoc on Wall Street and unleashed disaster in the Gulf.
In the longer term, they should heed the example of House Majority Leader Steny H. Hoyer (D-Md.), who gave a brave speech this week not only setting out the fiscal challenge but offering specific, credible suggestions for savings.