Jobs & the Economy
Throughout the 117th Congress, House Democrats have partnered with President Biden to enact policies that expand economic opportunity for businesses, workers, and communities across America. Under President Biden and Congressional Democrats, the unemployment rate is at its lowest in more than 50 years with more than 10 million jobs created, helping more of our people get ahead in today’s economy and Make It In America.
Democrats pursue an economic agenda that helps American businesses create good-paying jobs and ensure that workers have the tools not only to get by but to get ahead in our global economy. From raising the minimum wage to providing skills training and apprenticeship opportunities to ensuring equal pay for equal work, from making childcare more affordable to making it easier to save for retirement, Democrats’ economic policies are aimed at helping workers and their families attain real economic security at every stage of life.
Democrats have also delivered historic legislation investing in infrastructure and greater access to high-speed internet, taking the lead in the clean-energy economy, and supporting innovation and entrepreneurship. The generational Bipartisan Infrastructure Law has already begun to expand economic opportunity for Americans in communities across the country and takes action to repair our nation’s roads, bridges, ports, and other infrastructure while creating nearly 1.5 million jobs annually over the next decade. It contains the first major American investment in climate resilience to help communities upgrade their critical infrastructure and mitigate the impact of climate change-driven extreme weather. Likewise, the Inflation Reduction Act also advances America’s clean energy goals, turbocharging clean energy research and transmission while promoting electric vehicle domestic manufacturing to reduce American dependence on gasoline while revitalizing our auto industry.
The CHIPS and Science Act includes bipartisan measures to revitalize the domestic semiconductor industry and spur research. By strengthening domestic supply chains, this law acts directly to accelerate American innovation in the long-term while acting immediately to address inflation and create good paying jobs. House Democrats will continue to champion skills training and education at every level – from early childhood learning through higher education – to prepare our people for success and advancement in a changing economy. In all of these efforts, Democrats will continue to look for ways to make access to opportunities more equitable and to combat the lingering effects of legalized discrimination that continue to make it harder for minorities to access credit for loans, seek investment capital for startups, and build wealth to pass on to the next generation.
With historic job creation under President Biden, House Democrats will continue to advance policies that expand economic opportunity for working families, support small businesses, and create better-paying jobs.
We have missed, in my opinion, a wonderful opportunity. An opportunity to make a ‘grand bargain,’ as the Speaker wanted to do, as Leader Pelosi wanted to do, as Leader Reid wanted to do, as the president wanted to do, and as the vice president wanted to do.
We're going to be meeting with our caucus today and we want to talk to them, find out what they believe. Again, all of them to a person believe that default is not an option, which is why this is such a tough decision. But we've missed an opportunity. This is not a balanced approach, revenues need to be on the table and we haven't done that.
Our neighbors, our friends sent us here to be responsible and to come to the aid of our country at a time of crisis. Our country is at such a time now. Our people confront uncertainty and fear and they're looking to us for the courage to compromise and act to prevent default and gridlock and irresponsibility.
Now that the Senate has rejected Speaker Boehner's partisan, short-term bill, it is time to come together on a compromise plan to pay America's bills and reduce the deficit. We cannot continue to waste time as we have this past week. I hope my Republican colleagues in both the House and Senate will work with us in a responsible way to prevent our nation from defaulting on its debts and the catastrophic consequences it would have on our economy.
While Republicans wasted time this week on a partisan Default Bill, U.S. stocks posted the biggest weekly decline in a year. Our economy needs certainty, but Republicans continue to hold it hostage to their ideological agenda. With only a few days left until a potential default, Republicans must work with Democrats on a long-term agreement that pays our bills, reduces the deficit and gives businesses and the markets certainty they need.
This evening, in a partisan vote, the House passed Speaker Boehner’s short-term plan on the debt limit. Speaker Boehner’s plan, which will return our nation to the edge of a default crisis in a matter of months, is a recipe for damaging, job-destroying economic uncertainty—which, in the wake of today’s disappointing report on economic growth, is clearly the last thing America needs. In addition, in order to win the support of the most extreme members of his own party, Speaker Boehner added a provision that would permanently write Republicans’ narrow ideological priorities into the Constitution itself. This bill is no solution to this Republican-created crisis. It is clear that it will not pass the Senate; nor would President Obama sign it.
Tomorrow marks the 46th anniversary of Medicare being signed into law by President Johnson. For almost 50 years, Democrats have fought to preserve this bedrock program. And we will continue the fight, despite Republican attempts to end it and raise costs for seniors. House Republicans have repeatedly voted for a budget plan that would more than double seniors’ health care costs, re-open the prescription drug donut hole and place seniors at the whim of the private insurance market.
How much is Republican hostage-taking costing America? According to Third Way’s analysis of the S&P 500 Index, “from the moment Speaker Boehner walked away from the table last Friday to the opening bell this morning, shareholders in U.S. stocks have lost $405 billion.” In addition, the Down Jones Industrial Average has dropped 483 points since Speaker Boehner’s most recent walk-out.
Today we learned that our economy grew by 1.3% in the last quarter, which is clearly not strong enough, even after eight straight quarters of growth. As growth has slowed, it is disappointing that Republicans have yet to present a comprehensive jobs plan to get Americans back to work. Unlike Republicans, Democrats have a plan: the Make It In America plan to strengthen our manufacturing sector, create jobs, and help American families succeed. We hope Republicans will join us in passing legislation to revitalize American industry and the middle-class jobs it creates.
Good afternoon, and welcome to “The Blame Game.” Let's meet our contestants:
John Boehner: Downgrade Of U.S. Credit Rating “Beyond My Control”
Boehner Spokesperson: “If we pass this today, we will have sent not one, but two bills to the Senate that would end this crisis.”