Fiscal Responsibility

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.

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.

Fiscal Responsibility Related
On Monday, March 28, the Office of Management and Budget released the President’s Budget for Fiscal Year 2023, which advances key priorities for the American people such as reducing gun violence and violent crime, acting on the opioid epidemic, and lowering costs for working families through fiscally responsible, fully-offset investments while reducing the deficit. Globally, the Biden Budget bolsters America’s global leadership and reiterates our commitment to our allies.

After years of voting to suspend the debt limit under the Trump Administration and Republican Presidents, Congressional Republicans are refusing to work with Democrats to address the debt limit and ensure the United States pays its bills on time. Make no mistake – Republicans’ actions put the American economy at risk.
After years of voting to suspend the debt limit under Republican Presidents, Congressional Republicans have changed their tune, and are now refusing to work with Democrats to ensure that America can pay its bills on time. Raising or suspending the debt limit does not authorize new spending; in fact, much of the debt was accumulated under the Trump Administration.
Yesterday, the President released his budget proposal for Fiscal Year 2021 and made his priorities clear: he continues to put the wealthiest Americans first at the expense of working families. The budget proposal makes tax cuts for the wealthy permanent while breaking his promises to working families on health care, the economy, and other areas that help Americans get ahead and keep them safe.
The President campaigned on numerous promises to the American people, and four years into his presidency, he is letting the American people down on pledge after pledge. Ahead of tonight’s State of the Union Address, here’s a look at what the President promised he would deliver to the American people and how he has fallen short with policies that put the wealthiest ahead of working families:
As a result of the 2017 Republican tax scam, in which Republicans gave massive tax cuts to the wealthiest at the expense of everyone else, the nonpartisan Congressional Budget Office (CBO) now expects permanent trillion-dollar deficits.  While President Trump and his allies promised that the tax cuts would yield 6% GDP growth and pay for themselves, the reality is today is slower economic growth and trillions in new debt left to our children and grandchildren. 
The Trump Administration’s announcement of its intent to provide a smaller pay adjustment to the federal civilian workforce in 2020 than what House Democrats have proposed is just one more example of how little regard it has for federal civilian employees who work for the American people every day.
I continue to be deeply concerned about the legacy we are leaving to future generations through our unwillingness to tackle growing budget deficits and mounting debt. 
The SECURE Act will help American workers and their families save for a secure retirement, and I am proud to bring it to the Floor today for a vote in the House. 
Today the House passed H.R. 1500, the Consumers First Act, introduced by Financial Services Committee Chairwoman Maxine Waters (CA-43). This bill reverses the Trump Administration’s actions to undermine the Consumer Financial Protection Bureau (CFPB).
Remember when Republicans claimed to be the party of fiscal responsibility?
We’re all for smart enforcement actions against unfair trade practices, but President Trump’s actions to date have completely missed the mark.
The Congressional Budget Office’s (CBO) long-term outlook shows for the first time the consequences beyond the ten-year budget window of the Republican-led Congress’s tax breaks for the wealthiest.
First, let me say, I heard the Gentleman from Georgia’s argument that this money wasn't needed.  I heard that argument a month ago: Ebola money was not needed.  Guess what?  Ebola money was needed.
It is alarming to learn that Medicare will become insolvent in 2026, just eight years from now and three years earlier than previously projected, and that Social Security’s total cost will exceed its total income this year for the first time since 1982, scheduled to become insolvent in 2034.
The Trump Administration seems to be doing the best job at making the argument against its own rescissions proposal.  After an outbreak demonstrated the importance of emergency ebola funding, it dropped its request to rescind those funds. 
Today’s can’t miss headline: U.S. Lifts Debt Sales as Deficit Grows, Plans 2-Month Bills
Last week, I completed my third Make It In America Listening Tour with stops in Madison, and Eau Claire, Wisconsin along with Reps. Mark Pocan and Ron Kind.
I thank the Speaker. I thank the Chairman. Ladies and gentlemen, I rise today not so much to oppose this legislation, as to deride it, as a sham. As a fraud. As a pretense of fiscal responsibility.
Today, the House was asked to vote a third time on a defense appropriation bill before reaching a bipartisan agreement on budget caps for the fiscal year.  Democrats strongly support robust funding for our military, and we agree with Pentagon leaders who have said that budget uncertainty hinders military planning and readiness – but it also damages every other government agency as well.
“President Trump seems to forget that, with Republican majorities in the House and Senate, he and his colleagues control all the levers of our government. 
I’m encouraged that President Trump has appointed Jerome H. Powell to chair the Federal Reserve.
Just now on the Floor, Rep. Steve Womack (R-AR) said: