We are facing an existential moment on our budget deficit and long-term debt. After 80 years of painstakingly weaving a social safety net, will we be able to afford it in the future? Will our budget simply become dominated by interest on the debt and entitlements? Will we wake up one morning and discover that the world’s financial markets have lost confidence in the United States and we become Greece — an economic basket case? Will we be able to afford the needed investments in education, infrastructure and innovation that have powered our economy?
Economy & Budget
Democrats once called passing a budget “the most basic responsibility of governing,” intoning that “if you can’t budget, you can’t govern.” Yet House Majority Leader Steny Hoyer (D-Md.) announced today that Washington Democrats are cancelling the budget this year, making it the first time in the modern era that the House has not passed a budget. That is the ideology of Washington Democrats: just keep spending taxpayers’ money — with no plan, no discipline and no accountability.
Recently, my colleagues in the U.S. House of Representatives passed a bill that will undoubtedly further harm our already weakened economy by discouraging investment in businesses and real estate. With national unemployment at 9.5 percent and no sign of relief in sight for the real-estate market, now is no time to be discouraging this type of investment and the jobs that it creates.
U.S. Senate Republican Leader Mitch McConnell made the following remarks on the Senate floor on Tuesday:
It’s now official. Top Democrats on Capitol Hill are starting to signal their intention to raise taxes on the middle class.
The House Majority Leader in a speech today warns that in order to do anything about the debt crisis Republicans have been speaking about on the Senate floor in recent weeks, President Obama will have no choice but to break his campaign pledge of no new taxes for millions of American families.
Hoyer delivered remarks Tuesday morning on the imperative for solving the nation’s fiscal crisis, the need for bipartisan cooperation on this issue, and how to balance economic recovery with long-term deficit reduction, at a Third Way event at Union Station. Below are his remarks as prepared for delivery:
“This month, a Gallup poll asked Americans to name the greatest threats facing our country. Two answers tied for the top choice. One was terrorism. The other was debt.
As lawmakers, our decisions rely on the information we have. Better information yields better results.
To reduce waste in the federal government, we need to shine a light on how the government performs. That’s why I applaud the House passage of a bill I authored, H.R. 2142, the Government Efficiency, Effectiveness and Performance Improvement Act.
Today, President Obama joined Ohio Gov. Ted Strickland and U.S. Department of Transportation Secretary Ray LaHood in Columbus, Ohio, to break ground for the 10,000th road project funded through the president’s American Recovery and Reinvestment Act (ARRA) stimulus program.
As House and Senate conferees put the finishing touches on financial regulatory reform, they — and the White House, which will have to implement whatever passes — need to ensure that both new and old regulatory structures reflect all of America’s diverse communities, in both their activities and their personnel. The good news is that the legislation as it now stands takes major steps in that direction.
As we rebuild America, we must ensure that Wall Street won't gamble again with our futures. I support the Restoring American Financial Stability Act because it includes commonsense reforms to hold Wall Street and the big banks accountable. This bill will end bailouts by ensuring taxpayers are never again on the hook for Wall Street's risky decisions and will rein in big banks and their big bonuses. It protects families' retirement funds, college savings, homes and businesses financial futures from unnecessary risk by lenders. It also safeguards the American people from territory lending abuses which resulted in millions of foreclosures over the past few years.
The American people deserve and want these reforms. Let's give Americans what they deserve--fairness in the financial system.
Today, debit cards are one of America’s favorite ways to pay. Even in the economic slowdown, more consumers are pulling out plastic and, literally, leaving cash and checks behind. And there’s a compelling reason for this shift. Debit cards are fast, convenient, secure, and provide timely access to available funds and the ability to track spending virtually real time. And most banks offer debit cards to their customers with checking accounts at low or no additional cost.