Investing In Our Future & Responsibly Reducing The Deficit In A Balanced Way
House Democrats remain committed to finding solutions to strengthen job creation and the economy while continuing to reduce the budget deficit in a balanced and responsible way. After the damage done by the reckless Republican government shutdown, Americans cannot afford Republican budget policies that will put more of the burden on the middle class, weaken our economy, and cost us hundreds of thousands of jobs. House Democrats also recognize that if no action is taken, the next round of deeper cuts will have an even more severe impact on education funding, medical research, and the military.
Budget Priorities For Our Economy & The Middle Class
Economists from across the political spectrum agree that the reckless 16-day government shutdown and threat of catastrophic default took a real toll on our economy. In fact, it’s estimated that these manufactured crisis cost $24 billion in lost economic growth and 120,000 American private sector jobs. And this is on top of the economic damage already inflicted by the Republican manufactured budget crises and spending cuts. After the damage done by the reckless and irresponsible Republican government shutdown, Americans cannot afford Republican budget policies that will put more of the burden on the middle class, weaken our economy, and cost us hundreds of thousands of jobs.
House Democrats put forward a common sense budget to strengthen job creation and the economy while continuing to reduce the budget deficit in a balanced and responsible way. Democrats are working to replace automatic spending cuts hitting education and the military and costing 800,000 jobs next year with cuts in spending on wasteful special interest subsidies and by closing tax loopholes to make sure that the wealthiest Americans and big corporations pay their fair share of taxes.
House Republicans passed their budget plan that would cut Medicare benefits while giving millionaires even more tax breaks. Democrats believe those priorities are backward,and we oppose Republican proposals to replace the sequester with cuts in Medicare benefits. To avoid another crisis, Republicans must be willing to compromise too – yet they refuse to close a single special interest tax loophole for the purpose of deficit reduction.
Learn more about House Democrats’ Budget Priorities for Our Economy & the Middle Class.
Replace The Job-Killing Budget Sequester Cuts
The non-partisan Congressional Budget Office (CBO) estimates that reckless budget sequester cuts will cost our economy hundreds of thousands of American jobs. House Democrats have offered a balanced approach to replace the sequester. Unfortunately, House Republicans have refused to take up the Democratic plan eight times this year while failing to put forth their own alternative. The Democratic plan would eliminate the sequester’s immediate, excessive, and irresponsible cuts to vital investments and replace these with targeted spending cuts and limits on tax breaks to reduce the deficit in a balanced way. House Democrats proposal would also cut the deficit by $75 billion more than the sequester.
Learn more about House Democrats’ plan to Replace the Job-Killing Budget Sequester Cuts.