Rebuilding our economy is the top priority for the American people and this Congress. That commitment is reflected in each piece of legislation we consider as we work with President Obama to enact our long-term economic strategy and move America in a New Direction. Democrats moved quickly but deliberatively at the beginning of the 111th Congress to pass a bold plan to jumpstart our economy and provide short-term help to those hurt most by the economic recession while providing long-term solutions that will build a new foundation for our economy for years to come.
Our economic troubles did not come about overnight and we will not be able to fix them overnight. We are making progress to put Americans back to work and to get the economy working for American families again by focusing on fiscal responsibility and making targeted investments in the areas that will grow our economy like clean energy, education, health care and infrastructure.
As part of our commitment to fiscal responsibility, Democrats voted to reinstate Statutory PAYGO – the same policy that brought us from deficit to surplus under the Clinton Administration but was tossed out when Republicans took control. That policy means that costs incurred because of new legislation we pass must be offset with other cuts or increases in revenue.
Democrats are also taking steps to protect American consumers and restore economic justice by reforming our outdated regulatory system to fit the needs of a modern global marketplace. We have already passed legislation to help rein in risky executive compensation schemes, fight mortgage and corporate fraud, protect credit cardholders, and ensure more accountability from big Wall Street banks.