Fiscal Discipline
I have been outspoken about the need for greater fiscal responsibility, and am committed to cutting spending and eliminating waste, fraud, and abuse in government spending. In 2011, I voted for more than $5 trillion in spending cuts to reduce our deficit.
In the summer of 2011, a debate over the nation’s deficit caused a near crisis. Congressional Republicans took our economy to the brink and almost caused our government to shut down by insisting on an arbitrary level of spending cuts and an extreme ideological agenda. A shutdown would have had an enormous impact on our economy, families, and businesses, and would have affected vital services such as Social Security, Medicare, and veterans benefits.
Eventually, we were able to reach an agreement and enact legislation to reduce the deficit by $2.1 trillion over the next 10 years. The bill included $917 billion in cuts to discretionary spending and created the Joint Select Committee on Deficit Reduction, also known as the “Super Committee,” which was charged with finding an additional $1.2 trillion in deficit reduction.
During deliberations of the so-called “Super Committee,” I joined with 100 bipartisan members of Congress to take a groundbreaking approach to reducing our deficit.
In March 2012, Congress once again had to pass a federal budget for the following year. I supported the Democratic Alternative Budget, which takes a balanced approach to reduce our nation’s deficit, grow our economy, and protect the Medicare guarantee for our seniors.
I was also one of 38 bipartisan Members of Congress to vote for the FY2013 Budget proposed by U.S. Reps. Jim Cooper (D-TN) and Steve LaTourette (R-OH). This budget was based on a proposal produced by the co-chairs of President Obama’s deficit reduction panel convened in 2010 and chaired by former U.S. Sen. Alan Simpson (R-WY) and Erskine Bowles, former White House Chief of Staff for President Clinton. The budget cut the deficit by $4 trillion over 10 years, while enacting sensible tax reform that cuts taxes and promotes economic growth. The proposal slows the growth in health care spending and makes strategic investments to create jobs and ensure America’s economic competitiveness.
For my work and leadership on fiscal issues and deficit reduction, I was recognized this September by the Concord Coalition and awarded the 2012 Paul E. Tsongas Economic Patriot award. The Concord Coalition, founded in 1992 by the late former Senator Paul Tsongas (D-Mass.), former Senator Warren Rudman (R-N.H.), and former U.S. Secretary of Commerce Peter Peterson, is a nationwide, non-partisan, grassroots organization advocating generationally responsible fiscal policy.
I take great pride in this award and remain committed to working in a bipartisan manner to identify balanced solutions to our nation’s fiscal challenges.