Democrats have led the fight to restore fiscal responsibility. Deficits and debt are a serious long term problem that will require tough choices to address. As Democrats work to invest in economic recovery and job creation, we are also working to ensure our country is on a path to a sustainable fiscal outlook.
Unfortunately, President Trump and Republicans have adopted fiscally irresponsible policies that are exploding deficits. President Trump also signed into law the GOP tax scam after Republicans jammed it through the last Congress without a single hearing. The law gave a massive, unpaid-for tax handout to the wealthiest Americans and large corporations while exploding the deficit and leaving our nation with ballooning deficits. House Republicans have repeatedly held our economy hostage to their ideological agenda, whether creating artificial “fiscal cliffs,” shutting down the government, or bringing our nation to the brink of defaulting on its obligations.
Democrats are committed to reducing the deficit in a responsible way. Both parties must work together to strengthen our entitlements; help support job creation; and protect the middle class, seniors, and the most vulnerable. To restore our country’s fiscal sustainability, we must adopt a balanced approach that includes both responsible spending cuts and increased revenues. Democrats have restored the pay-as-you-go law, which requires Congress to find a dollar of savings for every dollar it spends, and which helped create budget surpluses under President Clinton.