As the fiscal year comes to an end today, it’s time for a fiscal new year’s resolution to bring down our nation’s deficit in a balanced way and restore fiscal responsibility. Democrats are committed to deficit reduction, and it will require tough choices for both parties as well as shared sacrifice by all Americans.
Democrats’ Advocate for Balanced Approach
Democrats are focused on a balanced approach to tackling our debt that puts all options on the table – including spending cuts, increased revenues, cutting waste in defense spending, and changes to strengthen Medicare and Medicaid for future generations while protecting beneficiaries. President Obama has put forward a plan to create jobs in the short term while bringing down our deficit in the long term.
The American Jobs Act will help put Americans back to work and boost our economy, without adding to the deficit, by:
- Providing tax cuts to small businesses so they can expand and hire
- Putting workers back on the job by rebuilding and modernizing infrastructure, schools and homes and businesses in our communities
- Helping unemployed Americans support their families and reforming the unemployment insurance system
- Putting more money back in the pockets of workers and families across the country
At the same time, the President has put forward a proposal that would pay for the American Jobs Act and reduce the deficit over the long-term. Democratic leaders have joined the President in calling on the Joint Select Committee on Deficit Reduction to go beyond their mandate and reach agreement on a big deficit reduction plan that puts all options on the table.
Republicans’ Approach: Putting Burden of Deficit Reduction on Middle Class and Seniors
Unfortunately, Republicans continue to reject a deficit reduction approach that calls on all Americans, including the most wealthy, to pay their fair share. Instead, they have voted several times to balance the budget on the backs of the middle class and seniors by:
- Ending Medicare and drastically raising seniors’ health care costs
- Drastically cutting education and job training programs that are necessary to build a competitive workforce
- Making reckless cuts to our infrastructure that that would cost 600,000 construction jobs and would undermine American competitiveness
- Cutting assistance to lower incomes families and the elderly when they need it the most
Republicans’ approach to deficit reduction doesn’t address our nation’s need to create jobs and makes the wrong choices to bring down our deficit. We hope Republicans’ Fiscal New Year’s resolution will be taking action on the American Jobs Act so we can create jobs and grow the economy, and working with us on a balanced plan to reduce the deficit, create jobs, strengthen entitlements and ensure all Americans pay their fair share.
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