Statement ● Fiscal Responsibility
For Immediate Release: 
July 8, 2011
Contact Info: 

Katie Grant, 202-225-3130

WASHINGTON, DC - Democratic Whip Steny H. Hoyer (MD) discussed the need for Democrats and Republicans to come together to agree on a balanced approach, that includes revenues and spending cuts, to reduce the deficit and ensure we pay our nation's bills today on the House Floor. Below is a video of highlights from his remarks and excerpts from the video.

Click here to watch the video.

“Now, the gentleman makes the point that spending is out of control. The fact is, as the gentleman clearly knows, that when you were in charge of the House and the Presidency and the Senate you increased spending by more than was increased during the Clinton administration by a percentage on an annual basis. So that I’m glad to hear that your side now, without fail, talks about spending being out of control. As a matter of fact, I have a feeling if your side was spending five cents that would you think that we would need to cut an additional five cents in revenues so that we could not pay the bills. That's why we ran up $6 trillion in deficits. You did not pay for what you bought. I’m with those who strongly believe we ought to pay for what we buy, but I also believe that we ought not to put this country on the brink of financial chaos and bring us down in the eyes of the world because we don't extend our debt.”

“We do have significant differences but none of us can put something on the table and say, ‘if you don't agree, I’m going to tank the economy, I’m going to have America default for the first time in its 200-plus years of history if you don't agree and do it my way.’ I have said, the Leader has said on this side, everything's on the table. We understand that you have got to pay for what you buy and we also understand we got to buy less. And we're prepared to do both and in fact we have agreed to do both in the Biden talks.”

"We must bring this deficit down... The debt we have confronting us is not sustainable. I would urge my friend, and I want to congratulate Speaker Boehner who at the White House said, 'look, we need to do this; we need to have a comprehensive agreement.' That's what democracy demands. I'm not going to agree with some of the things in that bill. You're not going to agree with some of the things in that bill. If in fact we pass the bill. But if we come together, if we act as adults, if we do what every responsible financial economist and advisor has told us we must do, then America will be pleased with us."

"So I urge my friend, he and I will be going to the White House on Sunday. I urge him to come to the table, as I will come to the table, I tell him, with the understanding that compromise is essential. The crisis that confronts us is real. And that America expects us to act in their best interests and have the courage, not the politics, not the ego, not the view of the next election, but the view of the long-term as we come together and try to confront this issue for which all of us are responsible, no one party, no one member, all of us, are responsible. But then again if that is the case, we are all responsible for its resolution."

"One of the things I think people are worried about is making sure we act as adults, act responsibly, pay our bills and ensure that America does not default. All I’m going to say, and then I’ll close, is that I hope the gentleman and I can join together on Sunday and every day thereafter between now and when we can resolve this issue is so that we can pay our bills, stabilize our economy."

"The Speaker said he wanted to solve this problem by June 30. It's now July [8th]. We haven't resolved it. The country is waiting for us. Let us hope that all of us will not say, can't do this, can't do that, can't do the other. Let's go down to the White House on Sunday, with the President, with the Senate, with the leaders of this House, and say, 'yes we can, we can be responsible, we can be adults, and we’ll get this done for the people.'"