Democrats believe that fiscal responsibility is the way to create prosperity for America. Fiscal responsibility and debt reduction lowers long-term interest rates for home mortgages, autos, and student loans. It also lowers borrowing costs for businesses, fueling private sector investments and economic growth. But today, because of the trillions of dollars in Republican tax cuts for special interests, the national debt has risen to a record high of over $8. 5 trillion this year. The national debt is growing faster than our economy.

Democrats are fighting for responsible budget priorities that honor our obligations to our parents and children.

A Democratic Administration balanced the federal budget. Under Democratic leadership, the federal budget was balanced for the first time in a generation in 1998. Since taking office, President Bush has taken a $5.6 trillion surplus and turned it into a 3.5 trillion deficit.

Under Democratic leadership, the House of Representatives lowered the deficit by hundreds of billions of dollars. According to the Congressional Budget Office, the Democratic Congress enacted laws reducing the deficit by hundreds of billions of dollars. In the summer of 1993, the 103rd Congress, a Democratic Congress, overcame unanimous Republican opposition to enact a major deficit reduction bill. The Republican leadership has erased that progress.

The Democratic plan to create jobs and prosperity is fiscally responsible. The Democratic economic growth plan would create one million new jobs without adding one penny to the deficit.