Budget
One of our nation’s most important challenges is growing our economy while enhancing broad-based economic opportunities for every American. I support creating a strong economy that allows all Americans to thrive, fulfill their ambitions, and provide for their families. Since the economic recession, many hardworking Americans have been pushed out of the economy because they can’t find a job or have one that doesn’t pay enough to make ends meet. Only a small percentage of Americans are sharing in economic growth and income inequality has reached heights not seen since before the Great Depression. Our nation needs a budget that is focused on expanding economic opportunity, investing in innovation and infrastructure, and creating jobs to strengthen the middle class.
In recent years, Congress has moved away from the regular order of enacting budgets and then passing twelve separate appropriations bills to fund the government. Instead it has moved towards a cycle of governing through budget crises, which have created harmful uncertainty for Americans and the economy. During the disastrous debt ceiling debate in 2011, Congress passed the Budget Control Act, which I opposed. While that legislation temporarily addressed the debt limit, it also stipulated that if Congress did not find $1.2 trillion in savings, harmful and indiscriminate cuts would take effect. These cuts were designed to be so damaging to our national defense, the economy, and other important federal programs, that Congress would be forced to act. Since then, Congress has only been able to make progress with limited-term budget agreements; particularly the two-year Murray-Ryan budget deal in 2013 that raised spending caps put in place by the earlier Budget Control Act in 2011. The Murray-Ryan budget concluded this year and a new compromise was needed.
Moving forward, Congress must eliminate arbitrary budget cuts, as I have long called for, and implement a long-term spending plan that provides certainty to our economy, the Department of Defense, and the entire federal government. That is why I introduced the Relief from Sequestration Act, to eliminate the mechanism of sequestration entirely after 2018, so Congress can come together to discuss a long-term spending and deficit reduction plan.
As the debate continues about the budget and our nation’s priorities, Congress has a responsibility to the American people to address our fiscal issues in a balanced and effective way. I will continue to work to create greater certainty for the economy with a responsible budget that supports our working families, invests in innovation and infrastructure, advances comprehensive immigration reform, and creates jobs and strengthens the middle class.
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More on Budget
Congressman Smith to Host Telephone Town Hall
Ninth District Congressman Adam Smith will host a Tele-Town Hall on Tuesday, April 5, 2016.
“Congress has a duty to enact a budget that responsibly invests in our nation’s future and grows our economy for all Americans. Unfortunately, the Fiscal Year 2017 Budget proposal released by House Republicans earlier this week would take our country in the wrong direction by demanding the most devastating cuts ever proposed by Republicans on the Budget Committee.
“Over the past three years, sequestration and its drastic and across-the-board cuts have negatively impacted our economy, disrupted our government, and harmed our nation. As Ranking Member of the House Armed Services Committee, I have long called for ending the sequester. This week, I introduced the Relief from Sequestration Act of 2016 (H.R. 4512) to repeal the sequestration mechanism in its entirety.
“The President’s budget proposal for Fiscal Year 2017 sets up an important debate about how our nation can continue to build an economy that allows for every American to attain economic prosperity. President Obama’s budget proposal funds critical investments to expand access to education, focuses on improving Information Technology to best deliver Federal services, and prioritizes sustainable research and development programs to help combat climate change.
“In his final State of the Union address, President Obama spoke of his leadership out of the worst economic crisis since the Great Depression. His administration, together with partners in Congress, has advanced policies that grew our economy and created new living-wage jobs. With 14 million new private sector jobs created over the past 70 months, and the longest continued period of private sector job growth in our history, our nation is looking forward to the future with renewed hope.
“Today I voted to pass the Fiscal Year 2016 Omnibus Appropriations Act. The bill provides for $1.067 trillion of discretionary spending, following the two-year budget agreement signed into law in October 2015, as well as $73.693 billion in Overseas Contingency Operations (OCO) funds. The Omnibus bill passed by the House and the Senate today funds our national and economic security for the next year, and is an important step towards Congress fulfilling its responsibility to the American people to meet our fiscal obligations for the next year.
“I voted against the tax extender bill considered in the House today because it is inequitable and leaves our nation’s finances worse off. The $622 billion tax package extends many tax breaks while ignoring the reality that we simply do not collect enough revenue to fund the important programs that help create a strong economy.
A well-functioning and efficient surface transportation network is critical for future economic growth. Investment in our nation's infrastructure and public transit provides jobs for thousands, allows for the efficient movement of goods that keeps our economy growing, and ensures the safety of countless lives.