Fiscal Responsibility
For far too long, Washington has avoided making the tough choices necessary to get our fiscal house in order. The Congressional Budget Office projects our annual deficit, the difference between federal tax revenue and spending in a given year, will exceed $1 trillion and continue increasing indefinitely. As Chair of the Ways and Means Subcommittee on Select Revenue Measures, which has jurisdiction over tax policy, I'm committed to laying the groundwork for a fiscally responsible future. I support a balanced approach that asks everyone to pay their fair share in taxes, cuts spending and grows our economy.
The 2017 Republican tax law is expected to add over $2 trillion in new deficits over the next decade and the projected costs keep increasing as we get more information about how the law is working in practice. The tax law provided a windfall for corporations and the richest one percent but has left working people behind. I support a tax code that broadens our tax base, encourages investment in America's workers, and helps folks meet the rising costs of housing, health care and education—as well as save for retirement.
Congress must get a handle on our deficit spending. That's why I voted to reinstate PAYGO rules for the 116th Congress. These provisions require tax cuts and spending increases to be offset with new revenues or spending cuts. Congress must also reassess our funding priorities across all categories of the federal budget. Defense spending must be included in this process. A strong national defense doesn't have to be the most expensive national defense and responsible cuts can be made in this area. At the same, we must do our utmost to preserve vital safety net programs that seniors and lower income Americans depend upon.
America cannot continue borrowing to pay our bills. By refusing to pay for our choices now, we are taking choices away from our children and grandchildren. I will not stand idle while our younger generation's future is stolen from them.