Concurrent Resolution On The Budget For Fiscal Year 2014
Mr. Chair, I rise in strong support of the CBC Budget Substitute to H. Con. Res. 25 because it provides for serious deficit reduction, job creation, and promotes pragmatic economic growth. In a word: this budget puts America back in the…
Mr. Chair, I rise in strong support of the CBC Budget Substitute to H. Con. Res. 25 because it provides for serious deficit reduction, job creation, and promotes pragmatic economic growth. In a word: this budget puts America back in the black.
I wish to thank Chairwoman Fudge of the CBC and Congressman Scott of Virginia, a Member of the CBC who helps to drive our budget, and Congresswoman Gwen Moore who sits on the Budget Committee; Members who have taken the lead in steering our job-creating, morally righteous, and deficit-reducing budget to the House Floor.
The Members of this body have some very serious ideological differences that have manifested themselves in the respective budgets that the American people will hear over the course of the next few days. But at the end of the day we have to produce for the American people--and budget means that we must do just that--and do so by addressing both sides of the ledger.
That means tough, bedrock decisions about spending but also about revenue. My colleagues in the CBC have taken on this task in earnest and I believe produced a serious, pragmatic Fiscal Year 2014 budget alternative.
The FY 2014 CBC Budget entitled, ``Pro-Growth, Pro-People, Pro- America,'' contains $2.8 trillion in deficit reduction relative to current law, which would put debt on a downward path after the expiration of short-term stimulus spending. Debt is projected to fall from 78.8 percent of GDP in 2014 to 66.2 percent of GDP in 2023.
We include a lowering of the threshold for the tax cuts extended in the American Taxpayer Relief Act from $450K to $250K, a concept which I strongly supported in 2010, 2011, and 2012; taxing capital gains and dividends as ordinary income, and enacting a financial transactions tax.
The CBC Substitute also cancels the harmful sequestration, enacts a permanent ``doc fix'', and includes $862 billion in jobs measures and long-term investments. Revenue
would rise to 20.5 percent of GDP by 2023 in the CBC's budget, compared to 19.1 percent under current policy. Spending would fall to 22.3 percent of GDP by 2023 under current policy, and would fall to the same level under the CBC's budget though with a great deal of short-term stimulus measures.
The CBC Budget protects and enhances Social Security, Medicare, Medicaid, SNAP, TANF and other vital safety net programs that save millions of families from poverty.
The CBC Budget creates jobs and opportunity via new infrastructure investments, outlined below:
Maintenance and repair for public transit, highways, airports, ports, railroads, bridges and other infrastructure investments. ($230 billion);
Workforce development programs such as the Workforce Investment Act Adult Program, the Dislocated Workers Program, Job Corps and other employment and training services. ($13 billion);
Providing relief to states to preserve teacher, law enforcement and first responder jobs. ($50 billion);
Neighborhood stabilization programs that provide affordable housing development, infrastructure improvements and other community development needs. ($50 billion);
Veterans programs that honor our commitment to help our nation's soldiers after they come back from serving our country. (Increased by $50 billion).
The CBC Budget also calls for significant tax reform measures that would enhance revenues over the next decade by $2.7 trillion. Economic history has demonstrated that you cannot starve the government of revenues. To achieve our revenue goals, the CBC Budget outlines approximately $4.2 trillion in revenue enhancements that Congress could use to achieve this goal, including:
Ending special tax breaks and closing tax loopholes. ($1 trillion over 10 years);
Limiting tax preferences for Corporate Debt. ($1.151 trillion over 10 years);
Enacting the ``Buffet Rule'' and a surcharge for millionaires. ($460 billion over 10 years);
Reduce the ``tax gap'' through better tax enforcement. ($107 billion over 10-years);
Ending the mortgage deduction for vacation homes and yachts. ($10 billion over 10 years);
The CBC Budget addresses health disparities by fully funding the Affordable Care Act and providing strong support of the National Institute of Health. In contrast, the Republican Budget attempts to repeal the Affordable Care Act, while using the revenues to help achieve balance.
The elephant in the room is entitlement policy. Unlike discretionary spending, mandatory spending grew rapidly from 5 percent of GDP in 1962 to a range of 9 percent to 10.5 percent of GDP from 1975 to 2007, peaking in recession years because of automatic stabilizers. The American people spoke last year and their collective voice clearly said no to haphazard, immoral, and arbitrary cuts to their hard-earned benefits; and the Supreme Court raised its voice when it upheld the constitutionality of the Affordable Care Act. It is the law of the land.
I am here to say that any type of entitlement reform will not be done on the backs of Seniors in the 18th District of Texas--and I am prepared to ``stand in the gap'' to protect their benefits.
And speaking of Texas, two years ago, my hometown of Houston, Texas was forced to lay off nearly one thousand municipal employees. When these employees are put on the unemployment line, libraries close, schools cut back on essential after-school programs, community centers lose personnel, police hours are trimmed, and the truly destitute become an afterthought.
Those tough budget decisions had a human cost and I hear from my constituents every day about them, and frankly, I don't want tax cuts for the wealthy at the expense of jobs for people in Texas.
Nonetheless, I stand here today and declare that the federal budget is a moral document, with meaning, fiber, and a unique texture; and the budget we craft, and what we do here today in the hallowed halls of Congress is really about the American people and the impact that our budget and fiscal policy decisions will have on them.
The Democratic Budget Alternatives stands in clear contrast to the budget that our Republican colleagues have put forward. This budget will reduce the deficit in a balanced and credible way, making difficult choices while providing investments that help create jobs now and build an even stronger economy for the future. But unlike the Republican budget--which ends the Medicare guarantee while providing tax breaks to millionaires--we ask the very wealthy and special interests to share responsibility for reducing the deficit. It is a shared American sacrifice.
This budget demonstrates that we can put our fiscal house in order without blindly slashing investments and breaking our promises to seniors, low-income kids, and individuals with disabilities. We will preserve the Medicare guarantee and work to strengthen it, along with Medicaid, and not ending it. We will provide tax relief for working families, not a tax windfall to millionaires and corporations that is financed by middle-income Americans. And we will protect the promise and opportunity of the American Dream for all, instead of leaving future generations behind.
Mr. Chair, let's roll-up our sleeves and get to work on a pro-growth, pro-people, and pro-American budget.