Fiscal Responsibility Act of 2023
Floor Speech
Mr. Speaker, let me point out that, as the chairman noted, he didn't have the whole story, so we intend to spend the next hour filling in the rest of the story.
We are here tonight because of a reckless position that was adopted by the majority that was prepared to take this Nation to the precipice of default. Thank goodness for Joe Biden's legislative skills, so we will not go over the edge. We will preserve the full faith and credit of the United States.
Mr. Speaker, just think of what was being proposed here. At risk was the dollar as the international currency.
Do people have any idea what role treasuries play in terms of international transactions? The American dollar drives the world's economy, and they were prepared to take us over the edge with the reckless spending plan that they have.
Thanks to Leader Jeffries and the measured tone that he took, we find ourselves tonight with an agreement that we might not love--because it is not about perfection. I stopped telling people that I was perfect 46 years ago when I ran for the Springfield City Council. After one legislative session, I never professed to being perfect again.
There is give-and-take to negotiation, and it means precisely that you give and you take. That is what we are acknowledging here this evening.
That old sage of political thought got it right. Mick Jagger said: ``You get what you need.''
Democrats can proudly say tonight that, with the help of Joe Biden, we protected Social Security, protected Medicare, protected Medicaid, and protected veterans benefits, all of which we have profoundly embraced over these years.
How did we get here? This is about the CARES Act that saved the American economy--22 million jobs gone, now 22 million jobs returned, and 9\1/2\ million jobs going unanswered. This was a manufactured crisis that brings us to this evening.
The President's experienced leadership in the face of divided government in this body is one-half of one-third of the Federal Government. We still have a ways to go.
Let's talk about why the bill ran up. It is on the CARES Act. Republicans voted for more defense spending. Some Republicans voted for the CHIPS Act, and some voted for the infrastructure bill.
Let me point out something, and I hope everybody is paying attention to this: In December 2017, Republicans borrowed $2.3 trillion to provide a tax cut to the wealthiest among us.
Mr. Speaker, do you know what the great irony of that is? Even the wealthy wouldn't say they were asking for that tax cut. That is how we got here.
Their default on America act, in an effort to balance the budget on hardworking Americans' backs, tonight will be compromised. They targeted food security and healthcare while ignoring tax loopholes.
Mr. Speaker, do you think around here we might someday close one tax loophole?
The tax bill that we put out was well received everywhere, and it was progrowth in nature.
Let me also point out something else by historical record this evening. Republicans are always in favor, Mr. Speaker, of balancing the budget when there is a Democratic President. That is the reality of it. Let's not forget who put us in this situation.
In the last 25 years, Republicans have voted for $10 trillion worth of tax cuts to the top 1 percent: 2001, $1.3 trillion; 2003, $1 trillion; and then their tax plan in December 2017, $2.3 trillion of borrowed money.
They wanted to take the American economy hostage, and Joe Biden, Leader Jeffries, and the Democratic Caucus pushed back to make sure that the position that we have tonight, which we overwhelmingly intend to support, is reasonable policy achieved because of the hard-nosed negotiating of President Biden and Leader Jeffries.
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Mr. NEAL. Mr. Speaker, the previous gentleman left out infrastructure spending, the CARES Act, defense spending, the CHIPS Act, and the PACT Act, all of which had Republican support in terms of the expenditures.
Bill Clinton balanced the budget four straight times during his Presidency, and the money was given away with big tax cuts in 2001 and 2003.
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Mr. NEAL. Pelosi), one of the most accomplished Speakers of the House in the history of America.
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Mr. NEAL. Mr. Speaker, the distinguished majority leader failed to mention that we raised the national debt three times during Donald Trump's Presidency. He failed to point out that $8.7 trillion was added to the national debt during Donald Trump's Presidency.
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Mr. NEAL. Sewell), a very capable member of the Ways and Means Committee.
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Mr. NEAL. Mr. Speaker, there isn't anybody in this Chamber who believes that Republicans will abide by a cap on defense spending in the next year.
DelBene), a champion of the child tax credit.
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Mr. NEAL. Moore), a very capable woman and member of the Ways and Means Committee.
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Mr. NEAL. I yield 1 minute to the gentleman from Virginia (Mr. Beyer), a member of the Ways and Means Committee.
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Mr. NEAL. Mr. Speaker, may I inquire as to the time remaining.
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Mr. NEAL. Plaskett), an alum of the Ways and Means Committee.
Mr. DAVID SCOTT of Georgia. Mr. Speaker, this is a most historic night.
First of all, I thank President Biden. President Biden invited me, along with the other leaders, ranking member, and chairman of our Agriculture Committee. It gave me a chance to talk straight to the President about the serious food shortage that is coming to our veterans.
Many of you may not know this, but the veterans are living in more food-insecure households than anybody else--7.4 percent higher than the general public. When I told President Biden that, he said that we have to do something about it. That is when he moved, with his energy, to be able to take not only the veterans but others off of SNAP work requirements.
God bless this President for his leadership.
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Mr. NEAL. Mr. Speaker, may I inquire as to the time remaining.
Mr. Speaker, I think that this has been an elevating conversation about how we arrived here tonight. Our colleagues on the other side voted for the infrastructure bill, voted for the CHIPS Act, voted for the CARES Act, voted for the defense spending increases, and they voted for a tax cut in 2017 that borrowed $2.3 trillion that was added to the national debt.
Now, for those who might be paying attention tonight, the national debt is the cumulative effect of deficits. These were annual deficits that were run up.
Neither party is responsible for the pandemic. On March 11, 2020, we were warned what was coming. Twenty million jobs evaporated. Tonight, in some measure because of the leadership of Joe Biden, every one of those jobs has been returned and 9\1/2\ million jobs go unanswered.
In this negotiation, which means you don't get everything you want, there are some quality moments that we take great credit for. We defended Social Security despite the fact that there were three Republican Senators who proposed cuts to Social Security. That is the reality. We defended Medicare. We defended Medicaid. We defended veterans benefits. We are very proud of the fact that we wrote the pandemic relief act.
There is a group here tonight--I have been here long enough to know this--that was against this before they were against it. They were against it years ago, never mind tonight--this moment of bringing the Nation to default, what it would do to the American dollar as the currency of choice for the world, what this would do in treasury markets for liquidity purposes, what this would do to the hard-earned 401(k) plans of the American family, to take us to this moment, this showdown that we had.
This argument tonight was never about perfection. All 435 Members of this House would probably have written a different version of this bill. In a divided government, that is not reality.
The last point I want to make is this: In the coming days, after this righteous debate about balancing the budget, our Republican colleagues are about to offer a massive tax cut. We need to be ready because of the fiscal rectitude that they have offered on this floor tonight. The corresponding responsibility of all of us is to point out what they intend to do with another tax cut--2001, $1.3 trillion, and by the way, with two wars and 2 million more veterans that we need to support.
The other reality is that back in 2003 was another trillion dollars of tax cuts. The worst one of all was that tax cut in December 2017, where they borrowed $2.3 trillion for a tax cut that went to the wealthiest among us and had very meager economic growth.
This debate tonight was a good and spirited one because we also, I think, have found a common purpose in passing this legislation.
Let's engage in this debate going forward. If we want the things that we say they want, then we are going to have to pay for them. That means, at some point, revisiting these tax cuts that have been put on the table in an arbitrary fashion and, as I noted, with borrowed money.
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Mr. NEAL. Mr. Speaker, I demand a recorded vote.
A recorded vote was ordered.
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