Federal Budget

Statement

On August 2nd, President Obama signed into law much-anticipated legislation that allowed the nation to fulfill its financial obligations. The bill's signing concluded a dramatic process to ensure that our country avoided default.

We all agree that we must reduce our national deficit, but we cannot do this through spending cuts alone. We need a balanced and fair approach to reducing the deficit that includes new revenues.

Unfortunately, as a precondition to avoiding default, Republicans insisted on drastic cuts and refused to consider raising revenue to help the country address its budget deficit. I was concerned that the massive cuts included in the final proposal could undermine many industries that matter most to Massachusetts, including the health care, life sciences and high technology sectors. Massachusetts alone could lose $400 million next year and $800 million the following year in federal funding. For this reason, I voted against the final agreement. As the economy continues to recover, these investments are vital for our state and our country.

Luckily, I was able to spend the rest of the month talking to you, across industries and communities, about the potential impact of these cuts for our families, schools, and hospitals. It was, and will always be, essential for me to understand your priorities moving forward.

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