Issue Position: Fiscal Responsibility

Issue Position

The Current Challenge

In 2009, our country faced a major recession and a historically large deficit. The deficit was, in large part, a product of the historically unprecedented decisions to enter into two costly wars abroad, while cutting taxes. In combination with a deep recession, the deficit exploded.

We have made progress on both fronts. The economy is recovering and our deficit continues to drop. In 2009, we identified that an estimated $4 trillion in deficit reduction was needed over 10 years, and by various measures, we will come close to achieving that. Yet the news is mixed -- many economists say the austerity that drove the deficit's sharp rate of decline has compromised the strength of our economic recovery.

Early on, I recognized the urgency of both problems. I took some hard votes. Today, much of the remaining challenge lies in engineering a fair, equitable reform of the outlays that Congress never even votes on. Medicare/Medicaid and Social Security account for roughly half of our total federal budget outlays, and that proportion is growing as our population ages. These are programs of which we should be enormously proud. They allow many Americans to live and retire in dignity. But there is work to do to make sure they are there for the long run.

Budget

While it may seem like baby steps, it's significant that Congress came together in 2013 to pass a budget for the first time in years. It's certainly not perfect, but after years of impasse, it's a good start. After last fall's government shutdown, which I consider an utter failure of legislative process brought upon us all by the Tea Party, even modest bipartisan collaboration is something to celebrate and build upon.

This is the style of reform that drew me to support the Simpson-Bowles plan in 2011. In 2010, President Obama convened a bipartisan commission to analyze budget projections and develop a comprehensive set of recommendations for Congress. Its members were drawn from both parties and all walks of civil life. In the end, the full panel could not reach a consensus. But the commission's co-chairs, former US Senator Alan Simpson and former White House Budget Director Erskine Bowles, issued their recommendations.

The Simpson-Bowles plan would have saved taxpayers $4 trillion over ten years by making three key changes to the budget: cuts to spending, including reductions of both tax subsidies and defense spending; reforms to Social Security for future recipients; and simplification of the tax code by eliminating loopholes and lowering overall rates. While Simpson-Bowles was far from perfect and contained many difficult choices -- some of with which I fervently disagreed -- it was a significant start towards a comprehensive, balanced plan.

The Promise of Bipartisanship

I was one of only 38 Members of Congress to vote for budget reforms based on the bi-partisan Simpson-Bowles plan. I have been proud to be recognized by groups like No Labels and the Concord Coalition with awards that recognize moderate, bi-partisan efforts to improve fiscal responsibility. USA Today deemed us the Brave 38.

The only budget I'll ever vote for will be fair, responsible and realistic. That is why I voted against both the Republican and the Democratic budget proposals in 2014.

The Republican budget proposed to cut the top individual tax rate for the wealthiest Americans from 39.6% to 25%. Unfortunately, that math doesn't work without massive cuts to education, infrastructure investment, scientific research, and Medicaid. Worse, the budget would have raised taxes on the middle class.

Voting no on the Democratic budget was more difficult. While it did a better job of preserving investments in education and infrastructure that I believe are key to our nation's future, it did little to assure the long-term sustainability of Medicare and Social Security. Politics is no reason to shrink from a challenge, particularly one that gets bigger with time.

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