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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 Ranking Member of the Ways and Means Subcommittee on 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.

In 2017, Republicans purportedly concerned about spending passed a tax bill adding an estimated $2.3 trillion to our national debt. Now, Republicans are proposing even more extreme measures that benefit the wealthy and corporations at the expense of working families.

Congress must get a handle on our deficit spending, which is why I have voted in the past to implement PAYGO rules for congressional spending. 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 should 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.

I am proud to note that bipartisan legislation of mine cracking down on tax cheats was signed into law in December 2022. It has saved taxpayers roughly $10 billion. 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 idly by while our younger generation's future is stolen from them, and will continue advocating responsible spending.