Democrats have led the fight to restore fiscal responsibility. President George W. Bush and Congressional Republicans left a record of fiscal recklessness that turned historic budget surpluses into massive deficits by borrowing trillions of dollars to finance two wars while enacting huge tax cuts aimed at the wealthy. Deficits and debt are a serious long term problem that will require tough choices in the years ahead. As Democrats work first to invest in economic recovery and job creation, we are also working to put our country back on a path to a sustainable fiscal outlook.
Unfortunately, House Republicans have repeatedly held our economy hostage to their ideological agenda, whether creating artificial “fiscal cliffs,” shutting down the government, or bringing our nation to the brink of defaulting on its obligations.
Democrats are committed to reducing the deficit in a responsible way. Both parties must work together to strengthen our entitlements; help support job creation; and protect the middle class, seniors and the most vulnerable. To restore our country’s fiscal sustainability, we must adopt a balanced approach that includes both responsible spending cuts and increased revenues. When Democrats controlled Congress, we restored the pay-as-you-go law, which requires Congress to find a dollar of savings for every dollar it spends, and which and helped create budget surpluses under President Clinton.