Yesterday, Speaker Boehner put forward what he calls “a two-step approach to hold President Obama accountable." Under that proposal, the Speaker states that there will be “no tax hikes."
But what would the proposals before us today mean for millions of working American families? A tax hike.
At the same time, the Speaker’s proposal establishes a commission that cannot recommend reducing the deficit by ending tax breaks for people making over a million dollars a year, or ending tax loopholes that encourage companies to ship jobs overseas, or shutting down tax havens. This prohibition on a commission even considering revenues, along with the spending caps in the Speaker’s proposal, would mean major cuts in vital programs like Social Security, Medicare and Medicaid.
So today while our nation is facing a severe crisis, the Majority is holding this hearing on proposals that do not address this immediate crisis and would raise taxes for millions of middle- and low-income families at the same time that they are insisting on a deficit package that protects tax breaks for very wealthy households.
What we must focus on right now is avoiding a default that would risk another financial crisis and millions of jobs. It could delay the Social Security checks that millions of seniors depend on. It could permanently call into the question the full faith and credit of the United States, and make it even more difficult to reduce the deficit.
Our President has called again and again for a balanced approach to getting a handle on our nation’s debt. This Committee has jurisdiction over many of the elements of such an approach. It is the Committee in the House with jurisdiction over legislation on the debt ceiling. We on this Committee have a solemn obligation to step up to the plate and address the matter at hand - avoiding a default and finding a balanced approach to deficit reduction.
