Minority Views on the Sequester Replacement Act of 2012, (Report to accompany H.R.4966)
Democrats and Republicans agree on the importance of reducing the deficit, but we disagree on how to do it. Democrats remain focused on creating more jobs now to support the fragile economy while pursuing a plan to reduce the deficit in a balanced way. That’s why this Spring, House Democrats offered a budget that preserves the Medicare guarantee, helps create more jobs now, makes us stronger through investments that build long-term growth, abides by the tight spending caps established last summer – which save nearly $1 trillion over ten years – and reduces the deficit through shared responsibility. In contrast, the House-passed Republican budget resolution for fiscal year 2013 reflects the Majority’s unbalanced approach to deficit reduction: it provides costly additional tax breaks for millionaires while finding savings by ending the Medicare guarantee for seniors, slashing investments that strengthen our economy, and shredding the social safety net. Because Republicans reject a balanced approach and refuse to ask millionaires to contribute one cent to deficit reduction, their budget hits everyone and everything else.