Federal Budgeting and Deficit Reduction                                                                                                                                                      

Our budget priorities have always been statements of our core American values, but never have such statements meant so much as they do now in our current deficit reduction environment. I believe that we do have an urgent obligation to future generations to reduce our deficits and put America on a more sustainable fiscal trajectory. But equally important to future generations is our obligation to pursue responsible growth that protects and strengthens our national priorities.

The US economy is at a crossroads. Our system, which was built for incremental course correction, has gradually shifted to the wrong track, to a point where we now need substantial reform. Most of the policy proposals in the Congress are directed at addressing the downturn in the business cycle or the important long-term problems of budget deficits and debt. Too few proposals address the structural problem at the root of our economic troubles, the shift away from the investments that are at the heart of America’s economic success: Manufacturing, innovation, education, research, transportation, and clean energy.

We must continue to focus on our top economic priorities: saving and creating well-paying jobs and boosting American competitiveness. At the same time, we must fight to preserve appropriate funding for Social Security, Medicare, Medicaid, and ensure proper implementation of the Affordable Care Act (ACA), which together provide for the most basic needs of our society.

We must look to cut spending where possible and increase revenues as a share of gross domestic product to gradually reduce our deficits, but we must also continue to invest in our future. There are many responsible budget plans that have been offered by House Democrats that provide a balanced approach to deficit reduction, but I reject the path prescribed and adopted by the House Republican Majority that would slash critical programs for seniors, veterans, and our most vulnerable populations, and dramatically reduces our commitment to our healthcare delivery system and our infrastructure programs.

As the Representative of the Heart of the Silicon Valley, I am proposing policies that will encourage a return to the core principle of making it in America. I believe that these policies, combined with common sense tax reforms that encourage long-term investment in jobs and capital formation, will return us to a high growth economy that can be globally competitive and fiscally sound.

My guiding focus as a Member of Congress has always been our commitment to the next generation, and that will not change as we continue to try to balance our nation’s books and invest in the brightest future possible for our nation.