Budget & Debt Reduction
Promoting Responsible Budgets and Restoring Fiscal Discipline
Senator Reed has a proven track record of fiscal responsibility. As the United States emerges from the worst economic crisis since the Great Depression, Senator Reed is working hard to put our nation back on a sound fiscal course, while also laying the foundation for future economic growth and development.
Balancing the budget means making hard choices to align spending with revenues, and this effort must include reforming the tax code. Senator Reed took the tough votes in the 1990s to help balance the national budget and create record surpluses. He also opposed the unfunded Bush tax cuts skewed to the wealthiest, the costly war in Iraq, a prescription drug program that failed to negotiate costs with drug makers and left many seniors without coverage, and other special interest giveaways that squandered the hard fought surplus and led to record deficits.
To get our nation’s fiscal house in order Senator Reed supports ending wasteful expenditures, capping spending, and shared sacrifice. He understands that it is critical to fight for Pell Grants, Medicare, and other initiatives that are critical to Rhode Island families.
Key Priorities & Accomplishments
- Supported historic deficit-reduction packages and other steps that helped balance the budget—led to a projected ten-year surplus of $5.6 trillion in 2001—and enabled the U.S. government to pay down over $450 billion of public debt between 1998 and 2001.
- As the U.S. took extraordinary steps to prevent the collapse of the entire financial system and millions of job losses, Reed successfully fought to include a provision in the law giving taxpayers stock options in the firms they saved. Thanks to Reed’s law, as the banks repaid their original loans taxpayers earned more than $8.5 billion in additional dividends – money that would have otherwise been kept by the banks.
- Helped pass a bipartisan landmark defense procurement reform law to stop fraud and wasteful spending at the Pentagon and prevent hundreds of billions in cost overruns.
- Voted against costly, special interest giveaways to big oil and agri-businesses.
In an effort to prevent more than 1.3 million long-term unemployed workers from losing their unemployment insurance after the holidays, U.S. Senators Jack Reed (D-RI) and Dean Heller (R-NV) today introduced bipartisan legislation to preserve federal unemployment insurance (UI) for t...Posted on 12/18/2013 |
Mr. REED. Mr. President, in 12 days, unemployment insurance will expire for 1.3 million Americans. This will impact virtually every State. Over the course of the next year, it will set back millions of hard-working families, slow down job growth, and slow our economic recovery. Today I filed three amendm...Posted on 12/16/2013 |
Mr. REED. Mr. President, first of all, I think it is appropriate to make some comments. I appreciate the Senator from North Dakota being here and making his point. But we are at a juncture that within 2 weeks 1.3 million Americans will lose their Federal unemployment compensation insurance. It will be a...Posted on 12/10/2013 |
U.S. Senator Jack Reed today issued the following statement: "I hoped for a more comprehensive agreement but this is an important step forward. Commendably, this budget blueprint reduces economic uncertainty and blunts the impact of the sequester. It will help save jobs, redu...Posted on 12/10/2013 |
In an effort to prevent more than 1.3 million long-term unemployed workers from losing their unemployment insurance at the end of December -- and millions more from having no benefits after their initial 26 weeks of unemployment insurance (UI) are exhausted during the course of 2014...Posted on 12/6/2013 |
Mr. REED. Madam President, it is clear we have honest disagreements about how we should address our budget. I believe the path forward should be fair and balanced. That is not what we have seen to date. We have enacted $2.4 trillion in deficit reduction, with $1.8 trillion coming from spending cuts. These cuts p...Posted on 11/13/2013 |
Posted on 10/17/2013 |