Budget
Restoring Fiscal Discipline and Promoting Responsible Budgets
As President Trump’s tariff taxes, unauthorized war with Iran, and reckless economic policies continue to drive up costs and make life more expensive for hardworking Americans, Senator Reed is working hard to help lower costs for working people and put our nation back on a sound fiscal course.
Restoring fiscal discipline means making difficult decisions to align spending priorities with revenues, while also maintaining economic growth today and into the future. That means restoring economic security for the middle class, as well as those working their way up to the middle class, by passing targeted legislation that rewards hard work with fair wages and tax breaks focused on working people – not just the wealthy.
Senator Reed has taken tough votes to balance America’s budget before and create surpluses, and he knows that we can do it again. He has successfully fought efforts to slash funding for Medicare, Medicaid, and Social Security—programs that offer a critical lifeline for Rhode Islanders.
Senator Reed is committed to finding common ground on budget reforms that help balance the budget, strengthen the middle class, and provide smart incentives for job creation.
KEY PRIORITIES & ACCOMPLISHMENTS
- Senator Reed is pushing legislation that could build and preserve millions of homes, which would be fully paid for by a tax on Wall Street investors that outbid families for single-family homes.
- Senator Reed has cosponsored legislation that would raise more than $500 billion for Federal priorities by ensuring billionaires pay their fair share in taxes.
- Senator Reed is working to expand Federal public-private partnership programs that preserve and build new housing at no cost to the taxpayer.
- Senator Reed helped enact the Inflation Reduction Act, which lowered energy costs for families and businesses and is projected to reduce the national deficit by $175 billion over the next decade.