Restoring Fiscal Discipline and Promoting Responsible Budgets
As the United States emerges from a decade of two costly wars, unaffordable tax cuts in the early 2000s, and the worst economic crisis since the Great Depression, Senator Reed is working hard to 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. Senator Reed believes that the best path forward to achieve these goals is to follow the same type of plan developed in the 1990s, when the laws he supported created the first budget surplus in nearly 30 years.
Controlling America’s debt and restoring fiscal discipline is a shared sacrifice. Senator Reed supports a budget that fosters strong economic growth, and believes that a prospering, resilient middle class is the key to a greater future for all Americans. He understands that cutting programs like Medicare and preserving tax breaks for the wealthy is not a smart decision for long-term prosperity.
Senator Reed believes that a reformed tax code that helps balance the budget, strengthens the middle class, and provides smart incentives for job creation is the path forward. A responsible combination of spending reductions, reforming the tax code, and economic growth through a growing middle class will accomplish exactly that.
Key Priorities & Accomplishments
- Senator Reed strongly opposed the wasteful and irresponsible shutdown of the federal government in 2013. Instead, he supported legislation to pay the government’s bills on time and continue essential services that hardworking Americans rely upon every day.
- Since 2010 alone, Senator Reed has supported the enactment of $3.3 trillion in deficit reduction and the replacement of the economically harmful sequester.
- As the U.S. took extraordinary steps in 2008 to prevent the collapse of the economy and greater job losses, Reed fought to include an amendment giving taxpayers stock options in the firms they saved. Thanks to Reed’s law, taxpayers have earned more than $9.4 billion in additional dividends – money that would have otherwise been kept by the rescued banks.
Read more by visiting Senator Reed's Working for RI page.