Reducing our national debt and putting our finances on a healthy long-term trajectory is vitally important. Left unchecked, growing debt will eventually lead to larger and larger interest payments, which will make it difficult to continue to fund the essential programs that provide great benefit to our country. Deficit reduction is also a major competitiveness issue. Meaningful progress on deficit reduction will strengthen our position on the global market and help our businesses grow.
To reduce the deficit, I support an approach that includes additional revenues, Social Security and Medicare reform, and investments in the future. There are three simple steps Congress can take to reduce the deficit in a fair, balanced, and responsible manner. First, we can generate more revenues by closing certain corporate tax loopholes and imposing a “Buffett” style rule on individuals making over $1 million dollars in annual income. Second, by raising the cap on Social Security taxes, and adjusting the retirement age for those not engaged in manual labor, and reforming cost of living adjustments, we can strengthen Social Security for decades to come in a fiscally responsible way. Of course, these reforms should not affect current beneficiaries, but rather should be phased in gradually over time. Finally, we can adjust discretionary defense spending up and down as necessary to reflect our priorities as a country.
With this framework, we can manage our fiscal trajectory in the short term (years 1-10) and long term (years 11-20) while also investing in children, protecting those left behind, and protecting our nation.
More on National Debt
WASHINGTON – Congressman John K. Delaney (MD-6) has been named a Fiscal Hero by the Campaign to Fix the Debt for the 114th Congress. To be named a Fiscal Hero, lawmakers must distinguish themselves by casting fiscally responsible votes, prioritizing the national debt as a top issue and working within their party and on a bipartisan basis to improve the nation’s fiscal future.
WASHINGTON – Congressman John K. Delaney (MD-6) has filed the Honest Dynamic Scoring Resolution, legislation that would make sure that the economic benefits of smart public investments in areas such as infrastructure, research and development and education are accurately reflected in budget projections. The bipartisan legislation was introduced with lead Republican Congressman Richard Hanna (NY-22) and Congressman Scott Peters (CA-52).
WASHINGTON - Congressman John K.
Congressman John K. Delaney (MD-6) appeared on MSNBC on April 6, 2014, to discuss the Ryan Budget with Alex Witt. Delaney explained his view that the Ryan Budget does not have the right analytic framework or the proper goals, which should include rebuilding America's infrastructure and supporting education.
Washington, D.C.—Tuesday, Senate Banking Chairman Tim Johnson and Senator Mike Crapo, the committee’s ranking Republican, unveiled a bipartisan agreement on housing finance reform. The Johnson-Crapo plan would use Corker-Warner as its base architecture and wind down Fannie and Freddie.
WASHINGTON – Congressman John K. Delaney (MD-6), Congressman Jared Polis (CO-2) and thirteen House colleagues have written to President Obama, recommending that the White House include Pay for Success funding in the fiscal year 2015 budget. The letter was sent to the President on Friday.
WASHINGTON – On Thursday, December 12, 2013 the House voted to approve the bipartisan, bicameral budget compromise brokered by House Budget Chairman Paul Ryan and Senate Budget Committee Chairman Patty Murray. The agreement authorizes funding for federal agencies through the fall of 2015, avoiding a government shutdown for the next two years. Congressman John K. Delaney (MD-6) voted for the agreement.
Delaney issues the following statement:
Washington has gotten so used to political theater that many here have lost the ability to spot real chances to do the right thing. The budget conference is an opportunity for Congress to craft a bipartisan compromise that serves the common good. Despite low expectations, the conference should be taken seriously.