Our country’s national debt is a significant burden that threatens our long-term prosperity. If we do not address our deficits in a responsible way, they will likely force draconian cuts to federal programs that support the livelihood and security of millions of Americans. Our ongoing debt accumulation creates a level of uncertainty that hinders investment and stymies economic growth.
The path to sustained economic stability and expansion requires addressing our deficits. I believe that we must confront this challenge by coming together to develop a balanced approach that includes both spending cuts and revenue increases.
The federal government can take a lesson from small businesses and working families across the country who understand that it is unsustainable to spend more money than you have. However, we must also recognize that not all cuts are wise, just or advised. While it is essential that we balance the budget, we cannot do so on the backs of the most vulnerable.
It is essential that Congress utilize the fiscal-year 2014 budget debate for to establish a renewed sense of financial responsibility. I am committed to finding a balanced approach to address the national debt. By coupling targeted spending reductions with an appropriate amount of revenue increases, we can reduce the deficit without instituting crippling budget cuts that disproportionally impact the elderly, students or the poor.
More on Fiscal Responsibility
Economist William Strauss' big picture forecast hasn't been too rosy in years past, but he had better news Friday for Lake County business and community leaders.
While it won't be significant, economic and job growth — particularly in manufacturing — is expected to be solid the next two years, according to Strauss, a senior economist and economic adviser with the Federal Reserve Bank of Chicago.
A senior economist at the Federal Reserve Bank of Chicago told Lake County Chamber of Commerce members that they can expect some steady economic growth in the coming years, but nothing spectacular, and a slow decline in unemployment.
“This will be one of the better years,” William Strauss said Friday at the 7th annual Economic Forecast at the University Center of Lake County in Grayslake. “Unemployment is edging slower, inflation is well contained and manufacturing is better than trend,” he added, referring to expected growth.
Rep. Brad Schneider (D-Deerfield)was part of a bipartisan effort today to fund the federal government through Sept. 30 eliminating thepiecemeal approach Congress has taken over the last three years.
After weeks of pushing for delays to President Barack Obama's health care law in exchange for a budget agreement, U.S. Rep. Peter Roskam voted for a plan to end the government shutdown and avoid default, saying the country has to pay its bills.
"We laid out a series of alternatives, all of which have been rejected by Sen. (Harry) Reid and the Senate Democrats," Roskam, a Wheaton Republican and part of the House leadership team, said. "I'm unwilling to risk the full faith and credit of the United States, and it's important that the government pay its bills."
Here’s where they stand:
U.S. Congressman Brad Schneider (IL-10) voted in favor of the bipartisan compromise that reopens the government and avoids default.
With an effort from Rep. Brad Schneider (D-Deerfield) and other members of the House Bipartisan Working Group, the United States House of Representatives voted 185-144 tonight to end the government shutdown and raise the nation’s debt ceiling.
U.S. Congressmen Brad Schneider (IL-10), Mick Mulvaney (SC-5), John Carney (DE-AL) and Steve Scalise (LA-1) introduced a bipartisan measure to ensure small businesses' tax structure is addressed during tax reform.
The measure encourages Congress and leadership to address pass-through entities—partnerships, limited liability companies, S corporations as well as sole proprietorships—not just corporate tax rates in any tax reform proposal. Such entities represent 90 percent of businesses in the United States.
Nearly 200 constituents joined U.S. Congressman Brad Schneider (IL-10), along with the non-partisan Concord Coalition, for two interactive exercises to discuss fiscal policies and the nation's fiscal outlook.
The exercises, held at the Waukegan Public Library and Sedgebrook Retirement Community in Lincolnshire, included small working groups collaborating on ideas to reduce the nation's debt and deficits and improve the long-term fiscal outlook for the country.