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 critical 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.
Advancing a Bipartisan Budget
Congressman Schneider voted in favor of the bipartisan budget deal reached between House and Senate negotiators. Stressing the importance of providing certainty to businesses, families and communities, Congressman Schneider praised the agreement as a sign of progress. The deal included funding for some of Congressman Schneider’s top priorities, including the Great Lakes Restoration Initiative, job training programs and Waukegan Regional Airport’s contract tower. You can read Congressman Schneider’s full statement in support of the budget deal here.
Congressman Schneider hosted an interactive federal budget exercise for more than 200 Tenth District residents. The interactive exercise gave residents the chance to share their opinions and priorities regarding the federal budget directly with Congressman Schneider. You can read more about the exercise here.
Reforming the Tax Code for Small Businesses
Congressman Schneider introduced a bipartisan measure to ensure small businesses' tax structure is addressed during tax reform. Pass-through entities—partnerships, limited liability companies, S corporations, as well as sole proprietorships—represent 90 percent of businesses, and this measure helps protect them in tax reform proposals. You can read more about Congressman Schneider’s legislation here.
Congressman Schneider co-led a letter to the House Ways and Means Committee urging it to protect small business accounting flexibility. More than 70 bipartisan colleagues joined Congressman Schneider in sending this letter in support of preserving accounting flexibility in tax reform proposals. You can read the letter here.
Increasing Government Efficiency
Congressman Schneider joined the No Labels Problem Solvers along with 70 bipartisan Members of Congress to unveil a new package of legislation designed to cut waste and increase efficiency in government. You can read more about this effort here.
Congressman Schneider cosponsored the No Budget, No Pay Act, which would require Members of Congress to pass a budget in order to receive pay. The Buy Smarter and Save Act would set government goals to use strategic sourcing principles and save billions of dollars. The Energy Savings Through Public-Private Partnerships Act would set goals to enter into no-cost energy savings performance contracts and utility energy savings contracts worth $5 billion in savings.
More on Fiscal Responsibility
U.S. Congressman Brad Schneider (IL-10), a member of the House Small Business Committee, released the following statement on the budget proposal introduced today by Budget Committee Chairman Paul Ryan (WI-01).
“Budgets are about priorities, and this budget simply flies in the face of our core values—it hurts our middle class, our students and our seniors.
“Instead of moving our country forward and focusing on ways to grow the economy, this budget guts education funding, ends the Medicare guarantee and puts the burden on those who can afford it the least.
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.