New Democrat Coalition: Time to Put Partisanship Aside, Avoid Self-Inflicted Economic Crisis
The pro-growth, fiscally-responsible New Democrat Coalition sent a unified message to their colleagues today: quit the partisan bickering and find a way to put the nation’s finances in order before the federal government shuts down and the debt limit is breached.
New Dems Working for Real Fiscal Solutions:
“We risk becoming a deadbeat nation that doesn’t fulfill its obligations.” – New Democrat Coalition Chairman Rep. Ron Kind (WI-03)
“Congress must do more than just keep the lights on, but we should at least be able to do that. We have 10 days before the government runs out of money.” – New Democrat Coalition Vice-Chairman Rep. Rick Larsen (WA-02)
“I am hopeful that over the next few months, we will have the opportunity to seriously debate our nation’s fiscal and economic policies to invest in infrastructure repair projects that will create jobs while making our roads safer, an education system that prepares the next generation of innovators and leaders, and job training programs that will help get people back to work.” – New Democrat Coalition Vice-Chairman Rep. Jim Himes (CT-04)
“It is shameful that a year that began on solid bipartisan ground with lawmakers putting ideology aside… and agreeing to pay our debts is wrapping up in a partisan quagmire.” – New Democrat Rep. Joaquin Castro (TX-20)
“I have said it once and I will say it a million times, Congress must pass a long-term debt and deficit reduction package that strengthens our entitlement programs and overhauls our tax system in order to put some revenue on the table, create certainty in the markets, encourage investments in the United States and get our economy booming again.” – New Democrat Rep. Kurt Schrader (OR-05)
“I used to be very proud of this institution. I used to be able to go through my community and…know what it was like to be proud to be a Member of Congress…We know what the government can do. This bill doesn’t allow the government to do what it can to improve the lives of our people.”- New Democrat Rep. Jim Moran (VA-08)
“Instead of continuing to play political games with the American people’s future, it is time that Congress got back to work on a long-term budget solution that finds targeted, mission-driven cuts and leads toward a path of debt reduction.” – New Democrat Rep. Scott Peters (CA-52)
“We can and should work together on a solutions-oriented and balanced approach to reduce our deficit and promote innovation and job growth here in America.” – New Democrat Rep. Ed Perlmutter (CO-07)
“Government works best when both sides come together to produce legislation that is supported by the middle – but unfortunately the process has been hijacked…” – New Democrat Rep. Bill Foster (IL-11)
“Instead of a divisive bill that threatens a government shutdown, House leaders should have let us vote on a long-term budget to create jobs and grow our economy.” – New Democrat Rep. Suzan DelBene (WA-01)
“As someone who spent the last ten years working in economic development I know that the main things employers want from government are trust and predictability…Congress is on the cusp of fracturing both.” – New Democrat Rep. Derek Kilmer (WA-06)
“We don’t have time for more pointless political games and theater.” – New Democrat Rep. Annie Kuster (NH-02)
“Threatening a government shutdown threatens our nation’s economic stability and we simply cannot afford another manufactured crisis. I hope that members of both parties can sit down, find common ground and keep the government working for every American.” – New Democrat Rep. Loretta Sanchez (CA-46)
“I remain committed to working with my colleagues and constituents to resolve these devastating cuts and find long-term solutions to our fiscal issues.” – New Democrat Rep. Adam Smith (WA-09)
“I voted against this bill because it is a collection of bad ideas that pursue partisan goals instead of the policies that serve the people we represent,” – New Democrat Rep. Colleen Hanabusa (HI-01)
“The Senate will strip this dreadful provision from the resolution and then we will have a chance to vote for a budget that allows us to govern responsibly, not to end government.” – New Democrat Rep. Eliot Engel (NY-16)
An analysis of the nonpartisan think tank Third Way shows what’s at stake in the fiscal impasse between Republicans and Democrats in Congress. The analysis notes that failure to act would “…crash the recovery on the runway by playing chicken with our debt ceiling and threatening a government shutdown.”
Why We Can’t Kill the Recovery with Shutdown or Default:
American jobs and salaries are in the best shape they’ve been since 2008.
· While we still have much to do to put Americans back to work, at 7.3%, the unemployment rate in August 2013 was the lowest since December 2008. [Bureau of Labor and Statistics]
· 136.1 million Americans were employed by private, nonfarm institutions in August 2013, the highest level of employment since September 2008 [Bureau of Labor and Statistics]
· Fewer American workers were taking part-time employment due to cutbacks or the inability to find a full-time job than any time in November 2008 [Bureau of Labor and Statistics]
Economic growth and manufacturing are expanding.
· America is in the longest sustained period of economic growth since 2008 – nine consecutive quarters of GDP growth. [Department of Commerce]
· 1.5 million vehicles were sold in August 2013, the highest number of monthly sales since May 2007 and one of the highest levels on record. [Wall Street Journal, 9/4/13]
· At $703.1 billion in new orders of durable goods, the growth of product sales is the highest it’s been since 2008. [Department of Commerce; Bureau of Labor and Statistics]
Housing and homeownership are healthier than at any time during the recession.
· Construction began on 5.5 million new homes in the first half of 2013, the highest number of starts for a six-month period since the first half of 2008. [Census Bureau]
· 55,775 foreclosures were initiated in August, 2013 – the lowest number since December 2005. [RealtyTrac, 9/10/13]
· The S&P/Case-Shiller U.S. National Home Price Index is at its highest since the third quarter of 2008. [S&P Dow Jones Indices]
Consumer and business confidence is back.
· The second quarter of 2013 saw the highest consumer sentiment of 81.7 since the third quarter of 2007. [Thomson Reuters & University of Michigan Surveys of Consumers]
Markets have recovered.
· The S&P closed at 1,689.1 on September 11, 2013, 1.2% below the all-time high of 1,709.7 on August 2 and 149.7% higher than the recession low of 676.5 on March 9, 2009. [Third Way Summary of Market Data]
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