Pascrell Opening Statement at Oversight Subcommittee Hearing

(As prepared for delivery)

I want to make sure that my colleagues have not developed collective amnesia over how we ran up the deficit. 

So let me start with a history lesson. 

President Clinton left office in 2001 running our last budget surplus. Then came two decades of GOP tax cuts for the wealthy which blew holes in our budget big enough for Godzilla to waltz through. 

Without the Bush tax cuts and the Trump tax cuts, revenues today would be on track to keep up with spending indefinitely and the debt ratio would be declining. 

Let us be clear about the greatest danger to our nation’s economic health: House Republican threats to block America from paying its bills. 

We have seen devastating consequences every time the other side has threatened default: lowered credit ratings, skyrocketing borrowing costs, crippled job growth, and tumbling consumer confidence. 

Fitch downgraded America’s credit rating to AA+ in August. And last month, Moody’s moved America’s ratings from stable to negative. Both changes were directly caused by GOP default threats! 

Over and over, we have seen our economy held hostage over a budget shortfall the other side caused in the first place!

During the latest episode, the ransom demands included defunding the IRS to shield wealthy tax cheats. This is funding Democrats passed to close the tax gap and reduce the deficit! 

After we narrowly averted a catastrophic default, House Republicans shamelessly returned to the single issue that unites their party: tax cuts for the rich. 

Fully extending the GOP Tax Scam would add another $3.5 Trillion to the deficit. The hypocrisy is bigger than Mount Everest. 

Rather than continuing to push extreme proposals, we need the House to start governing. I know Democrats stand at the ready. But I am not holding my breath. 

Thank you, and I yield back.