Budget and Economy
Overview
The biggest crisis our nation faces is our fiscal future, and we must act soon to start solving these problems.
As you know, I’ve spent decades talking about these issues. In fact, I've been called everything from “A Budget Cassandra” to a Fiscal Hero to “Mr. Fiscal Responsibility” and “Dr. Doom” because I am such a fierce advocate for balanced and honest federal budgeting. I've served on the Budget and the Oversight and Government Reform Committees and used my position in the fiscally responsible Blue Dog Coalition to advocate for making the hard choices that lead to balanced budgets: cutting spending, closing tax loopholes and being upfront with taxpayers about how the federal government spends their money.
I was one of the first Members to reject earmarks. I've also supported a balanced budget amendment, voted for across-the-board spending cuts and worked to reinstate "pay-as-you-go" rules into law. I've introduced bipartisan bills to eliminate wasteful spending and prevent agencies from duplicating programs that already exist. The main ideas behind my No Budget, No Pay Act, which would stop paying Congress if it fails to pass our budget and spending bills on time, became the law of the land in early 2013. I also have a bill to stop congressional pay if we default.
I will also continue to push for a replacement for sequestration. These are thoughtless cuts, not surgical ones, and only go into effect because Congress failed to pass a comprehensive debt reduction plan. Sequestration was designed by Congress to force action on reducing our national debt. It was never intended as good fiscal policy. So far, only one bipartisan and balanced budget has been introduced in Congress that's big enough to address our problems – theSimpson-Bowles budget alternative that I introduced in 2012. Although it didn't win the support of the majority in Congress, it was praised by budget experts and newspapers all over the country as a serious effort that would actually work.
We need citizens, business leaders and elected officials to work together to protect the future of our nation. From debt ceiling debates to fiscal cliffs, I believe delay is never an option. Every day we wait adds $8 billion to our debt, delays the creation of millions of private-sector jobs and risks additional downgrades of our credit rating. The U.S. already lost its AAA credit rating in 2011 due to congressional mismanagement, creating upward pressure on interest rates. Tragically, Congress has become a risk factor.
Links & Additional Information
Fiscal Five Minutes by the Peterson Foundation
What is the Debt Ceiling?
Congressional Budget Office (CBO)
House Budget Committee
Financial Report of the United States from the Department of the Treasury
Current U.S. Debt
The White House Office of Management and Budget (OMB)
Government Accountability Office (GAO)
Calculate Your Tax Receipt
More on Budget and Economy
WASHINGTON – U.S. Rep. Jim Cooper (TN-05) announced that he is cosponsoring the Bicameral Congressional Trade Authority Act of 2019, which was introduced this week.
WASHINGTON – U.S. Rep. Jim Cooper (TN-05) issued the following statement on Trump’s address about his proposed border wall.
WASHINGTON – U.S. Rep. Jim Cooper (TN-05) reintroduced bipartisan legislation that would stop congressional pay if Congress fails to pass its spending bills on time.
The No Budget, No Pay Act, introduced with Reps. Stephanie Murphy (D-FL) and Vern Buchanan (R-FL), would prevent House and Senate members from receiving their salary if they miss annual deadlines for budget and appropriations bills, and would not be paid retroactively.
WASHINGTON – U.S. Rep. Jim Cooper (TN-05) and U.S. Rep. Mark Sanford (SC-01) today introduced the Promoting Responsible and Free Trade Act, a bipartisan bill that would give Congress a stronger role in implementing trade policy and scrutinizing unnecessary tariffs.
WASHINGTON – Weeks after fighting for such an outcome, U.S. Rep. Jim Cooper (TN-05) celebrated the end of President Trump’s Commerce Department tariff on a chief component of newsprint, heralding a big win for local and national media organizations that rely on the printed page.
"This is an awesome week for American journalism,” Rep. Cooper said. “Newspapers are important defenders of democracy. Thank goodness the threat of newspaper tariffs is over.”
“Tariff” is an ugly word. It’s not a cuss word or an insult, but it’s a government word, used mainly in capitols and legislatures.
If someone “puts a tariff on you,” it sounds like a hex. Fortunately, only presidents or Congress can impose tariffs. Think of tariffs as Washington voodoo.
A tariff is not a hex but a tax — or series of taxes — on what other nations try to sell to us. Politicians are not brave enough to call them tax hikes, but they are.
WASHINGTON – Testifying to the U.S. International Trade Commission this morning, U.S. Rep. Jim Cooper (TN-05) denounced the Commerce Department’s tariff on a chief component of newsprint, citing the immense financial burden for local and national media organizations that rely on the printed page.
“The damage this tariff will do to the newspaper and printing industries will be catastrophic,” Rep. Cooper said in remarks submitted for the record. “Less news will lead to an increasingly distant and ill-informed American citizen.”
WASHINGTON – U.S. Rep. Jim Cooper (TN-05) today issued the following statement:
“This bill is fiscal lunacy. In less than two months, $4 trillion has been added to our debt and $1 trillion deficits are guaranteed for the foreseeable future,” Rep. Cooper said. “President Trump bankrupted several companies already; now he’s trying to bankrupt America. There are responsible ways to fund the government. This definitely was not one of them.”
EFFECTS OF A GOVERNMENT SHUTDOWN
A list of government agencies and how you might be affected during a shutdown.