Chairman Patty Murray (D-WA) and the Senate Budget Committee held a hearing on President Obama’s Fiscal Year 2014 Budget and Revenue proposals. At this hearing, Treasury Secretary Jacob Lew testified on the President’s proposal and its approach to reducing the deficit through responsible spending cuts as well as raising new revenue from those who can afford it most by closing loopholes and ending wasteful deductions—which is also the approach taken in the Senate Budget.
Secretary Jacob Lew testified on the revenue proposals in the President’s Fiscal Year 2014 Budget, “The proposals in the Budget are targeted at growth and opportunity – cutting where we can and investing where we will see the strongest return, both now and into the future. Specifically, the Budget calls for increased investment in innovation and infrastructure to make the United States a more attractive place for job creation. It introduces initiatives to bolster education and worker training so Americans have the necessary skills to compete in a global economy. And it puts forward policies that are designed to give all Americans the opportunity to share in the benefits of economic growth. These measures will help grow and strengthen the middle class, which has been the key engine of prosperity in the United States. Additionally, they are fully paid for, so they will not add to the deficit.”
Secretary Lew’s full testimony can be found here.
Key Excerpts from Murray’s opening statement:
“At a time when we are looking for savings everywhere to address our debt and deficit, finding ways to both make our tax code fairer and help reduce our deficit just makes sense. And addressing tax earmarks for special interests, like tax subsidies for the fossil fuel industry and the special tax rates applicable to hedge fund managers’ income, should be at the top of our list. We should also address the tens of billions of dollars lost each year to offshore tax abuse. And the nearly $400 billion the IRS has told us we lose each year to the tax gap.”
“The Senate has passed our budget, the House passed their budget, and the President weighed in with a bipartisan path forward, and now we need to do everything we can to get to a balanced and fair agreement. And an essential part of any agreement will be asking the wealthiest Americans and biggest corporations to pay their fair share.”
“This process, which I would think my Republican colleagues would want to begin as soon as possible, will require tough choices on both sides. Democrats have consistently shown we are willing to do so. And now it’s on Republicans to join us at the table ready to compromise.”
Read Chairman Murray's Opening Statement HERE.
SecretaryUnited States Department of the Treasury