A Return to Fiscal Responsibility and Accountability

This afternoon, the House passed S.Con.Res. 21, the Fiscal Year 2008 Budget - a return to fiscal responsibility and accountability after six years of Republican fiscal mismanagement that turned record surpluses into deficits and ignored critical priorities. For two out of the last three years, the Republican controlled Congress failed to reach agreement on a budget resolution, leading to unparalleled deficit spending. This budget restores fiscal responsibility, helps middle class families, and fixes harmful Republican cuts to key programs.

The budget balances the budget by 2012, provides funding for 9/11 Commission recommendations, and increases funding for children and veterans' health care services. It also accommodates additional tax relief for middle-income families, providing essential protection for the estimated 20 million middle class taxpayers from the unexpected and massive tax increase the Bush Administration has failed to fix, through the Alternative Minimum Tax. The budget also increases funding for Head Start, LIHEAP, and other vital programs, and it provides funding to assist in rebuilding the Gulf Coast communities ravaged by Hurricane Katrina. In addition, the budget strengthens our military readiness and invests in our troops and veterans, spurs innovation education to boost our economy, provides health care for millions more uninsured children--as requested by Democratic and Republican governors across the country, and expands investments in renewable energy and energy efficiency to reduce global warming and our dangerous dependence on foreign oil. For more details on the budget, read an overview from the House Budget Committee.

Compare the Democratic budget with the President's Budget: