Hoyer Remarks at Appropriations Press Conference on Republicans’ Default on America Bill

WASHINGTON, DC – Tonight, Congressman Steny H. Hoyer (MD-05), Ranking Member on the Financial Services and General Government Subcommittee, joined Committee Ranking Member Rosa DeLauro and other subcommittee Ranking Members to discuss Republicans’ Default on America Act and the harmful impact of these cuts on the American people. Below is a transcript of his remarks:

“Thank you very much. I am glad and proud to succeed Mr. Quigley to the Ranking Member [role]. He was Chairman. I am just the Ranking Member. Default is not an option. [Speaker] McCarthy said that on Wall Street last week – this bill is apparently about thinking there are options.

“If we don’t do something, they are going to do something equally, perhaps not equally, damaging to America and, more importantly, to Americans. Now, the Financial Services bill is not one of the big spotlights, but it will have a great impact on what they want to do in this bill.

“We have had three debt limit extensions over the last four years. Republicans, except in the first vote, have not had a majority voting for an extension of the debt limit. Which their Speaker says is not an option, default.

“If we did the cuts that the Republicans set forth, and we don’t know what they are because in this bill they just have a gross 302a number, they don't separate it into defense and non-defense, but we know that they have said that defense is going to be more, which means domestic non-defense discretionary will be lost. And in the process in this bill, and in the bill they are proposing as they suggest, in the Treasury-Postal bill they plan to reduce by $80 billion, funding for IRS.

“IRS of course is the bill that funds paying for the deficit and all other spending, defense and non-defense, as well as Social Security, etc. CBO estimates said it would cost $110 billion to cut $80 billion. I don’t agree with that because when I was on the Financial Services Committee, which we called the Treasury-Postal Committee, for years we said that one dollar in enforcement and making sure there is not tax fraud, and making sure those with the most complicated returns are checked to see they are not taking deductions they don’t deserve, and therefore the average guy is paying more and the average gal is paying more. We have talked about 8 to 1 that is 640 billion if you say that dollars spent on enforcement gains you eight dollars.

“Interestingly enough, in Treasury, they cut out money to enforce sanctions on North Korea, on Russia, and Iran. They haven’t said they would cut that specifically, however, but they have said that resources will not be available to enforce those sanctions. The American people don’t want that. And the American people don’t want the richest of us not paying our fair share, so that the middle class, the working men and women of America, have to pay more."

“As I have said at the beginning, the Speaker said default is not an option, so I am not sure what the Republicans are threatening other than 84 Republicans currently serving in the House of Representatives that have never voted to extend the debt limit. For them, obviously, default is an option. We are not going to go there. The Senate is not going to go there. The President is not going to go there. What we need to do is get down and talk reality.”