Norman D. Dicks: “While the Democratic Caucus in the House remains committed to fiscal responsibility, we have two major concerns at this…”

“While the Democratic Caucus in the House remains committed to fiscal responsibility, we have two major concerns at this point that should be stated as we consider this resolution at the outset of the 112th Congress. First, we must recognize that the highest priority at this point is to get our economy moving again, supporting initiatives that help create jobs and that continue to bring us out of the recession. Our economy is still fragile, and although unemployment is heading downward, it remains too high. In this regard, I believe we must be concerned about a precipitous and substantial drop in spending if it is going to result in increasing unemployment and increasing the deficit. It is going to have exactly the opposite effect of what is intended on the Republican side. It would truly be counterproductive if we added to the ranks of the unemployed workers in America, reducing revenues coming into the Treasury and requiring additional expenditures for unemployment insurance and welfare. And second, the resolution we are considering today specifically exempts defense--the largest element of our Federal budget--from any reductions.”