Boyle Opening Statement at Hearing on "Examining the Need for a Fiscal Commission"
WASHINGTON, DC —Today, Pennsylvania Congressman Brendan F. Boyle, Ranking Member of the House Budget Committee, delivered opening remarks at a Budget Committee hearingon "Examining the Need for a Fiscal Commission."
Ranking Member Boyle's remarks as delivered:
Well, thank you, Mr. Chairman, and I'm just on a personal level, very excited to welcome you back, Chairman Yarmuth. Chairman Yarmuth served as chairman of this committee and in Congress with great distinction and also is just a wonderful friend and someone who really was a role model for me.
And thank you my friend, I would not be in this where I am, wherever that is, I would not be here without you. So it's great to have you back. And to Steve, one of my really good friends on the other side of the aisle, it's also great to have you in, in this position as well. Your approach, let me just say this and I hope I don't get you in trouble.
You are one of the most well-respected members in the House. And that's on both sides. And at a time like this, we need it more than ever. So thank you for just being who you are and doing what you do. And to the two former senators, while I haven't had the opportunity to work with you before, you both enjoy great reputations. And I know that was well earned.
Really interested to hear from all four of you today in terms of what you thought worked well on the respective commissions on which you served. And then also, ultimately, what didn't work about them. I appreciate, and I know Jodey, my chairman, is sincere in his belief that a commission is the answer.
That is not my position, and while I'm attempting to keep an open mind about it, I'm more than a little bit skeptical that a commission would work, just frankly, given the past history of the last dozen years. I also think that whether it's a commission or a straight up vote in Congress, what we're really avoiding is the ultimate decision.
That's the ballgame. And not the process by which we get to resolve that ultimate question. We look, whether you take the date that CBO uses or the date that the Social Security trustees use, either 2033 or 2034, we cross the Rubicon when it comes to Social Security and, and go over in terms of insolvency, fall below being able to pay 75 percent of benefits. And before that date, we reach it on at least one of the Medicare trust funds as well. So, we have some time, but not a lot of time. Ultimately, though, that big question is going to be, do we raise revenues for Social Security and Medicare, or do we cut benefits?
I come down very clearly on the side of raising revenues. I don't make a secret about that, and I practice what I preach. I am the author on the House side, with Sheldon Whitehouse on the Senate side, of a bill that would raise enough revenues to Social Security, and the Joint Committee on Taxation has verified this, that would extend the life of the trust fund through the year 2100.
And I want to share just some data, remarkable poll data, that came back. This is from Navigator, June of 2023. This poll asked the American people, or those polled, which approach do you prefer, raising taxes on rich and large corporations, including closing tax loopholes, and using that extra money to pay our bills, or cutting programs like Social Security and Medicare, and using that money to pay our bills.
The results were 82 percent to 7 percent. I have never seen polling results like that. 82 percent opting for raising taxes on rich and large corporations, 7 percent cutting programs like Social Security and Medicare. So whether we talk about a commission or not a commission, ultimately we know that there's a choice that's going to have to be made.
And at the end of the day, it's going to be members of Congress, elected officials who will be voting on what that plan looks like. I will say on the positive about a commission, the 2018 commission on which you served, Mr. Chair, and on which you served Chairman Yarmuth, there were some specific, and we've already launched a bipartisan look, at budget reforms that could happen that would improve the process.
Some of these passed out of a Senate committee didn't ultimately become law. I'm really interested in following up on the work that you guys did because I think there are some things there that we could turn into law and make permanently part of the process. So I'm especially interested in hearing about 2018.
It wasn't so much a debt commission per se. It was more about budget process and I think we have a real opportunity in this Congress and we've talked about this before, to make that law. And we have support from at least three quarters of the respective chairs and ranking members. But with that, welcome and welcome back, and I yield to the chair.
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