Time For Congress To Do The Right Thing
McGovern
The election is behind us, Congress is returning to work in Washington, and we're facing one of the most important economic debates in recent memory.
If Congress and President Obama cannot reach agreement on spending and taxes before the end of the year, our country would face an automatic “fiscal cliff,” a devastating combination of spending cuts and tax increases that would weaken businesses and jeopardize working families.
Going over this cliff — an artificially created crisis — would be bad for our country and for Central Massachusetts.
What our regional and national economies demand is certainty for our small businesses and working families, certainty to drive job growth, and ensuring our middle class can expand.
We don't get certainty by teetering at the edge of a fiscal cliff that would slash job-growth programs, raise taxes on the middle class, reduce federal investment, and lead to destabilized credit markets.
Inaction simply isn't an option for Congress. Too many businesses and working families would be drastically impacted if we do nothing; our Central Massachusetts economy can't afford those consequences.
According to the nonpartisan Tax Policy Center, the average middle-income family would have to pay an average of $2,000 more next year should we not find a deal. That's money they would otherwise spend at Central Massachusetts businesses, and would mean fewer take-home dollars for employees at every local company.
Our business community also faces a dire situation without a deal. As every owner of any size company knows, the most important need is stability in order to make long-term strategic decisions. This cliff would result in an uncertain world in which companies would be forced to draw back on growth plans.
In particular, our biotech industry, colleges, and hospitals would face major cuts in critical federal funding. Massachusetts could lose $3.1 billion in research and development money over the next five years from the National Institutes of Health (NIH) and National Science Foundation without a deal. The current 3rd Congressional District is poised to lose $172 million in NIH grants alone.
Our local economy is poised for great things, with more than a decade of efficient, high-impact investment in infrastructure, industry, and housing. Losing the opportunity to expand on public-private partnerships like CitySquare or Gateway Park would be a huge blow.
We can find a solution. But to get there, the extreme right wing of the Republican Party must not hijack the process once again. There are Republicans who want to compromise in good faith to avoid a crisis; we can't let their voices be muted by Tea Party leaders who would rather see no government than effective government.
The election is over. The time for campaigning has passed. The time for governing is here. I believe this Congress can find a solution and avoid the fiscal cliff without eviscerating the social safety net or killing vital infrastructure investments. Ninety-seven percent of small businesses and 98 percent of families deserve an extension of their tax break. That shouldn't be held hostage in the name of preserving extensive breaks for the wealthiest 2 percent.
(James P. McGovern represents Massachusetts' 3rd Congressional District, which includes much
of Greater Worcester.)
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