WHERE I STAND Access to a Quality Education Access to Quality Healthcare Protecting Our Children From Gun Violence Fiscal Responsibility Protecting Social Security and Medicare Campaign Finance Reform Women's Issues Preserving Open Space and Our Natural Resources

Fiscal Responsibility

“To me the debate over what to do with the budget surplus is simple.  If you ask any working family in Central New Jersey what they do when they have some extra money at the end of the month, they’ll tell you that they pay off their bills.  It’s common sense.  We must use the surplus to ensure the long-term solvency of Social Security, pay off the national debt, and make targeted investments in health care and education.  With what’s left, we can offer targeted tax relief for working families who really need it.”
                                       - Maryanne Connelly

Pay Down the National Debt.
The current policy of fiscal restraint has reduced the publicly held debt by nearly $300 billion.  That, in turn, has reduced the burden of federal borrowing on the financial markets, helped keep interest rates down, and boosted investment and productivity in the market.  As a Member of Congress, Maryanne Connelly will support a portion of the budget surplus to pay down the national debt. 

Protect Social Security First.
Projected to become insolvent by 2034, Social Security is the principal source of retirement income for two-thirds of the elderly in this country.  Last year it lifted roughly 15 million senior citizens out of poverty.  In fact, the poverty rate for senior citizens was 10.5 percent in 1998 – the lowest on record..  Maryanne Connelly will make sure that the budget surplus is used to strengthen Social Security, not give a tax break to the super wealthy.

Strengthen Medicare’s Financing.
Just like Social Security, the Medicare program will be dramatically affected by the retirement of the baby boom generation.  The elderly population is expected to double from almost 40 million today to 80 million over the next thirty years.  Maryanne Connelly will work to save a portion of the non-Social Security surplus for strengthening the financing of Medicare and ensuring its long-term viability.

Provide Targeted Tax Relief.
After using the surplus to protect Social Security and Medicare and pay down the debt, it will still be possible to offer common sense, targeted tax relief.  Maryanne Connelly supports providing tax relief that benefits working families and allows the new economy the freedom to grow.  Specifically, as a Member of Congress, Maryanne Connelly will support a tax credit for college tuition and fees for families paying to send their children to college, a tax credit for small businesses who offer health care and child care to their employees, and expanding the earned income tax credit for low-income families.  Maryanne also supports ending the marriage penalty and death tax.