President Donald Trump and Congressional Republicans’ tax cuts and spending increases will have serious impacts on the U.S. deficit. The national budget deficit will now surpass $1 trillion by 2020, two years earlier than expected according to a new report out by the nonpartisan Congressional Budget Office on Monday.
“Today’s CBO report underscores the reality that the Republicans’ $1.5 trillion tax plan will increase our already large national debt,” wrote Democratic Senator Chris Van Hollen in a statement. “President Trump has given a huge windfall to the very rich and special interests – and put it on the nation’s credit card, asking working Americans to pay the bill.”
Van Hollen also expressed worry that Republicans will use this news to cut into entitlement programs like Social Security. “This week, House Republicans will move forward with their plan to pay for this tax giveaway: A budget procedure that would gut Medicare, Medicaid, Social Security, and investments in our nation’s economy and future growth,” he said.
via Newsweek.
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We have been making this warning for a while now.
Hollow Victory For The GOP Is A Loss For Seniors, Working Americans.
- It is wrong to ask the poor, the working class, and elderly to pay for tax breaks for the rich and powerful, which is exactly what the Trump/GOP tax bill will do.
- The tax cuts will explode the federal debt by at least $1.5 trillion, laying the groundwork for an all-out effort to cut Social Security, Medicare, and Medicaid.