Following Republican Tax Bill, Budget Projections Fuel GOP Plan to Cut Earned Benefits
Washington, D.C. – Senate Finance Committee Ranking Member Ron Wyden, D-Ore., today issued statements highlighting the consequences of harmful Republican policies on American families’ health care and earned benefits.
“This report puts hard numbers on a fact we’ve known for months: Republicans passed a massive tax giveaway to corporations and wealthy donors, leaving a big hole in the budget they plan to fill by going after Medicare, Medicaid and Social Security,” Wyden said. “The cuts and harmful changes Republicans in Congress want will mean seniors can no longer depend on the guaranteed benefits Medicare, Medicaid and Social Security provide today.”
The Congressional Budget Office projects the federal budget deficit will rise to $804 billion this year following the Republican-passed tax bill that spent over $1.5 trillion on tax changes that overwhelmingly favor multinational corporations and the wealthiest individuals. The report also shows total deficit increases of $1.6 trillion over ten years, refuting the Republican claim that their bill will pay for itself. Since creating this massive deficit, Republican lawmakers have renewed their calls to cut Medicare, Medicaid and Social Security to make up the difference – a huge transfer away from working American taxpayers who have paid into these programs.