GOP's Balanced Budget Hypocrisy
After exploding the debt by nearly $2 trillion with the GOP tax scam and its massive handouts to big corporations and the wealthiest 1 percent, Republicans are now shamelessly demanding that seniors sacrifice their retirement security to pay for the GOP's fiscal recklessness.
And that's not all. Less than 24 hours ago, the CBO released a report forecasting annual deficits of nearly $1 trillion or more every year President Trump remains in office.
Washington Post: Republicans are reviving all their worst ideas right now. Here's why.
A balanced-budget amendment to the Constitution would require that every year the federal budget would have to be balanced, no matter what: no borrowing, not a dollar more spent than the government receives in taxes. It's one of the worst ideas anyone in Washington ever had, but it's particularly absurd coming from the GOP.
USA TODAY: Federal deficits projected to rise, surpassing $1 trillion in 2020
To assuage conservative anger over the spending bill, House Republicans plan to hold a vote this week on a balanced budget amendment to the Constitution. But that vote is symbolic—it will almost certainly fail to garner the supermajorities needed to send the amendment out to the states for ratification.
The Hill: GOP looks to reduce spending after hearing criticism back home
The House is slated to vote Thursday on a balanced budget amendment to the Constitution, while GOP leaders are in talks with the Trump administration about clawing back some of the funding hikes that were recently adopted in the 2018 omnibus spending bill.
…
Neither idea is likely to go very far in Congress, however, which has some skeptics calling the moves nothing more than a gimmick designed to boost the party's fiscal bona fides ahead of the midterm elections.
Think Progress: Republicans now want to balance the federal budget after passing $1 trillion tax cut
The attempt at a balanced budget amendment is mostly a shiny gimmick meant to gin up support for Republicans as they approach the 2018 midterm elections. The tax bill is largely unpopular with Americans and very few have actually seen any change in their paychecks, contrary to what President Donald Trump and other Republicans promised.
The Daily Beast: The GOP's Latest Big Proposal Is a Gun Pointed at the Head of Our Economy
Republican fiscal strategy has three goals: 1) cut taxes, especially for their wealthy donor base; 2) keep up the charade that they're fiscally responsible; and above all, 3) significantly cut the social insurance programs that comprise the lion's share of the government's mandatory spending: Social Security, Medicare, Medicaid, and SNAP (food stamps).
…
Under a BBA … Social Security and Medicare benefits could not be paid out of their trust funds unless the government accounts are in surplus, a rare occurrence.
Slate: The Balanced-Budget Amendment Is Deeply Stupid
The [balanced budget] amendment would nevertheless require that spending not exceed revenues in any given fiscal year, that spending not exceed 20 percent of gross domestic product, and that three-fifths majorities would be required to raise the debt limit.
…
All in all, a great way to collapse an economy through the unimpeachable logic of, "If families have to tighten their belts when things are tough, so too should the federal government."
Enough is enough. The American people cannot afford Republicans' fiscal hypocrisy and their relentless efforts to enrich the special interests on the backs of working families.
Democrats will continue to fight for real action to create good-paying jobs, reduce the deficit and grow the economy for everyone, with A Better Deal: Better Jobs, Better Wages, Better Future.