Recently, the Congressional Republican Agenda has come under scrutiny for proposing policies that would increase the US national debt by over $3 trillion. Despite their claims to reduce the debt, their legislative agenda, which includes repealing reforms signed by President Biden, tax cuts for large corporations and the wealthy, and eliminating tax surcharges, all seem to indicate otherwise. As a middle-class or US citizen, understanding the potential consequences of these policies is crucial. In this blog post, we will explore ten key takeaways from the above information, providing layman’s terms to help you understand the implications of these actions.
- Congressional Republicans’ policies would increase the national debt by over $3 trillion, which would be a significant burden on the US economy for years to come.
- The Tax Cheats Protection Act, the first bill passed by the new Republican House majority, would increase the national debt by $114 billion by allowing wealthy people and corporations to continue cheating on their taxes.
- Repealing the reforms signed by President Biden to lower prescription drug costs would increase the amount of money Medicare pays Big Pharma, raise costs for seniors, and add $159 billion to the national debt.
- House Republicans have proposed repealing tax increases on large corporations that President Biden has signed into law, adding $296 billion to the national debt.
- House Republican leaders have committed to extending the expiring Trump tax cuts, a $2.7 trillion debt increase that would give the top 0.1% a $175,000 annual tax cut, over 2.5 times a typical family’s annual income.
- The trickle-down economic theory has never worked. President Trump and President Bush’s tax cuts added trillions to the national debt and failed to deliver their promised benefits for the economy or American workers.
- Taking revenues off the table means Congressional Republicans consistently propose deep cuts to programs that seniors, middle-class and working families count on.
- The American people deserve to see Congressional Republicans’ full and detailed budget plan and compare it with the President’s budget plan to invest in America, bring down costs for families, protect and strengthen Social Security and Medicare, and reduce the deficit.
- Congressional Republicans’ policies would add over $3 trillion to the national debt after a decade, increasing debt as a share of the economy by almost 10 percentage points.
- If enacted, the policies proposed by Congressional Republicans would enrich multi-billion-dollar corporations that don’t pay their fair share, driving up the national debt and costing American taxpayers billions.
The Congressional Republican Agenda to increase the national debt by over $3 trillion could have long-lasting and damaging consequences for the US economy. As a middle-class or US citizen, it’s important to understand the implications of these policies and demand more transparency from our elected officials. By holding our representatives accountable and advocating for policies that invest in America and protect our most vulnerable citizens, we can work towards a brighter and more sustainable future.
Source: White House Release