Hoyer: CBO Analysis Shows Republican Tax Law is Even Worse for Deficits
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Press Release
For Immediate Release:
May 25, 2018
Contact Info:
Mariel Saez 202-225-3130
WASHINGTON, DC – House Democratic Whip Steny H. Hoyer (MD) released the following statement today on the Congressional Budget Office's (CBO) analysis of the President's FY2019 budget proposal:
“Yesterday’s analysis of the President’s Budget by the nonpartisan Congressional Budget Office (CBO) provides additional evidence that the Republican tax law will neither provide the massive economic growth its authors promised nor lift wages for working people. Indeed, the CBO’s findings are deeply alarming because they show deficits continuing to skyrocket as a result of Republican tax and fiscal policies. Deficits are projected to reach $9.5 trillion over the next ten years, according to the CBO, $2.3 trillion more than the Trump Administration claimed in its budget outlook.
“At some point, the American people are going to have to look at the President and their Congress and ask: are unprecedented tax giveaways to the largest corporations and the wealthiest individuals worth the massive new deficits and debt our nation will incur as a result? When will Congress get serious about fiscal sustainability? This document shows that, taken together, all of the President’s fiscal policies will only make it harder for our country to invest in those who form the backbone of our economy: middle class workers and the families their incomes support.”
“Yesterday’s analysis of the President’s Budget by the nonpartisan Congressional Budget Office (CBO) provides additional evidence that the Republican tax law will neither provide the massive economic growth its authors promised nor lift wages for working people. Indeed, the CBO’s findings are deeply alarming because they show deficits continuing to skyrocket as a result of Republican tax and fiscal policies. Deficits are projected to reach $9.5 trillion over the next ten years, according to the CBO, $2.3 trillion more than the Trump Administration claimed in its budget outlook.
“At some point, the American people are going to have to look at the President and their Congress and ask: are unprecedented tax giveaways to the largest corporations and the wealthiest individuals worth the massive new deficits and debt our nation will incur as a result? When will Congress get serious about fiscal sustainability? This document shows that, taken together, all of the President’s fiscal policies will only make it harder for our country to invest in those who form the backbone of our economy: middle class workers and the families their incomes support.”