Hoyer Statement on Trump’s Trillion Dollar Deficits
For Immediate Release:
January 28, 2020
Contact Info:
Mariel Saez 202-225-3130
WASHINGTON, DC – House Majority Leader Steny H. Hoyer (MD) released the following statement today on the Congressional Budget Office’s (CBO) Budget and Economic Outlook:
"As a result of the 2017 Republican tax scam, in which Republicans gave massive tax cuts to the wealthiest at the expense of everyone else, we are now expecting trillion-dollar deficits for as far as the nonpartisan Congressional Budget Office (CBO) can project. While President Trump and his allies promised that the tax cuts would yield an increase of 6% in GDP, the reality of GDP growth at less than 2.5% shows how ill-conceived these tax cuts were. In return for very little short-term economic growth, our children and grandchildren will have to pay trillions, year after year, in repayment.
"Predictably, Republicans are using these deficits to argue for cuts to critical programs, including Medicare and Social Security. Just last week, the President admitted that he will break his promise to voters not to seek cuts to these programs in order to offset the new deficits he created with his tax scam.
"All Americans ought to be alarmed by the CBO's new projections. I urge the President and Senate Republicans to work with House Democrats to build on our bipartisan budget agreement last year and strive for real action to make our budgets more sustainable and deal with the ill effects of the Republican tax scam."
"As a result of the 2017 Republican tax scam, in which Republicans gave massive tax cuts to the wealthiest at the expense of everyone else, we are now expecting trillion-dollar deficits for as far as the nonpartisan Congressional Budget Office (CBO) can project. While President Trump and his allies promised that the tax cuts would yield an increase of 6% in GDP, the reality of GDP growth at less than 2.5% shows how ill-conceived these tax cuts were. In return for very little short-term economic growth, our children and grandchildren will have to pay trillions, year after year, in repayment.
"Predictably, Republicans are using these deficits to argue for cuts to critical programs, including Medicare and Social Security. Just last week, the President admitted that he will break his promise to voters not to seek cuts to these programs in order to offset the new deficits he created with his tax scam.
"All Americans ought to be alarmed by the CBO's new projections. I urge the President and Senate Republicans to work with House Democrats to build on our bipartisan budget agreement last year and strive for real action to make our budgets more sustainable and deal with the ill effects of the Republican tax scam."