Republicans’ ‘Hypocritical’ Balanced Budget Amendment
April 12, 2018
Today, Republicans are considering a balanced budget amendment, which is nothing more than a political ploy and a hypocritical move after Republicans passed a tax bill for the rich and big corporations that the CBO says will add $1.8 trillion to the deficit over the next decade.
Republicans promised their tax cut for the rich and big corporations would pay for itself, but instead, the Trump tax will add $1.8 trillion to the deficit over the next decade.
Associated Press: “The administration had promised the cuts would pay for themselves. Instead, Monday’s report estimates that the GOP tax bill, which is Republican-controlled Washington’s signature accomplishment under Trump, will add $1.8 trillion to the deficit over the coming decade, even after its positive effects on the economy are factored in.”
In total, under Republicans’ leadership, the budget deficit will top $1 trillion in 2020 and the national debt would soar to more than $33 trillion in 2028.
New York Times: “The federal government’s annual budget deficit is set to widen significantly in the next few years, topping $1 trillion in 2020 despite healthy economic growth, according to new projections from the nonpartisan Congressional Budget Office. The national debt, which has topped $21 trillion, is expected to soar to more than $33 trillion in 2028.”
Now, after sending the deficit skyrocketing, Republicans are planning to hypocritically hold a symbolic vote on a balanced budget amendment.
CNBC: “After busting the deficit, the GOP's gestures toward fiscal responsibility ring hollow”
Los Angeles Times Editorial: “Is the GOP's balanced budget amendment cynical, hypocritical or both?”
Reuters: “The Republican-controlled U.S. House of Representatives is expected to vote as early as Thursday on a ‘balanced budget amendment’ that would prohibit federal spending from exceeding federal revenues, but it is seen as a largely symbolic gesture.”
This is nothing more than a political ploy to try and cover up for Republicans’ failed leadership.
The Hill: “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.”
USA Today: “House members are all up for re-election in November. Some Republicans said the best way to win is to hold votes on GOP campaign promises, even if those measures have little chance of becoming law.”