The GOP’s MAGA Economic Agenda: Increase the Federal Deficit by $3 Trillion and Bail Out Wealthiest and Special Interests
February 15, 2023
Republicans talk a big game about cutting the deficit but the truth is that the MAGA Republican majority’s extreme economic proposals could blow a combined $3 trillion hole in the national deficit to give wild tax giveaways to the wealthiest one percent and special interests.
The very first bill Republicans brought to the floor would make it easier for billionaires and corporations to cheat out of paying their fair share.
Center on Budget and Policy Priorities: “House GOP’s First Bill: A Misleading Gambit to Protect Interests of Wealthy Tax Cheats”
Committee for a Responsible Federal Budget: “IRS Funding Repeal Could Cost Over $100 Billion, Encourage Tax Cheating”
House Republicans have introduced a bill that seeks to repeal President Biden and Democrats’ law to lower prescription drug costs for seniors and the amount Medicare pays to Big Pharma.
American Independent: “H.R. 812, known officially as ‘To repeal the Inflation Reduction Act of 2022,’ was introduced on Feb. 3 by Rep. Andrew Ogles (R-TN). The legislation has 22 co-sponsors, all Republicans, including Reps. Matt Gaetz (FL), George Santos (NY), Andy Biggs (AZ), Chip Roy (TX), Byron Donalds (FL), and Harriet Hageman (WY).”
MAGA Republicans have proposed extending Trump’s tax giveaways to the wealthy and corporations, which exploded the deficit.
Washington Post: “GOP wants to push to extend Trump tax cuts after midterm elections”
Committee for a Responsible Federal Budget: “CBO Estimates TCJA Extensions Could Cost Up to $2.7 Trillion”
MAGA Republicans’ proposals, which when combined could amount to a $3 trillion increase to the debt, come as they continue to threaten cuts to Social Security and Medicare.
Washington Post: “In recent days, a group of GOP lawmakers has called for the creation of special panels that might recommend changes to Social Security and Medicare, which face genuine solvency issues that could result in benefit cuts within the next decade. Others in the party have resurfaced more detailed plans to cut costs, including by raising the Social Security retirement age to 70, targeting younger Americans who have yet to obtain federal benefits.”
Insider: “Republicans’ plans to slash Social Security and Medicare are becoming clearer: ‘We have no choice but to make hard decisions’”