CBO Analysis Confirms Republican Plan to Betray Middle-Class Americans Will Explode the Deficit

PHILADELPHIA, PA  —  Congressman Brendan F. Boyle, Ranking Member of the House Budget Committee, released the following statement in response to a new Congressional Budget Office (CBO) analysis showing that Republican plans for massive tax giveaways to large corporations and the ultra-rich would send the debt to record levels. The analysis also showed that if interest rates are higher than expected, Republican plans would drive the debt to over 250 percent of GDP by 2054.

"Republicans asked for a nonpartisan review of their plan to shower the ultra-rich with tax giveaways. Well, they got it — and it’s not pretty. CBO confirms their budget would explode the debt to fund massive handouts for big corporations and billionaire donors, driving the national debt 47 percentage points higher as a share of GDP.

Faced with the inconvenient truth that giveaways to the ultra-rich don’t pay for themselves, House Republicans now want to rig the rules instead of face reality.  They’re trying to manipulate CBO’s cost estimates to hide the true price tag of their budget. Their logic? Because their tax breaks for billionaires are already blowing up the deficit, extending them somehow costs nothing. That’s like saying since I bought a cheesesteak on Thursday, going back for another on Friday somehow costs nothing. It’s nonsense. It’s laughable. And it’s bullshit.

The Republican budget is a shameless betrayal of the middle class. While Elon Musk cashes in, working families would get hit with the largest Medicaid cuts in American history. The playbook couldn’t be clearer: explode the debt with handouts to the ultra-rich, then turn around and use that debt as an excuse to slash health care, gut education, and go after Social Security and Medicare. House Democrats won’t let it happen — we’re going to fight like hell to protect working Americans."

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