WASHINGTON – Senate Republicans rejected a budget amendment today from U.S. Senator Ben Cardin (D-Md.) that would have stopped them from exploding the deficit in order to provide tax cuts for the wealthiest Americans. Senator Cardin’s amendment (#1375) raised a point of order against any legislation that includes tax cuts that would cause or increase a deficit or reduce a surplus.
“I am amazed that self-proclaimed fiscal conservatives think it is acceptable to increase America’s deficit by $1.5 trillion dollars to finance tax cuts for the wealthiest Americans. Historical precedent shows very clearly that tax cuts for the 1 percent will not magically grow our economy or pay for themselves – no matter how many times the President or Secretary Mnuchin says they will. It is utterly irresponsible and counterproductive to enact tax cuts that are not paid for. Increasing federal debt to finance tax cuts could drive up private interest rates. Businesses would have to spend more to invest. Middle-income households would pay more to borrow for a new house or a car. Deficit-financed tax cuts also foster an environment where critical programs like Social Security and Medicare are endangered in the future,” said Cardin, a member of the tax-writing Senate Finance Committee.
“I regret that Senate Republicans failed to support a measure that would protect American’s fiscal health and our economy. We need to be fiscally responsible. Any tax reform plan will have a profound impact on our economy, our country and every individual, family and business. This Republican budget is anything but responsible.”