Washington, D.C. – Today Congresswoman Cheri Bustos (D-IL) voted against the Republicans’ so-called “Balanced Budget Amendment.” While the title of this sounds like a great idea, if the amendment had passed, it would have require massive cuts to Social Security and Medicare to offset the Republican’s recently passed tax law. Recently, the non-partisan Congressional Budget Office (CBO) highlighted that the Republicans have set us on a course toward permanent $1 trillion annual deficits as a result of the new tax law – which gives 83 percent of its benefits to the top 1 percent and corporate special interests.
“After passing a highly partisan tax bill that rigs the economy for the rich, Speaker Ryan ushered in an era of permanent $1 trillion annual deficits, so it’s beyond laughable that Washington Republicans are suddenly concerned with the deficit. Speaker Ryan’s agenda has always been a three-step process that starts with giving windfall tax breaks to billionaires, creates a debt crisis and ultimately leads to gutting Medicare and Social Security. Today’s highly partisan vote by the Republican Majority makes it crystal clear that they intend to undermine the retirement security of millions and stick our next generation with the bill for their irresponsible tax giveaway to the ultra-wealthy. Instead, they should join us in repealing and replacing their tax scam with a permanent tax break for hardworking Americans while ensuring a secure retirement for our seniors and taking real steps to reduce the national debt.”