Will Republicans use their leverage to cut Social Security and Medicare?
Jake Johnson reports in Common Dreams that Senator Lindsey Graham is using the Republicans’ leverage in Congress to cut Social Security and Medicare. Only if Democrats agree to these cuts would Republicans agree to raise the federal debt ceiling. Americans pay into Social Security and Medicare throughout their working lives.
Could a constitutional amendment force massive cuts to Social Security and Medicare?
House Republicans are already scheming about what they will do if they regain a majority in the 2022 midterm elections. These plans apparently include a constitutional amendment that could force massive cuts to Social Security, Medicare, and other safety net programs.
Will Lindsey Graham cut Social Security and Medicare benefits?
Alex Lawson, Social Security Works, explains that “Lindsey Graham and his fellow Republicans will stop at nothing to cut the American people’s earned Social Security and Medicare benefits.”
Will Medicare recipients get a premium reduction next year?
Medicare recipients will get a premium reduction — but not until next year. That reflects what Becerra says was an overestimate in costs of covering a costly and controversial new Alzheimer's drug.
How much does the US government spend?
The U.S. government spends more than it takes in, creating a deficit. Cutting this deficit has been a top priority for Republican lawmakers ever since Republicans took control of the House, Senate, and White House, but their attempts to do so have been unsuccessful. Current government spending is $4.407 trillion while its revenue is $3.422 trillion, leaving the U.S. with a growing deficit of $985 billion.
Who is the House Democrat who criticizes the GOP budget?
Opposition from House Democrats has been swift and pointed. Top Budget Committee Democrat, Representative John Yarmuth of Kentucky, was quick to criticize the GOP plan: “The 2019 Republican budget scraps any sense of responsibility to the American people and any obligation to be honest. Its repeal of the Affordable Care Act and extreme cuts to health care, retirement security, anti-poverty programs, education, infrastructure, and other critical investments are real and will inflict serious harm on American families.”
Did the 2017 Tax Cuts and Jobs Act give tax cuts to the wealthy?
There’s no way around it: the Tax Cuts and Jobs Act of 2017 gave massive tax cuts to the wealthy. Although Republicans have been vocal about their intention to decrease government spending and reduce the deficit, these claims ring hollow as their bill will add $1.9 trillion over the next decade.
How much was the Medicare tax cut in 2017?
In a letter to Democratic Whip Steny Hoyer of Maryland, the Congressional Budget Office confirmed that the House's nearly $1.5 trillion tax bill would indeed trigger these cuts, highlighted by a $25 billion annual reduction in Medicare spending, or 4 percent, the highest allowed under the law.
What is the GOP tax cut?
It's become a staple of Democratic attacks on the Republican tax bills in the last week: A vote for the GOP's $1.5 trillion tax cut is a vote to cut Medicare by $25 billion a year.
What would happen if the GOP tax plan was a disaster?
Democratic members have regularly raised the issue in speeches, interviews and on social media. Not only would the GOP tax plan blow a hole in the deficit, but as a result, it would trigger major cuts to programs that many Americans depend on, including a $25 billion cut to Medicare. This plan is a disaster for the middle class.
Will Republicans waive the Paygo cuts?
A senior House GOP aide flatly predicted that would never happen. If Republicans do decide to waive the PAYGO cuts, it would put Democrats in the tough position of having to oppose the measure themselves in order for the cuts to go into effect.
When did the American Rescue Plan expire?
Most of its provisions expired in the second half of 2020. The newly elected Congress then enacted the American Rescue Plan in March 2021. It supports people, businesses and state and local governments with substantial yet temporary financial relief.
What are the immediate benefits of a tax increase?
The immediate benefits are less inequality and better health outcomes, both of which ultimately support stronger economic growth. Improving revenues for these programs by, for example, increasing payroll taxes on the top income earners will ultimately result in stronger growth and shrinking federal deficits.
What was Donald Trump's signature legislative achievement?
Donald Trump’s signature legislative achievement was the Tac Cuts and Jobs Act of 2017. It showered trillions of dollars on highly profitable corporations and the richest American households that had seen the largest economic gains in the wake of the Great Recession from 2007 to 2009. Moreover, many provisions of this tax legislation are now permanent fixtures of the tax code and many temporary ones, such as tax cuts for high-income earners will likely become permanent, if past supply-side tax cuts are any indication.
Is the Cares Act a temporary measure?
The pandemic-related deficits are mainly temporary. Congress enacted the CARES Act in March 2020, which offered temporary relief main ly to families, unemployed workers and closed business.
Does the Cares Act help the economy?
In contrast, the CARES Act offered much needed relief amid the worst unemployment crisis since the Great Depression, while it helped to stem the tide on declining economic growth. And experts predict that ARPA will boost economic growth to its highest rate in decades.
Will the Federal Reserve keep interest rates low?
The Federal Reserve will also likely keep interest rates low for some time. Congress will eventually need to worry about the long-term health of the U.S. government, but that does not mean a balanced budget, especially one that is achieved by cutting only vital programs.
Is a balanced budget a public goal?
But a balanced budget is a completely arbitrary public finance goal. A country that has strong growth amid historically low interest rates can and will shrink its debt burden – defined as either the ratio of debt to gross domestic product (GDP) or as the share of interest payments out of GDP.
How much did the 2017 tax overhaul cost the Democrats?
Democrats joined Republicans to avert $150 billion in cuts that would have been prompted by the 2017 tax overhaul, including a $25 billion chunk from Medicare.
What is the budget gambit of Biden?
The budget gambit Democrats are embracing to fast-track President Joe Biden’s $1.9 trillion pandemic aid plan will trigger billions of dollars in cuts to critical programs. Top Democrats are already shrugging off the threat, insistent that Congress will once again act in time to head off the slashing to programs like Medicare ...
Will Democrats use reconciliation twice?
Democrats are also considering the use of reconciliation twice this session — once to pass Biden’s pandemic aid plan, and again to push through a massive climate and infrastructure package. That legislation would also add to the cuts Congress must avoid.