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· After instituting a $1.5 trillion tax cut and signing off on a $675 billion budget for the Department of Defense, Senate Majority Leader Mitch McConnell said Tuesday that the only way to lower the ...
What did McConnell say about Medicare?
McConnell emphasized that any significant changes to Medicaid, Medicare, and Social Security would need to get sign off from both parties. " It’s a bipartisan problem: unwillingness to address the real drivers of the debt by doing anything to adjust those programs to the demographics of America in the future," McConnell said.
What did Mitch McConnell say about entitlement reform?
Senate Majority Mitch McConnell said both parties should sign on to entitlement reforms to help get the deficit under control. McConnell said any deal to reform entitlements like Social Security and Medicare would have to be bipartisan. There's no way Democrats are getting on board with entitlement changes. Senate Majority Mitch McConnell on ...
What cuts did Mitch McConnell make to Medicare?
McConnell eyes cuts to Medicare, Social Security to address deficit. After his tax breaks increased the deficit, Mitch McConnell wants to close the gap by cutting Medicare and Social Security.
What did Mitch McConnell say about the deficit?
Senate Majority Leader Mitch McConnell on Tuesday blamed rising federal deficits and debt on a bipartisan unwillingness to contain spending on Medicare, Medicaid and Social Security, and said he sees little chance of a major deficit reduction deal while Republicans ...
What does McConnell call the increased federal borrowing?
When McConnell calls the increased federal borrowing " very disturbing ," as he did this morning, it's like watching an arsonist wring his hands over the ashes he created. The Senate GOP leader helped create this mess; he hasn't earned the right to complain about it.
Who is the director of the National Economic Council?
Larry Kudlow, the director of the Trump White House's National Economic Council, recently said he wants to take aim at "entitlements" as early as "next year.". A few months earlier, House Speaker Paul Ryan (R-Wis.) said he wants to see policymakers bring the budget closer to balance by cutting "entitlements.".
Did Mitch McConnell say the tax cuts didn't need to be paid for?
Nearly a year ago, as the debate over Republican tax breaks for the wealthy was near its end, Senate Majority Leader Mitch McConnell (R-Ky.) insisted that the tax cuts didn't need to be paid for -- because they'd pay for themselves.
When did the Cares Act expire?
The pandemic-related deficits are mainly temporary. Congress enacted the CARES Act in March 2020, which offered temporary relief mainly to families, unemployed workers and closed business. Most of its provisions expired in the second half of 2020. The newly elected Congress then enacted the American Rescue Plan in March 2021.
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.
Is the program cutting push for a balanced budget wrong?
The program-cutting push for a balanced budget ignores two key aspects of fiscal policy. First, it matters whether fiscal interactions create temporary or permanent deficits and second, it matters whether the spending or tax cuts underlying the deficits resulted in faster growth. On both counts, using the pandemic-related fiscal measures to justify cuts for Social Security, Medicare and Medicaid is wrong.
Did the Republican senators push for Medicare and Social Security?
Republican Senators Push Social Security, Medicare And Medicaid Cuts After Supporting Ineffective Tax Cuts. Opinions expressed by Forbes Contributors are their own. The economy is recovering from the depths of the pandemic in large part due to the massive relief packages that Congress passed in 2020 and 2021.