Chairman Becerra: Today's Cbo Report Comes As No Surprise; We Need A Tax System That Supports Working Families, Not Giveaways To Special Interests

Statement

Democratic Caucus Chairman Xavier Becerra (CA-34) released a statement following the projection from the Congressional Budget Office that the deficit will rise to $544 billion this year:

"The CBO's report today should come as no surprise: we saw a deficit hike coming when our Republican-led Congress voted for the unpaid-for $622 billion tax bill benefiting the wealthiest Americans last month. Instead of investing in our national security, Congress left American taxpayers to pay the tab for special interest tax breaks. By my calculations, the tax break bill could have paid for this year's FBI operations 73 times over!

"On top of that, we had to slash funding for critical programs for middle-class families, such as Medicare, to get one penny more of investment for our kids' education. Meanwhile, the budget bill at the end of the year included a jobs giveaway in the refinery industry that allows domestic crude oil to be shipped abroad for refining.

"While the special interests get big breaks, middle-class families get sucker punched. The smallest business on Main Street couldn't be run this way, but this is the reality of our economy right now as a result of Republicans being in charge. We need a tax system that supports hardworking families, not giveaways to special interests."

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