February 21, 2023
Congressional Republican Agenda Would Increase the Debt by Over $3 Trillion
The White House released a new fact sheet this week showing that the House Republicans’ legislative agenda would increase the national debt by over $3 trillion over 10 years.
The first bill passed by the new Republican House majority would increase the debt by $114 billion by preventing the IRS from ensuring the wealthiest Americans and corporations pay their fair share in taxes.
Congressional Republicans have also proposed repealing — and are even running ads attacking — reforms President Biden signed to lower prescription drug prices for people on Medicare. Repealing these policies means Medicare would pay more to the drug corporations, increase prices for beneficiaries, and add $159 billion to the deficit.
House Republicans want to repeal several tax increases on large corporations that President Biden signed into law That would add another $296 billion to the debt.
The House GOP also wants to extend the expiring 2017 Trump tax cuts, giving Americans with incomes over $4 million per year a $175,000 tax increase. That would result in a $2.7 trillion debt increase.
“Republicans are saying we must increase the retirement age and cut Social Security and Medicare benefits to reduce the debt,” said Joseph Peters, Jr., Secretary-Treasurer of the Alliance. “In reality they want to cut the benefits we’ve earned to provide even more tax breaks to the wealthiest Americans and big corporations.”
Download a copy of the White House Fact Sheet here.