Van Hollen Statement on New CBO Budget and Economic Outlook

Today Senator Chris Van Hollen issued the following statement on the Congressional Budget Office’s (CBO) Budget and Economic Outlook and the upcoming vote in the House of Representatives on a Balanced Budget Amendment:

“Today’s CBO report underscores the reality that the Republicans’ $1.5 trillion tax plan will increase our already large national debt. President Trump has given a huge windfall to the very rich and special interests – and put it on the nation’s credit card, asking working Americans to pay the bill. This week, House Republicans will move forward with their plan to pay for this tax giveaway: a budget procedure that would gut Medicare, Medicaid, Social Security, and investments in our nation’s economy and future growth.

“The consequences of the GOP tax scheme are already clear. Big corporations and foreign investors are lining their own pockets with record stock buybacks, while American families are facing higher health costs and still haven’t gotten the $4,000 pay raise they were promised. If Republicans move forward with their plan to balance the budget on the backs of workers, seniors, and kids, things will only get worse. I’ll fight this effort tooth and nail in the Senate.”

###