Congress rushes to pass massive tax hike on future generations

Today, Congressional leadership agreed to a bipartisan budget deal that blasts through budget caps and could return the US to trillion-dollar deficits in short order. Fresh off of historic tax reform, Congress apparently seems content passing along a huge future tax hike onto the next generation.

Over the 10 year window, this Schumer-McConnell budget would result in $1.5 trillion more added to the National Debt.

The National Taxpayers Union notes that while initial estimates place the total at about $300 billion in new spending over the next two years, that total is likely to rise precipitously after including off-budget Overseas Contingency Operations funding, disaster funding, and even more in other emergency spending.

Republican lawmakers have long insisted on offsets for any new spending, but Taxpayers for Common Sense points out that this time, “the vast majority of this package is not offset. Not even sham offsets.”

Heritage Action argues that while Republicans may have good reason to want to raise some spending levels, this deal is a fiscally irresponsible reminder of how out-of-touch Washington is with everyday Americans. Committee for a Responsible Federal Budget said it “represents budgeting at its worst.” Many others including Citizens Against Government Waste, Taxpayers Protection Alliance, and FreedomWorks, have also come out opposed.

We concur.

Adding insult to injury, this deal comes just months after House Speaker Paul Ryan promised that Congress would focus on spending cuts in 2018, and after years of assurances that elected officials would tackle debt and spending once they had the chance.

We urge every Member of Congress to reject this deal and stand for true fiscal accountability.