[Congressional Record Volume 164, Number 56 (Monday, April 9, 2018)]
[Senate]
[Pages S1995-S1996]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                               CBO REPORT

  Mr. SCHUMER. Mr. President, now, on the CBO report.
  Today CBO came out with a report that revised its projections of the 
deficit, saying they have ``increased markedly'' since the Republican 
tax bill added about $1.9 trillion to the deficit. By 2020, the annual 
deficit will surpass $1 trillion.
  It is a reminder of just how wrong the predictions were that the 
Republican tax bill would somehow pay for itself. It is also a reminder 
of how unconcerned the current Republican Party is about deficits.

[[Page S1996]]

  When it comes to tax cuts for big corporations and the rich, deficits 
are no impediment, but now that these tax cuts are in place, I predict 
that deficits will once again morph into a dire problem, a scourge on 
the Nation, an excuse for Republicans to target Medicare, Medicaid, and 
Social Security.
  That has been the playbook since the Bush era: explode the deficit 
with tax cuts for the rich and powerful, then use the deficit they 
created as a reason to cut Social Security and Medicare.
  Lo and behold, this week the majority in the House will vote on a 
balanced budget amendment--a way for Republicans to force cuts to 
Medicare and Medicaid and Social Security. It is hard to believe they 
can say it with a straight face, but we will hear Republican Members 
say this week that Washington needs to get its fiscal House in order, 
only a few months after they added $1.5 trillion to the deficit by tax 
cuts that mainly benefited the wealthy and the powerful. It is the 
height of hypocrisy.
  The American people deserve better than this patronizing Kabuki 
theater. They deserve a Congress squarely focused on helping the middle 
class, not the powerful, not the special interests, not those at the 
very top of the economic ladder. So far, this Republican Congress has 
shown it is not up to the job, and every day more and more Americans 
realize that.
  I yield the floor.
  I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The legislative clerk proceeded to call the roll.
  Ms. HIRONO. Madam President, I ask unanimous consent that the order 
for the quorum call be rescinded.
  The PRESIDING OFFICER (Mrs. Ernst). Without objection, it is so 
ordered.

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