For the second time this year, the Democrat Majority is bypassing the Budget Committee to vote on a budget resolution. This time it is to allow for a $3.5 trillion spending spree. This plan, arriving just a few months after Democrats added $2 trillion to the debt by passing a liberal wish list without a single Republican vote, will unlock a massive expansion of the federal government and raise taxes on American families and businesses.
The Reckless Tax and Spend Plan (Table A) includes:
- $4.2 trillion in new spending over 10 years:
- $3.5 trillion in new mandatory spending (details below in Table B),
- $263 billion in new discretionary spending, and
- $390 billion in increased interest on the debt.
- National debt soars to $40 trillion (119% of GDP) by 2031.
- Total debt (subject to limit) soars to $45 trillion (134% of GDP) by 2031.
- Nearly $400 billion in defense cuts compared to current law projections.
- Deficits that average $1.6 trillion annually under the plan, reaching $2.2 trillion by 2031.
- A pathway to trillions of dollars in new taxes. According to supporting documents provided by Chairman Sanders, the $3.5 trillion reckless tax and spend spree will be “fully offset.” Because the Finance Committee was given a broad reconciliation instruction that did not require or disclose a specific level of revenue, this can be accomplished entirely by raising $3.5 trillion in new taxes. There is no restriction on the amount of tax increases allowed under this budget resolution or through the fast-track reconciliation process.
- Instructions to the following committees to increase spending and deficits:
- The resolution includes an easy-to-reach instruction to the Finance Committee to decrease deficits by $1 billion over the next ten years.
- A new emergency designation protocol for the Senate that cannot be challenged with a point of order. Inclusion of this new emergency designation on legislation would allow it to pass without facing the standard 60-vote point of order and would reduce the fiscal discipline imposed by all other points of order.
- A non-enforceable messaging provision that claims to prevent raising taxes on people making less than $400,000.