In response to the Senate preparing to move forward with a vote on the OBBBA, Carolyn Bourdeaux, Executive Director of Concord Action, released the following statement:
“The Senate seems intent on pushing forward with this version of the One Big Beautiful Bill Act, but it only digs the fiscal hole we are in deeper. The House bill was scored by the Congressional Budget Office as adding $3 trillion in deficit spending. Now analysts estimate that the Senate version will clock in between $3.5 to $4.2 trillion in added debt – on top of our existing $36 trillion and the $20 trillion we will add under mere “status quo” budgets over the next decade.
The trillions in additional spending and tax cuts in this bill go well beyond extending the 2017 Tax Cuts and Jobs Act. Many provisions in this bill are not even “pro-growth” but only serve as temporary political goodies that will add to the economic ball and chain of debt that will be a drag on our economic vitality for generations to come. In addition, the Congressional Budget Office (CBO) estimated that dynamic economic effects of the bill will actually add another $500 billion to the debt because of increasing interest rates, rather than helping offset some of the cost of the bill. Finally, the bill fails the test of shared sacrifice with a notably uneven distribution of the costs and benefits.
There is no reason the House and Senate cannot go back to the drawing board and build a bill that extends selected tax cuts but pays for them in a responsible way that leaves our country economically and fiscally stronger for future generations.”
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