In response to the House passing the One Big, Beautiful Bill Act, Carolyn Bourdeaux, Executive Director of Concord Action, issued the following statement:
While we are waiting for the final score on the One Big, Beautiful Bill Act that passed the House early this morning, there is no doubt that it will add roughly $3 trillion to our national debt. While we appreciate that the House version adds less to our deficit than the $5.8 trillion budget framework that the Senate passed, it’s still not good enough – not even close. As this giant package heads to the Senate, we have two words: do better!
Everyone likes the sound of a tax cut, but the One Big, Beautiful Bill Act is full of gimmicks and dangerous policies we can’t afford. There are trillions in tax cuts that suddenly sunset in 2029, creating a massive fiscal cliff. The provisions remove tax on tipped income, privileging it over salary income – even for people who might hold the exact same jobs.
Yesterday, interest rates on US Treasuries jumped as Wall Street gave Congress a vote of no confidence. If interest rates stay at this rate, in 10 years, 30% of our revenues will be consumed with making interest payments. This is no way to run a nation.
Policymakers need to make hard choices to raise taxes or cut spending to offset other priorities. Instead, Congress continues to kick the can down the road and take out endless cash advances on our national credit. This is reckless. And it is quickly putting our country in a dangerous position where we may not be able to cover critical priorities in the near future including Social Security, Medicare, defense and infrastructure investments.
Members of Congress and Americans on both sides of the aisle continue to advocate for fiscal responsibility. The Senate must heed these calls and market signals and pull us back from the brink.
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