ICYMI: Blue Dog Co-Chair to Treasury Secretary: Hypocrisy in Trump Budget Too Much to Bear
WASHINGTON—Florida Congresswoman Stephanie Murphy, a member of the House Ways and Means Committee and co-chair of the Blue Dog Coalition, took part in a hearing in Congress where she criticized the Trump Administration’s approach to fiscal discipline. At a Ways and Means hearing on the President’s budget proposal for the upcoming fiscal year, Murphy questioned U.S. Treasury Secretary Steve Mnuchin on the Administration’s failure to acknowledge the threat of our growing debt. Murphy highlighted how the President’s budget proposal seeks to balance deficits on the backs of hardworking families without addressing the budget hole left by the Republican tax bill.
“Mr. Secretary: when it comes to fiscal discipline, the hypocrisy in the Administration’s budget is almost too much to bear,” said Murphy in her statement to Secretary Mnuchin. “I co-chair the Blue Dog Democrats. We’ve been urging fiscal discipline by both parties because of the threat that excessive deficits and debt pose to our economy, our security, and our children’s future.”
According to the nonpartisan Congressional Budget Office (CBO), U.S. debt as a percentage of GDP is expected to reach 80 percent by 2020 and exceed that figure by 2022, the highest percentage since 1948.
A full transcript of Congresswoman Murphy’s remarks, as prepared for delivery, can be found below. Video of her remarks can be found here.
Thank you, Mr. Chairman.
Mr. Secretary: when it comes to fiscal discipline, the hypocrisy in the Administration’s budget is almost too much to bear.
The President says the budget “builds on the tremendous progress we have made…to bring federal spending and debt under control.” And that “we must protect future generations from Washington’s habitual deficit spending.”
I co-chair the Blue Dog Democrats. We’ve been urging fiscal discipline by both parties because of the threat that excessive deficits and debt pose to our economy, our security, and our children’s future.
Yet, in 2017, the Republican Congress passed—and the President signed—a tax law that CBO projected would increase deficits by $1.5 trillion dollars over the next decade.
As a note, the signature Democratic law—the Affordable Care Act—was projected to reduce deficits by $143 billion dollars over the decade.
I’ve put a chart up on the screen. It summarizes our fiscal situation.
I see deficits rising, hitting 1 trillion dollars by 2022. These are CBO’s projections. Yours are even worse—projecting a $1 trillion dollar deficit during the current fiscal year.
I also see debt rising, both as an absolute number and as a percentage of GDP. That percentage is projected to exceed 80 percent by 2022, the highest percentage since 1948.
So, my question to you is: can you explain to me where on this chart you see evidence of the “tremendous progress” that President Trump cited?
Please point to a single number or trend that you believe is positive. I don’t want to hear about GDP or unemployment. I want to hear about deficits and debt.