Will Senator Corker Stand By His Record?
The Republican tax plan would substantially add to the federal deficit. Tennessee Senator Bob Corker has said numerous times in the past he would not support increasing the deficit. So will Senator Corker stand by his record or support a disastrous bill that hurts Tennessee’s middle-class families?
Republicans used to claim to care about fiscal responsibility.
USA Today: “Republicans, you might recall, used to hold themselves out as the party of fiscal responsibility. … Now their concern for financial sanity has been muted by a rush to pass tax cuts in a bid to have some — any — accomplishment to take to voters. Revenue-neutral tax reform? That’s so passé.”
Corker has explicitly denied support of increasing the deficit.
NBC News: “But if it looks like to me, Chuck, we’re adding one penny to the deficit, I am not going to be for it, okay? I’m sorry. It is the greatest threat to our nation. The greatest threat to our nation.”
Bloomberg: “With realistic growth projections, it cannot produce a deficit (…) There is no way in hell I’m voting for it.”
Politico: “There are several of us that are trying to figure out a way to make sure this doesn’t hurt us relative to deficits.”
Experts agree that the Republican tax plan would substantially add to the deficit.
University of Chicago’s Initiative on Global Markets: “37 of 38 economists said the GOP tax plans would grow the debt. The 38th misread the question.”
Congressional Budget Office: “The Senate GOP’s tax plan would increase the deficit by $1.4 trillion over the next 10 years, the Congressional Budget Office estimates.”
Tax Policy Center: “The nonpartisan Tax Policy Center is the third outside group to conclude that the bill would add to the deficit, contradicting Republicans’ claim that the bill would effectively pay for itself via a surge in economic growth.”
Penn Wharton Budget Model: “The amended Senate GOP proposal would reduce federal revenues by between $1.3 trillion and $1.5 trillion in the decade through 2027, even with modestly stronger gross domestic product growth, the Penn Wharton Budget Model estimated Tuesday.U.S. debt would rise in a range of $1.4 trillion to $1.6 trillion in that period, driven by increased debt service, the analysis said.”
Joint Committee on Taxation: “The congressional scorekeeper, the Joint Committee on Taxation, has separately estimated that the Senate billwould increase deficits by $1.4 trillion over a decade.”
Tax Foundation: “A dynamic score from Tax Foundation found that the bill would still add roughly $1 trillion to the deficit over the first 10 years and add to the deficit after the 10-year window, however.”
Center on Budget and Policy Priorities: “The Senate Finance Committee’s tax bill would overwhelmingly benefit the wealthy and corporations, eventually raise taxes on many low- and middle-income families, leave 13 million more people uninsured, and dramatically increase deficits.”