$30 Billion in Debt is a High Price to Reopen the Government
For Immediate Release
The House and Senate have passed a short-term continuing resolution extending discretionary funding through February 8. The legislation extended funding for the Children’s Health Insurance Program (CHIP) and imposes a moratorium on three taxes that were enacted under the Affordable Care Act to help finance its costs. Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said the following:
While we are relieved policymakers have reopened the government, we are deeply troubled by the decision to use this must-pass legislation as a vehicle to cut taxes and add to the debt. On the heels of a truly unaffordable tax cut, Congress has now chosen to add another $30 billion in debt-financed tax cuts as the price to keep the government’s lights on for a few weeks.
The first rule of holes is when you're in one, stop digging. Instead, Congress has just chosen to dig the fiscal hole even deeper.
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