Republicans Already Carving Out Deficit-Busting Loopholes with "CUTGO" Scheme

Statement

Today Maryland Congressman Chris Van Hollen, incoming Ranking Member on the House Budget Committee, issued the following statement on House Republicans' plan to carve a huge loophole in PAYGO rules with their "CUTGO" scheme:

"It is unfortunate that House Republicans are already backtracking on their promises to the American people to address our nation's deficit by carving a huge loophole in pay-as-you-go (PAYGO) rules currently in place. This fiscally reckless and irresponsible action will blow an even bigger hole in the deficit and stifle long-term economic growth and job creation. Under their proposed scheme, tax breaks for special interests and millionaires would not be paid for -- posing serious problems in our efforts to get our country on a path toward long-term sustainability.

"Their proposal leads us down the same path of fiscal negligence that the GOP took the nation down when they got rid of PAYGO in 2002. We know how that story ends: ballooning deficits and an economic crisis not seen since the Great Depression. Unfortunately, it looks like House Republicans are back to their old tricks. Now is not the time for budget gimmicks. The GOP leadership has yet to put forward a serious plan to cut the deficit that was created by their own policies -- in fact they recently insisted that we borrow tens of billions of dollars to provide a huge and unnecessary tax cut to the richest three-tenths of 1 percent of estates. I urge my Republican colleagues to work with us to put our nation on a sustainable fiscal path, support American families and small businesses, and create jobs here at home."

Source