IN THE NEWS
FOR IMMEDIATE RELEASE
April 27, 2010 |
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CONTACT:
Katie Grant
Stephanie Lundberg
(202) 225 - 3130 |
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America Can’t Afford to Return to Failed Republican Policies
During the 12 years that Republicans controlled Congress, they turned record surpluses into the worst deficits in American history. Their dismal record on fiscal responsibility – spending trillions on policies without paying for them – shows the American people what they would do again if given the opportunity. In 2004, then Vice President Dick Cheney declared, “Deficits don’t matter,” but years later, we are all too familiar with the reasons why that logic does not stand. A look back at the history of Republican control shows why deficits do matter and why America can’t afford more of the same failed Republican policies that helped put our economy in a recession.
First, Republicans ignored PAYGO:
o The Economic Growth and Tax Relief Reconciliation Act (2001) was subject to PAYGO, but Republicans ignored the spirit of the law and wiped the scorecard clean – has cost us over $1 trillion to date ($187 billion in FY10 alone).
o The Defense Appropriations Act (2002) had increases in entitlement spending that was subject to PAYGO, but Republicans instructed OMB to change the cost on the PAYGO scorecard to zero – cost more than $130 billion over two years.
o The Consolidated Appropriations Act (2001) was subject to PAYGO, but Republicans instructed OMB to change the cost on the PAYGO scorecard to zero – cost more than $49 billion over five years.
Then, Republicans allowed PAYGO to expire:
o The Jobs Growth and Tax Relief Reconciliation Act (2003) – has cost us more than $300 billion to date ($4 billion in FY10 alone).
o The Medicare Modernization Act (2003) – has cost us over $200 billion to date ($47 billion in FY10 alone).
o The Farm Security and Rural Investment Act (2002) – has cost us $80 billion to date.
o The Spectrum Auction Reform Act (2002) – cost over $2 billion over two years.
o The Trade Act (2002) – cost more than $1.6 billion over two years.
By drastically increasing spending with borrowed money,
Republicans are responsible for roughly 85% of the deficits we face:
o 35% = Bush Economic Downturn
o 37% = Bush Policies (Tax Cuts, Iraq War, Medicare Modernization Act)
o 12% = Extension of Bush Policies
o 14% = Recovery Act
o 2% = Obama Policies
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