Yesterday, citing fiscal responsibility, hypocrite Pat Toomey voted to put our economy at risk by supporting defaulting on our debt, which would make the cost of borrowing skyrocket for all of us. Yet just last year, Toomey had no problem voting for the Trump tax cuts for big business and the ultra-wealthy which will put the United States trillions into debt.
“Despite voting for the Trump tax cuts that will put our nation trillions in debt over the next decade, hypocritical Pat Toomey yesterday voted to continue Washington squabbling and put the economy at risk by defaulting on its debt,” said Beth Melena, senior communications advisor for the Pennsylvania Democratic Party. “Pat Toomey pretends to be a fiscal conservative, but he only cares about lining the pockets of the rich while increasing rates on the rest of us. Washington insider Pat Toomey never fails to vote against the interests of working Pennsylvanians.”
“Let’s be clear that the consequences of breaching the debt ceiling would be dire. If the government defaults on its bonds by missing a payment, its cost of borrowing would instantly rise, placing a further burden on the budget and cratering the value of Treasury securities held by individuals, pension funds and sovereign nations. The safe-haven stature of T-bonds and the dollar would be deeply impaired. Interest rates would rise for all forms of debt — mortgages, credit cards, state and local borrowing. Government output of Social Security checks, tax refunds, Medicare reimbursements, military salaries and more would be reduced or halted.” [LA Times, 7/16/19]
“The common refrain from those Republicans voting no on Thursday was that, while they liked the bill’s increases in defense spending, they were concerned that it did not do enough to address the Trump administration’s all-time record budget deficit and national debt. But a large reason for the nation’s projected trillion dollar annual deficit in 2019 is that two years ago, the Republican Congress passed the so-called “Tax Cut and Jobs Act,” a massive tax cut that mostly benefited the wealthiest Americans and corporations. Though the bill’s supporters claimed it would pay for itself with economic growth, even its main author now admits that was not true. As Trump repeatedly touts the greatest economy ever, revenues are down since its enactment. The cost of the tax cuts is estimated to be in the trillions over a decade. The senators voting against the budget deal on Thursday after previously backing the tax cuts [include]…. Pat Toomey (R-PA).” [ThinkProgress, 8/1/19]
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