On Capitol Hill, House Republicans have narrowly approved a bill to raise the debt limit in exchange for a 13% cut in discretionary spending. The legislation also caps spending over the next decade, blocks the White House’s student debt relief plan, slashes funding to the IRS and blocks tax credits for renewable energy projects like wind and solar. It also imposes work requirements on able-bodied adults up to 55 years old in order to receive Medicaid or SNAP, the Supplemental Nutrition Assistance Program. New York Democratic Congressmember Alexandria Ocasio-Cortez said Wednesday Congress should instead reverse Trump-era tax cuts that overwhelmingly benefit the wealthy and are set to increase the federal deficit by $1.9 trillion over a decade.
Rep. Alexandria Ocasio-Cortez: “This isn’t just about continued cuts to the poor and to the working class in our essential services, but we can raise revenue. In fact, in tax cuts in 2017 passed by the other side of the aisle, we see wonderful tax cuts for yacht owners and private jets. But in order to balance our budget now, we’re talking about cuts to SNAP, to food out of babies’ mouths, instead of actually reexamining the inequities within our tax system.”
Senate Democratic Majority Leader Chuck Schumer called the bill “dead on arrival” in the Senate. Without a deal on the debt ceiling, the U.S. could default on its bills as soon as early June.