Dear [salutation],
After debating straight through the night, the House narrowly passed the Republican tax plan in the early hours of Thursday. Under this plan, 13.7 million people would lose their healthcare, according to an analysis by the independent Congressional Budget Office. The bill would also cut clean energy investments and funding for food assistance programs like SNAP. But even with all these steep cuts, the non-partisan Committee for a Responsible Federal Budget has found that it could add $5 trillion to the national debt over the next 10 years — about $35,000 per American household. That’s because the savings from these cuts aren’t applied to paying down the debt, instead they will offset the cost of tax cuts that mainly benefit people who do not need them.
The tradeoff here is not a small one. The bill will come due for all of Washington’s borrowing, and it will be on our children and grandchildren to pay it. In the meantime, all this extra borrowing will drive up interest rates, which will increase the cost of a house, a car, and to do business. That means prices will go up for everyone.
I opposed the bill in both the Energy and Commerce Committee and the Budget Committee, and I voted against it on the House floor. This isn’t over yet, as the bill now goes to the Senate, where I will continue to urge my colleagues in the other chamber to restore fiscal sanity.