CarolynConcord
@CarolynConcord
Concord Action & The Concord Coalition Exec. Director. Fmr Rep GA-07. Follow me for fiscal responsibility.
Lovely OpEd by Treas Secs. Rubin and Summers writing about their time working with Pres. Clinton, when policymakers actually cared about the deficit, and saw the relationship between a disciplined budget and the economic health of the nation. nytimes.com/2025/07/02/opi…
Any policy, with any cost, will be passable with a 50-vote majority in the Senate from now on. Bookmark this as an "I told you so" when Dems use this to enact a wishlist that was previously unachievable because they were foolish enough to follow the rules.
This will go under the radar - much more than the cost of the bill - but may have even greater budget policy implications than OBBB itself. I worry, deeply, about both parties using this to undermine non-partisan scorekeeping and pass tax cuts/spending hikes w/o paying for them.
Using current policy baseline is likely the final nail in the coffin of "reconciliation" as a construct. There is no point in going through the contortions if the majority just exempts parts of the bill that it likes - but don't meet the recon rules - from the filibuster.
This will go under the radar - much more than the cost of the bill - but may have even greater budget policy implications than OBBB itself. I worry, deeply, about both parties using this to undermine non-partisan scorekeeping and pass tax cuts/spending hikes w/o paying for them.
🚨 NEW: The Senate serves up a second helping of pork 🐷 While they trimmed some of the House’s worst tax handouts, they also kept billions in pork, and added billions more — far outside the House's budget target. Here’s what was cut, kept, and cooked up anew:…
An excellent and frightening report by @CNBC on the danger that America’s national debt and deficits pose. The consequences of our fiscal irresponsibility have already begun to arrive, and this is a timely warning that we must change course.
America's Deficit Reckoning: How the U.S. debt spiral could spark a crisis cnbc.com/2025/07/07/how…
The day is drawing closer when the American people are going to have to pick their poison: major tax increases, major cuts to entitlement programs, or economic calamity. At this rate, we will probably have to sip from all the cups. dcjournal.com/republicans-ar…
"This legislation is unlikely to create the economic boom promised but instead will make the ball and chain of debt around the ankle of our economy even heavier." - @CarolynConcord talks about responsible budgeting & OBBBA exclusively for @InsideSourcesDC dcjournal.com/republicans-ar…
A very important chart for those who are thinking tariffs are going to save the day here. They aren't. And let's just be clear, they are a tax increase.
Let's be clear. Tariffs will not cover the cost of the Senate bill and will not stop deficits from exploding past 6% or 7% of GDP.
One of many ways to view the trade offs in this bill so you can see the impact. This is not really a pro-growth bill despite massive tax cuts which you would expect to really juice the economy.
One reason non-partisan estimates are finding the reconciliation bill won't do much for growth: higher debt from the bill swamps its pro-growth provisions. Interest ALONE on the add'l debt from the bill would almost outpace the cost of the bill's most pro-growth provisions.
15 Major Problems with the Senate Reconciliation Bill-2025-07-02 crfb.org/blogs/15-major…
The GDP numbers are brutal for the Senate plan. Predicted to push the nation into stagflation under the Wharton model. Brutal stuff.
We estimate the Senate-passed reconciliation bill increases primary deficits by $3.1 trillion over 10 years. The dynamic cost, including changes to the economy, is larger at $3.5 trillion. GDP falls by 0.3 in 10 years and falls by 4.6 in 30 years. budgetmodel.wharton.upenn.edu/issues/2025/7/…
The debt concerns are certainly warranted. Adding more to the debt than the CHIPS Act, the Bipartisan Infrastructure Law, the American Rescue Plan Act, and the CARES Act combined is a far cry from fiscal responsibility. ⤵️
GOP MO Rep Burlison on being a no on the rule for OBBB: For me it’s about the debt, the deficit. What the Senate sent back has a lot of errors in it, but more importantly it really blows up the deficit, and so I want to reign that in. I think that they moved too quickly. We want…
The House must now hold the line. Lawmakers should honor their commitment to a fiscally responsible framework and ensure that any final legislation adheres to the principles laid out by 37 Members after House passage. (/2) arnoldventures.org/newsroom/arnol…
Our nation is facing a deep fiscal crisis. Instead of responsibly addressing it, the Senate advanced one of the largest budget-busting pieces of legislation in American history. Our full statement on the Senate's passage of the One Big Beautiful Bill ⤵️ (1/)…
"This bill is not fair, it is not fiscally responsible, it is not pro-growth. We urge House members to vote no on this legislation and send it back to the drawing board." — ED @CarolynConcord responds to the Senate passage of the OBBBA. Full statement: concordaction.org/news/press-rel…
this but quite literally because he’s using section 312 of the congressional budget office to claim he has the ability to make up his own numbers
The Republicans are making up numbers as they go.
Actually using a credit card to finance expenses is quite a common experience outside the Beltway - and this bill is just allowing more credit card financing. But only in DC do you get an unlimited line of credit.
CRAPO in an emotional speech in support of the tax bill: "Only in DC is the refusal to raise your taxes an increase in the deficit."
I think the Rs are making a mistake using this bespoke baseline*. This will come back to haunt them. *It is not really current policy.
Senate Dems are making inquiries about “current policy baseline” — new budgeting method Republicans are using to treat $3.8 trillion of Trump tax cut extensions as costing $0. Dems say it’s invalid in reconciliation. Murray: “You’re trashing the rules.” nbcnews.com/politics/congr…
Where we started: deficits = 6-7% of GDP Sec Bessent’s original proposal: deficits = 3% of GDP Where OBBB is taking us: deficits = 8%+ of GDP
Of course. It does set up massive fiscal cliff. Next prez will have incentives to extend the cuts, bail on whatever spending cuts they can, and ditch some of the tariffs. Would probably mean deficits in the 8%+ GDP range.
The 2025 Congress: Challenge accepted! #OBBBA One Big Bloated Blunder Act
If America goes broke, nothing else matters