Cuts taxes for the wealthiest while dismantling Medicare and slashing safety net
Mar 29 2012
Washington—Senator Dianne Feinstein (D-Calif.) released the following statement after Republicans in the House of Representatives passed the Paul Ryan budget, a bill that cuts taxes for the wealthiest Americans while dismantling Medicare and slashing funding for critical domestic programs.
“The Ryan Budget does precisely the wrong things at the wrong time: it cuts taxes for the rich, undermines economic investments and threatens the safety net for seniors and working families.
“The budget ends Medicare as we know it, decreasing benefits for California’s seniors while increasing out-of-pocket expenses by as much as $6,000.
“Republicans cut $810 billion from Medicaid, endangering more than 7 million Californians who rely on the program. And the bill repeals the health reform law, meaning more uninsured Americans and a return to the days of coverage caps and the prescription drug ‘donut hole.’
“Finally, over the next decade this Republican budget cuts education spending by 45 percent and transportation funding by 24 percent.
At the same time, Republicans slash the tax rate for the richest Americans from 35 percent to 25 percent. Rather than addressing crowded schools and crumbling roads, the Ryan Budget mortgages our future in order to line the pockets of the wealthy.
“Aside from the near-term harm to families, the Ryan budget is completely unrealistic. By 2050, federal spending on domestic programs would essentially be eliminated, with next to no money for schools, roads, bridges, courthouses, housing and many other vital federal programs.
“Some may applaud this budget’s approach to deficit reduction, but balancing the budget on the backs of individuals who continue to struggle in this economy while passing more tax cuts for millionaires is anything but courageous.”