The Congressional Budget Office (CBO) exists as a resource for Congress to analyze the economic impacts of legislation it passes, and the nonpartisan office released its final score of the Republican spending bill this morning. The results are not pretty.
According to the CBO, this bill that narrowly passed in the House and has yet to get through the Senate would reduce revenue taken in by the government by $3.66 trillion over the next ten years. Its net effect on the deficit would be to raise it by $2.4 trillion. This backs up the Moody’s analysis of the bill which led them to downgrade America’s credit, seemingly as a warning to the GOP. The bond market is in the midst of a pretty scary move with the long end of the yield curve blowing out, as all financial indicators on the planet are united behind seeing this bill as a complete disaster.
And that’s just the financial angle of it. Digging into the human costs reveals how it is even more heinous, as the CBO says it would increase the uninsured population by 10.9 million people over the next ten years. Republicans are lying about how this will throw people off Medicaid by saying that undocumented immigrants are receiving benefits when we know that is not true. This bill is an explicit attempt to take Medicaid away from people in order to partially pay for tax cuts for billionaires that will still blow out the deficit and raise borrowing costs for everyone. In true Republican fashion, many of these empty suits are now lamenting their vote in favor of this calamitous bill they clearly did not read.
Marjorie Taylor Greene admitted it, writing on Twitter that “Full transparency, I did not know about this section on pages 278-279 of the OBBB that strips states of the right to make laws or regulate AI for 10 years. I am adamantly OPPOSED to this and it is a violation of state rights and I would have voted NO if I had known this was in there.” Nebraska Representative Mike Flood admitted during a town hall that he didn’t know this bill would limit judges’ power to hold people in contempt. If Democrats can make throwing this many people off insurance a salient political issue, there will no doubt be Republicans in the future who pretend they did not know they were voting for that. The only consistencies this party has are lying and enacting tax cuts for billionaires.
The Yale School of Public Health sent a letter to Democrats warning that this bill could kill 51,000 Americans each year. The Economic Policy Institute estimated that 15 million people would lose health care coverage because of this GOP bill, and there is enough evidence before you get to Republican Senator Joni Ernst’s gleeful reaction to people dying to suggest that Republicans are happy to accept killing tens of thousands of people in order to give tax cuts to the wealthiest people in America. This is their agenda.
This bill is evil, but it’s also the perfect description of Republican politics. No one read it, they just were clearly told by their billionaire benefactors to vote for this open assault on America, and Republicans did it because they are a political party populated by billionaire puppets with no personal agency. It’s an entire army of dim-witted dumbfucks who spend their days lying about everything they touch, and the net effect of all their politics is to immiserate Americans in order to further enrich a wealthy elite who clearly do not see themselves as part of broader America anymore.
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