America’s debt is exploding, and one major cause is the unpopular tax bill championed by Congressman Steve Knight (R-Palmdale).
The nonpartisan Congressional Budget Office (CBO) projects the debt will rise “sharply over the next 30 years,” after incorporating the impact of the tax bill into their calculation. By 2048, the U.S. will see debt become “the highest in the nation’s history by far,” the CBO said.
According to the Washington Post:
The CBO projects the Republican tax law passed last fall will add $1.84 trillion to the federal deficit over the next 10 years. Republican leaders have argued the cuts will jump-start the economy, creating enough economic growth to offset much of the additions to the debt. But CBO and other nonpartisan analysts have repeatedly rejected that claim.
For his part, Congressman Knight has claimed there is a need to balance the federal budget “by providing real leadership” on fiscal issues.
But Congressman Knight abandoned the principles he laid out in detail on his campaign website when he voted on the Republican tax bill that experts say will explode the national deficit. In his own words, Knight engaged in a “blatant act of generational theft.”
Knight has decried the “unsustainable debt currently being passed on to our children is morally wrong and is a blatant act of generational theft.” However, Knight embraced the action he calls “morally wrong,” and threw in his lot with Speaker Paul Ryan and the Trump agenda, when he took a vote on the tax bill.
On his candidate website, Knight states, “While it may not be easy, we can longer (sic) afford to keep running up the bill on our nation’s youth.” But with his tax bill vote, Knight turned his back on his commitment to “our nation’s youth” and voted to saddle them with trillions of dollars of more debt.
As the Washington Post noted, many Republicans would like to extend some of the provisions of the tax bill, which are set to expire in 2025. If that happens, the CBO warns, it would “increase the likelihood of a fiscal crisis.”
Knight may use lofty rhetoric about the leadership required to be in Congress and the importance of fiscal responsibility, but in the end he still voted for a bill that adds $1.84 trillion to the national debt, falling short of the standards he set out for himself.