Republicans' "Cut, Cap, and Balance" Act Targeting Middle-Class Americans

Massachusetts Rep. Ed Markey has spoken out against the proposed "Cut, Cap, and Balance" Act, calling it a misguided plan that prioritizes the interests of the wealthy over those of the middle class. According to Markey, the Republican-led plan would gut essential programs that benefit low-income families, veterans, and seniors, while protecting tax breaks for the rich and subsidies for big corporations like Big Oil. Markey argues that this plan is essentially a massive assault on the middle class, which would lead to devastating consequences for America's economic stability and global reputation.

Key Takeaways:

The "Cut, Cap, and Balance" Act would eliminate essential programs that benefit low-income families, veterans, and seniors, such as Medicare and Social Security.
The plan would protect massive tax breaks for the wealthy and subsidies for big corporations like Big Oil.
Republicans have pursued economic policies that have led to a massive increase in the national debt, from $2 trillion in 2001 to over $14 trillion in 2011.
The Bush tax cuts, enacted in 2001, cost the government $2 trillion over the past decade.
The wars in Iraq and Afghanistan have exceeded the budgeted costs by over $1 trillion.
The economy has experienced significant losses due to Wall Street deregulation, with the total value of the economy reduced by trillions of dollars.

Statistics:

Predicted U.S. surplus in 2011: $5.6 trillion ( Clinton-era estimate)
Actual U.S. surplus in 2011: -$1.4 trillion (deficit due to Republican policies)
Total cost of Bush tax cuts over the past decade: $2 trillion
Total cost of wars in Iraq and Afghanistan over the past decade: $1.2 trillion (exceeding budgeted costs)
Total value of the economy reduced by Wall Street deregulation: trillions of dollars

Sources:

H. Res 355, Debate on the Rule for H.R. 2560, Cut, Cap, and Balance Act
Statement from Congressman Ed Markey, Office of Massachusetts Rep. Ed Markey