WASHINGTON, D.C. — U.S. Rep. Michelle Lujan Grisham (NM-01) will vote against a strict amendment to the constitution that will mandate federal revenues equal outlays each year. The amendment does not exempt Medicare, Medicaid, veteran benefits, and Social Security.
The amendment comes after CBO projects that federal deficits will increase dramatically to $1 trillion by 2020 after the passage of the tax bill that will cost taxpayers $1.8 trillion even after economic growth is factored in.
“Congress must reject a constitutional amendment that would trigger cuts in New Mexico ten times more damaging than sequestration. As a member of the House Oversight Committee, I have worked with my colleagues on both sides of the aisle to root out wasteful spending, increase the efficiency of the federal government, and reduce the debt, but taking a sledge hammer to pillars of our economy and safeguards for vulnerable Americans is reckless.
“This legislation would likely devastate life-saving programs and important investments that New Mexicans depend on, including veteran benefits, Medicare, and Social Security. That is an insult to veterans who served our country and Americans who paid into the system their entire working careers. These are earned benefits that should be strengthened for future generations. They should not be raided to pay for the $1.8 trillion tax bill that failed to prioritize and help small businesses, middle-class families, and New Mexicans who need did it most.
“Not only would this amendment break our promises to veterans, disabled, and older Americans, it would destabilize our economy and jeopardize our children’s future. It is fiscally irresponsible to increase the likelihood the United States would default on its debt and hamstring our ability to recover from natural disasters, react to economic downturn, and make investments that we need to grow our economy, create jobs, and increase wages. I will vote against this constitutional amendment and encourage my colleagues to do the same.”