U.S. Sens. Mark R. Warner and Tim Kaine of Virginia joined colleagues in a letter to Senate Majority Leader John Thune of South Dakota and Chair of the Senate Finance Committee Mike Crapo of Idaho.
The lawmakers urged Senate Republicans to work in a bipartisan way to reduce the deficit and protect the middle class from tax hikes.
The letter comes ahead of the upcoming expirations of the federal debt ceiling and many provisions of the 2017 Tax Cuts and Jobs Act (TCJA). In the letter, the senators urge Republican leadership to work across the aisle to find reasonable, commonsense solutions that protect hardworking Americans by reducing unnecessary spending and reforming the tax code to protect the middle class.
“As you are well aware, Congress and the President will face a daunting budget reality in 2025,” the senators wrote. “The nonpartisan Congressional Budget Office (CBO) estimated in 2024 that extending all of the expiring provisions of the TCJA would cost $4.6 trillion over ten years, once interest is included. CBO also projects that the annual budget deficit, without including any extension of the TCJA, will grow from $1.9 trillion in 2024 to $2.9 trillion in 2034.”
The letter states that the senators understand the Senate Republican Conference will likely “use the budget reconciliation process to address these expirations. While we respect the majority’s right to do so under Senate rules, we believe a better outcome can be achieved by working in a bipartisan manner to reform the tax code and address our growing national debt through responsible spending reforms. We believe a fully deficit-financed, partisan effort could risk raising costs for families, driving up interest rates for Americans looking to purchase a home, and increasing borrowing costs for American businesses and consumers. It also risks reducing the government’s future ability to respond to national security emergencies and fund our nation’s key programs.”
The senators said they expect challenges to find a bipartisan agreement on some issues, but “we believe addressing the growing deficit and reducing unnecessary spending can serve as a basis for good faith bipartisan negotiation. We stand ready to work with you in good faith to craft legislation that can achieve 60 votes in the Senate.”
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Rebecca Barnabi
