The Budget Busting Bill
More provisions of the BBB (Budget Busting Bill) include an automatic increase to the debt limit, $50.6B for border security including $2B for bonuses, no tax on tips or overtime and no fines for contempt for defying court orders. Student loans will no longer be granted.
By mid-July the debt ceiling will be reached if this bill does not pass. We have full employment and low taxes now, normally we try to decrease borrowing, but this bill eliminates that process and hides the true extent of our debt. This in turn makes foreign bond buyers wary and increases interest rates for all borrowers, home and car buyers, and is estimated to take up 20% of our government spending.
The large increase in border security is for extending the border wall, more personnel and a high of $40K bonuses for existing staff. While Medicaid and SNAP benefits are greatly reduced, employees carrying out this admin’s policies will greatly benefit.
The provision to not tax tips or overtime is set to expire in 2028. The temporary regulation to not tax overtime will cause employers to purchase new software or lots of time to break out these wages.
The last provision of no contempt fines was slipped in at the last minute. This regulation provides that entities or individuals must post a bond when seeking to stop or appeal an order. This bond is kept by the court if the order is not followed. This provision was added to make sure the courts have no power, thereby eliminating this check and balance.
The loss of student loans will cause a larger shortage of medical and dental personnel and discourage too many students from seeking an education. I believe this is the Project 2025 to create a permanent underclass. Taken together this BBB will allow excess power grabs from this admin, take away health insurance and food benefits from millions and increase our debt to levels that will call for US bankruptcy or the elimination of the dollar as the worldwide currency.
Sandra Hall, Fairhaven
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