WASHINGTON, April 9 – Sen. Bernie Sanders (I-Vt.), the ranking member of the Budget Committee, issued the following statement Monday after the Congressional Budget Office estimated that the cumulative deficit over the next decade will be $1.6 trillion larger than previously projected largely as a result of the tax cuts for the wealthy and large corporations passed by Republicans last year:

“Over and over again, President Trump and his administration falsely claimed that their $1.5 trillion tax cut bill would pay for itself. Today’s Congressional Budget Office report puts that myth to rest. According to CBO, President Trump’s massive tax break for the wealthy and large corporations is the primary reason that the federal deficit and national debt will explode over the next decade. Republicans are already using the huge increase in the debt that they caused as an excuse to make major cuts to Social Security, Medicare and Medicaid. That is unacceptable. At a time of massive wealth and income inequality, we have got to repeal all of President Trump’s tax breaks for the wealthy and big corporations and rebuild the disappearing middle class.”