"Another 400 billion in debt is the worst possible holiday gift for our children," Peterson said. "This last-minute grab-bag budget bill has something political for everyone in Washington, yet it hurts the next generation and the future prosperity of our nation."
In particular, Peterson said, "rapidly rising" healthcare costs are the "largest threat" to America's fiscal and economic health, yet this bill repeals provisions that were specifically targeted toward addressing "this important and difficult challenge."
He was referring to the removal of provisions including the "Cadillac Tax," which was designed to "curtail high-cost insurance plans that mostly affect high earners." It was supposed to take effect in 2018, but Congress has delayed its implementation due to strong opposition.
In early August, Congress passed a bill that will increase the federal budget and lift the debt ceiling for the next two years. The bill, signed by Trump, lifts the budget cap for discretionary spending to 1.37 trillion dollars in 2020 and 1.375 trillion dollars in 2021.
That would raise the caps on discretionary spending by 320 billion dollars over the next two years, and set up 1.7 trillion dollars in debt over the next decade, according to the Committee for a Responsible Federal Budget, a nonpartisan watchdog group.
Congress did not complete action on appropriations before the end of the fiscal year on Sept. 30, and it enacted a continuing resolution in September that keeps the government open through Nov. 21, and then passed a short-term spending bill that keeps the government funded through Dec. 20.
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