WASHINGTON, D.C. - After U.S. Senate Republicans passed the joint budget resolution, U.S. Senator Martin Heinrich (D-N.M.) released the following 10 reasons why the Republican budget would hurt New Mexico's economy and weaken the middle class.
"This Republican budget is all wrong for New Mexico. It increases tax breaks for millionaires and billionaires while making cuts to programs that benefit average New Mexicans working hard to get ahead," said Sen. Heinrich. "Instead, we should be evening the playing field for everyone and investing in education and job training, strengthening Medicare, and building the infrastructure needed for economic development."
- The Republican budget will cost New Mexico jobs. About 14,000 jobs would be eliminated by 2017 due to cuts to transportation, education, and other programs.
- The Republican budget gives tax breaks to millionaires and billionaires while New Mexico families will see increases in taxes. An estimated 124,000 working families would pay $1,050 more in taxes because of cuts to the Child Tax Credit and Earned Income Tax Credit.
- The Republican budget will take away early childhood education and other programs for New Mexico Children. 290 fewer children would be enrolled in Head Start next year, depriving young children of quality care. Title I education funding would be reduced by $10.2 million next year, which would deny academic assistance to as many and 19,900 children.
- The Republican budget cuts investments in the infrastructure needed for economic development. Investments for roads and bridges would be reduced by as much as $425 million.
- The Republican budget would eliminate health insurance for hard-working New Mexicans. Approximately 52,000 people would lose health coverage next year. Young adults who could stay on their parents' health insurance plan until the age of 26 would be denied coverage, and those with pre-existing conditions would be deprived of their right to purchase affordable health insurance.
- The Republican budget will cause seniors to lose the Medicare benefits they have earned. 500,000 seniors could be forced out of traditional Medicare and into a voucher program. Prescription drug prices would go up by and average of $890 for 24,100 seniors who receive Medicare Part D benefits.
- The Republican budget will put education out of reach for many New Mexican families. The cost of a college education will increase for up to 59,000 students because of substantial cuts to Pell Grants.
- The Republican budget risks job training programs that prepare workers to compete for 21st century jobs. 18,700 people would lose access to job training and employment services that will help meet the needs of our changing economy.
- The Republican budget cuts nutritional programs for New Mexico families that need it most. Cuts to Supplemental Nutrition Assistance Program (SNAP) benefits would put 431,000 people at risk of losing nutrition assistance, and eliminates assistance for women, infants, and children who rely on the WIC program.
- The Republican budget will delay or cancel construction and maintenance projects at New Mexico's National Parks. Projects at Capulin Volcano National Monument, Chaco Culture National Historical Park, El Morro National Monument, Pecos National Historical Park, White Sands National Monument, Bandelier National Monument, and the Old Santa Fe Trail Building will all be affected by the cuts.