Republicans’ Budget Betrayal

Dear Neighbor,

After upending the economy, isolating America on the global stage, and unleashing havoc on the retirement accounts of people across the country, Trump quickly reversed course and halted his reckless tariffs for 90 days. However, this flip-flop does nothing to undo the damage inflicted on small business and will not restore confidence in Trump’s decision-making.

Since Trump took office, we’ve seen nothing but chaos and confusion, which has caused real pain for families in New Jersey – killing jobs, raising prices, and putting us on course for a recession. After saying they would lower prices on Day One, this is what Donald Trump and Republicans are delivering to the American people.

All of this is happening as Republicans in Congress are trying to push through a reckless budget that will cut health care, public education, social security and more so they can fund massive tax breaks for billionaires and large corporations.

Republicans’ Budget Betrayal

The budget House Republicans passed this week was a betrayal of the middle class and working people nationwide. If they cared about the average American, they wouldn’t have passed a budget that gives away trillions to billionaires and big corporations. They wouldn’t have passed a budget that gives the top 0.1% an average annual tax break of over $314,000. They wouldn’t have passed a budget that includes at least $880 billion in cuts to Medicaid, $330 billion in cuts to education, and $230 billion in cuts to nutrition assistance. And if they truly cared about working people, they wouldn’t have saddled the American people with $14 trillion in new debt.

Republicans are openly admitting that their bill will massively increase the debt. But what they won’t admit is that they are cutting Medicaid at the same time. They voted twice to instruct my Committee, the Energy and Commerce Committee, to cut at least $880 billion, which will undoubtedly come from Medicaid and critical health care programs. If Republicans want to cut health care for seniors, children, and disabled people, they should at least have the courage to admit it.

I spoke on the House Floor in strong opposition to the Republican budget resolution.

Watch my speech here:

House Republicans Want to Let Banks Rob YOU

This week, Republicans in the House passed legislation to repeal the Consumer Financial Protection Bureau’s (CFPB) rule capping excessive overdraft fees. This all comes as Elon Musk’s DOGE is working to completely dismantle the CFPB – the critical agency that was established in the wake of the 2008 financial crisis to put an end to these predatory behaviors and hold big banks and corporations accountable.

Under President Biden, the CFPB finalized a rule capping overdraft fees at $5, a rule that would’ve saved Americans $5 BILLION a year or $225 per household. This rule was part of Democrats’ broader plan to lower costs and put more money in the pockets of working families. For too long, banks have charged ridiculous overdraft fees—sometimes as high $35 or more—often intentionally targeted to hit vulnerable Americans the hardest so that big banks can pad their bottom lines.

Unfortunately, Republicans in Congress support these exploitative practices and voted to overturn the CFPB’s rule capping overdraft fees – making it clear that Republicans do not care about keeping more money in your pocket. Repealing the rule means banks can now run up the score on their customers with $35 fees even for small transactions. This is a Republican handout to the big banks at the expense of everyday Americans. Plain and simple.

Fixing the Broken Ticket Marketplace

The Energy and Commerce Committee passed my bipartisan TICKET Act—a major consumer protection bill to crack down on deceptive ticketing practices. This legislation requires upfront pricing for all live event tickets, bans speculative ticket listings, guarantees refunds for canceled or postponed events, and prohibits misleading resale sites.

I helped broker a bipartisan agreement last year to pass the bill, but it was blocked by Republicans after Elon Musk tweeted his opposition to it at the last minute.

Let that sink in: A billionaire torpedoed a bipartisan consumer protection package, and Republicans let it happen. However, this vote in my committee moves us one step closer to finally delivering relief for fans. I’m going to keep working to get it passed in the House and signed into law so that we can address the broken system that has forced fans to deal with hidden fees, deceptive websites, and price gouging for years.

Click here to visit my website or call my offices directly if you have questions or need help with a federal agency:

Middlesex County: 732-249-8892

Monmouth County: 732-571-1140

Sincerely,

Congressman Pallone