President Donald Trump is facing an “economic disaster” that could cost the U.S. jobs and put the economy at risk, Democrats on the House Budget Committee reported Wednesday.
“It is a crisis that is already unfolding,” Rep. Maxine Waters, D-Calif., said in a floor speech.
“We have a president who is a narcissist who has gone around saying he has a solution, but that is not going to work.
It is going to hurt the economy, and it is going a long way to undermining the confidence that millions of Americans have in their president.”
The House Committee on the Budget also said Trump has threatened to cut corporate taxes, while saying he wants to build more pipelines.
Waters said Trump’s actions could be “totally counterproductive” and that they could put “the U.K. and other European countries in the same boat.”
“This is a very dangerous moment,” Waters said.
“Trump has already threatened to slash corporate taxes and cut subsidies to American workers.
We are watching this administration and its actions with great concern.
And we are hearing from our Republican colleagues that we should all brace ourselves.”
Waters said the administration is making “inaccurate and baseless claims” that its tax plans would be a boon for American workers and would not hurt American businesses.
“The truth is, these tax plans will hurt American workers, American businesses, American consumers, American farmers, American workers,” Waters added.
Waters and other Democrats have long called on the president to withdraw his plan to impose tariffs on Chinese goods.
The president said Thursday that he will keep the United States in the global trade war.
“Our goal is to make it impossible for them to steal our jobs,” Trump said during a speech at the White House.
“And I intend to win this war.
This is my campaign pledge.
I am not going anywhere.
I intend this war to last a long time.”
The Democratic leaders said Trump is “in no position to make the kind of deal that he is making now,” while Republicans have urged him to do what is right for the country.
The Budget Committee report said the trade war could cost American jobs and “cut into the growth of our economy,” as well as hurt American consumers and businesses.
It also said that the administration’s tax proposals could “create new barriers to exports and hurt the U