CBO: Trump Tax Sends Deficit Skyrocketing to $1.8 Trillion
April 10, 2018
Republicans control the House, Senate and White House, and have sent our national debt skyrocketing to the highest level since 1946 and potentially the highest ever recorded. Republicans show an astonishing hypocrisy when it comes to fiscal responsibility.
Surprise: The Trump tax won’t pay for itself. Instead, the Trump tax will add $1.8 trillion to the deficit over the next decade.
Associated Press: “The administration had promised the cuts would pay for themselves. Instead, Monday’s report estimates that the GOP tax bill, which is Republican-controlled Washington’s signature accomplishment under Trump, will add $1.8 trillion to the deficit over the coming decade, even after its positive effects on the economy are factored in.”
So much for fiscal responsibility. In total, under Republicans’ leadership, the budget deficit will top $1 trillion in 2020 and the national debt would soar to more than $33 trillion in 2028.
New York Times: “The federal government’s annual budget deficit is set to widen significantly in the next few years, topping $1 trillion in 2020 despite healthy economic growth, according to new projections from the nonpartisan Congressional Budget Office. The national debt, which has topped $21 trillion, is expected to soar to more than $33 trillion in 2028.”
Many Americans will likely be hurt. After they sent the deficit skyrocketing to pass tax cuts for the rich and big corporations, Republicans are targeting the social safety net, schools, infrastructure, and other programs that many Americans rely on.
Washington Post: “House Speaker Paul D. Ryan (R-Wis.) said Wednesday that congressional Republicans will aim next year to reduce spending on both federal health care and anti-poverty programs, citing the need to reduce America's deficit.”
Trump broke his promises. Trump previously said that he could balance the budget within five years and would “quickly” eliminate the national debt.
Trump: “There are so many things that we can cut and we can balance the budget very quickly.” HANNITY: “You think in five years?” TRUMP: “I think over a five-year period.”
Washington Post: “He insisted that he would be able to get rid of the nation’s more than $19 trillion national debt ‘over a period of eight years.’”
TRUMP: “I know how to get rid of debt. I would get rid of that debt and I would do it quickly, because it's sitting out there, and it is a time bomb for this country.” [Hannity, Fox News, 2/27/15]
TRUMP: “So we'll start knocking out that debt, knocking it out fast and having a balanced budget. … In two or three or four years you'll be looking and saying, wow, that's been pared down.” [Fox & Friends, Fox News, 4/5/16]