Do deficits even matter to the GOP?
Politico nails the question we’ve been asking the GOP for years: “Do deficits even matter, or do tax cuts trump all?”
Nothing about a tax framework that explodes the deficit by $2.4 trillion in 10 years —all so they can give the wealthiest Americans a tax break and leave the middle class behind – would indicate that GOP leaders are concerned about fiscal responsibility. Key excerpts from Politico:
Nothing about a tax framework that explodes the deficit by $2.4 trillion in 10 years —all so they can give the wealthiest Americans a tax break and leave the middle class behind – would indicate that GOP leaders are concerned about fiscal responsibility. Key excerpts from Politico:
“Conservatives have long railed against the nation’s now-$20 trillion debt. But now that they’re desperate to pass a tax bill, many Republicans’ repulsion to red ink is fading fast. Yet some deficit hard-liners are holding the line, insisting that tax cuts be paid for, either by axing deductions or with stiff spending cuts.”
“Sen. Bob Corker (R-Tenn.) recently questioned the deficit cred of one of the House’s proudest fiscal hawks before he left to become Trump’s budget chief, Mick Mulvaney. In his new gig, Mulvaney is now insisting it’s okay to increase the deficit with tax cuts, because an expanding economy will eventually pay the bill.”
“‘Our OMB guy, I say this with humor, what happened to him?’ Corker said in an interview. ‘Do you understand what I’m saying? He used to be the fiscal hawk.’”
“Republicans say they want less debt but at the same time love a good tax cut — and are desperate to finally notch a major legislative achievement. Most Republicans are coming down on the side of tax cuts, preaching supply-side theories that tax cuts need not be paid for because they will grow the economy and eventually pay for themselves.”
“‘In order to make good on our campaign tax promise, there probably are going to be some sacrifices made from an ideological perspective,’ said senior House Budget Committee member Steve Womack (R-Ark.), a longtime deficit hawk.”
“Most economists say it's unlikely that a multi-trillion-dollar tax package will pay for itself with sustained, long-term growth.”
“Sen. Bob Corker (R-Tenn.) recently questioned the deficit cred of one of the House’s proudest fiscal hawks before he left to become Trump’s budget chief, Mick Mulvaney. In his new gig, Mulvaney is now insisting it’s okay to increase the deficit with tax cuts, because an expanding economy will eventually pay the bill.”
“‘Our OMB guy, I say this with humor, what happened to him?’ Corker said in an interview. ‘Do you understand what I’m saying? He used to be the fiscal hawk.’”
“Republicans say they want less debt but at the same time love a good tax cut — and are desperate to finally notch a major legislative achievement. Most Republicans are coming down on the side of tax cuts, preaching supply-side theories that tax cuts need not be paid for because they will grow the economy and eventually pay for themselves.”
“‘In order to make good on our campaign tax promise, there probably are going to be some sacrifices made from an ideological perspective,’ said senior House Budget Committee member Steve Womack (R-Ark.), a longtime deficit hawk.”
“Most economists say it's unlikely that a multi-trillion-dollar tax package will pay for itself with sustained, long-term growth.”