Here they go again....
All “fiscal conservative” talk—and the walk is anything but. Once again we are looking at a GOP proposal that explodes the deficit. Take a look at coverage of the GOP tax reform proposal released this week:
New York Times: With Tax Cuts on the Table, Once-Mighty Deficit Hawks Hardly Chirp
CQ Budget Tracker: Dismissing Deficits
US News and World Reports: The Path to a Deficit
Fox News: Trump tax plan hits media buzzsaw over deficit and whether he'll get richer
New York Times: With Tax Cuts on the Table, Once-Mighty Deficit Hawks Hardly Chirp
“A new tax cut is emerging to rival those of the Bush years, and the deficit hawks have hardly peeped.”
“‘It’s a great talking point when you have an administration that’s Democrat-led,’ said Representative Mark Walker, Republican of North Carolina and the chairman of the Republican Study Committee, a group of about 150 conservative House members. ‘It’s a little different now that Republicans have both houses and the administration.’”
“For years, Republican lawmakers lamented the soaring national debt, pressing for spending cuts and clinging to the mantle of fiscal responsibility. But last week, Senate Republicans hammered out a deal to allow for as much as $1.5 trillion in tax cuts, betting that supercharged growth will make up for lost revenue, a potentially dubious prospect. The tax plan outlined Wednesday by the White House and Republican leaders in the House and Senate could cost more than $2 trillion over the next decade…”
“‘It’s a great talking point when you have an administration that’s Democrat-led,’ said Representative Mark Walker, Republican of North Carolina and the chairman of the Republican Study Committee, a group of about 150 conservative House members. ‘It’s a little different now that Republicans have both houses and the administration.’”
“For years, Republican lawmakers lamented the soaring national debt, pressing for spending cuts and clinging to the mantle of fiscal responsibility. But last week, Senate Republicans hammered out a deal to allow for as much as $1.5 trillion in tax cuts, betting that supercharged growth will make up for lost revenue, a potentially dubious prospect. The tax plan outlined Wednesday by the White House and Republican leaders in the House and Senate could cost more than $2 trillion over the next decade…”
CQ Budget Tracker: Dismissing Deficits
“Republicans dismissed concerns about the deficit as they defended their tax plan Thursday, saying it was more important to boost economic growth than to curb red ink.”
“The Senate Budget Committee is expected to unveil a fiscal 2018 budget resolution Friday that would add about $1.5 trillion to deficits over the coming decade to pay for tax cuts, while abandoning a push by House budget writers for cuts to entitlement programs. And House Republicans, from both the conservative and moderate camps of the party, appeared resigned to back a final blueprint that stops short of producing a path toward a balanced budget.”
“The Senate Budget Committee is expected to unveil a fiscal 2018 budget resolution Friday that would add about $1.5 trillion to deficits over the coming decade to pay for tax cuts, while abandoning a push by House budget writers for cuts to entitlement programs. And House Republicans, from both the conservative and moderate camps of the party, appeared resigned to back a final blueprint that stops short of producing a path toward a balanced budget.”
US News and World Reports: The Path to a Deficit
“President Donald Trump is turning to the old-time conservative religion of tax cuts to lift Republicans out of the doldrums and, in his calculation, give GOP candidates a winning issue in the 2018 congressional elections.”
“The stakes are high. Failure to pass massive tax cuts would expose Trump and his GOP allies to charges that they are inept and unreliable politicians who can't deliver on their campaign promises. It would follow the collapse this week of the latest Republican effort to repeal and replace the health care law enacted under President Barack Obama. For years, repealing the Affordable Care Act has been one of the GOP's top goals, but it has gone nowhere. The result is that Trump and the Republican Party are in desperate need of a major legislative victory.”
“GOP leaders in the Senate appear to be moving toward approving $1.5 trillion in tax cuts during the next 10 years but it's unclear whether House Republicans would go along, and critics say such an approach would greatly increase the deficit. Such a plan is politically risky because it would undermine GOP claims to be the party of fiscal responsibility.”
“The stakes are high. Failure to pass massive tax cuts would expose Trump and his GOP allies to charges that they are inept and unreliable politicians who can't deliver on their campaign promises. It would follow the collapse this week of the latest Republican effort to repeal and replace the health care law enacted under President Barack Obama. For years, repealing the Affordable Care Act has been one of the GOP's top goals, but it has gone nowhere. The result is that Trump and the Republican Party are in desperate need of a major legislative victory.”
“GOP leaders in the Senate appear to be moving toward approving $1.5 trillion in tax cuts during the next 10 years but it's unclear whether House Republicans would go along, and critics say such an approach would greatly increase the deficit. Such a plan is politically risky because it would undermine GOP claims to be the party of fiscal responsibility.”
Fox News: Trump tax plan hits media buzzsaw over deficit and whether he'll get richer
“On paper, it sounds like cutting taxes should be the easiest thing that Congress does. Politicians like giving out goodies, and Americans deserve to be able to keep more of their own money.”
“But the Trump plan will cost an estimated $2.2 billion over a decade, and some folks will be stuck with part of the bill.”
“But the Trump plan will cost an estimated $2.2 billion over a decade, and some folks will be stuck with part of the bill.”