Remember when POTUS was going to “get rid of” the national debt?
Well, so much for that. We’ve been saying all along that the GOP tax scam is going to explode the deficit, and we’re already seeing it happen. Yesterday, the Treasury Department posted its largest budget deficit since the recession as revenue declined by 9%, thanks to the massive tax breaks that President Trump and Congressional Republicans gave to the wealthy and corporations in the tax law. From Bloomberg:
“The U.S. recorded a $215 billion budget deficit in February -- its biggest in six years -- as revenue declined.”
“Fiscal income dropped to $156 billion, down 9 percent from a year earlier, while spending rose 2 percent to $371 billion, the Treasury Department said on Monday. The deficit for the fiscal year that began in October widened to $391 billion, compared with a $351 billion shortfall the same period a year earlier, according to the Treasury report.”
“The data underscore concerns by some economists that Republican tax cuts enacted this year could increase the U.S. government debt load, which has surpassed $20 trillion. The tax changes are expected to reduce federal revenue by more than $1 trillion over the next decade, while a $300 billion spending deal reached by Congress in February could push the deficit higher.”
“A combination of higher income tax refunds and a drop in the withholding of individual income and payroll taxes led to the reduction in receipts, according to an analysis by the Congressional Budget Office released last week.”
“Fiscal income dropped to $156 billion, down 9 percent from a year earlier, while spending rose 2 percent to $371 billion, the Treasury Department said on Monday. The deficit for the fiscal year that began in October widened to $391 billion, compared with a $351 billion shortfall the same period a year earlier, according to the Treasury report.”
“The data underscore concerns by some economists that Republican tax cuts enacted this year could increase the U.S. government debt load, which has surpassed $20 trillion. The tax changes are expected to reduce federal revenue by more than $1 trillion over the next decade, while a $300 billion spending deal reached by Congress in February could push the deficit higher.”
“A combination of higher income tax refunds and a drop in the withholding of individual income and payroll taxes led to the reduction in receipts, according to an analysis by the Congressional Budget Office released last week.”