…But can we all just disabuse ourselves of the notion of Republicans as fiscal conservatives now? The GOP tax scam that Republicans jammed through the last Congress without a single hearing has exploded the deficit (as everyone and their mother predicted it would) and has left our nation with ballooning deficits. Key excerpts from the Washington Post:
“The federal budget deficit ballooned rapidly in the first four months of the fiscal year amid falling tax revenue and higher spending, the Treasury Department said Tuesday, posing a new challenge for the White House and Congress as they prepare for a number of budget battles.”
“The deficit grew 77 percent in the first four months of fiscal 2019 compared with the same period one year before, Treasury said.”
“The total deficit for the four month period was $310 billion, Treasury said, up from $176 billion for the same period one year earlier.”
“During the Trump administration, there have not been any similar discussions, and President Trump has largely pushed for an agenda of tax cuts and spending increases that had grown the deficit markedly.”
“As part of the 2017 tax cut law, the tax rate paid by corporations was lowered from 35 percent to 21 percent…Spending, meanwhile, increased 9 percent over the same period.”
“Sen. James Lankford (R-Okla.) was bemoaning debt levels Tuesday, a few hours before Treasury reported the big increase in the deficit. ‘If you take 22 trillion miles, total distance, you would fly from Earth to Pluto and back 3,081 times,’ Lankford said on the Senate floor. ‘This is a heavy debt.’”
“The deficit grew 77 percent in the first four months of fiscal 2019 compared with the same period one year before, Treasury said.”
“The total deficit for the four month period was $310 billion, Treasury said, up from $176 billion for the same period one year earlier.”
“During the Trump administration, there have not been any similar discussions, and President Trump has largely pushed for an agenda of tax cuts and spending increases that had grown the deficit markedly.”
“As part of the 2017 tax cut law, the tax rate paid by corporations was lowered from 35 percent to 21 percent…Spending, meanwhile, increased 9 percent over the same period.”
“Sen. James Lankford (R-Okla.) was bemoaning debt levels Tuesday, a few hours before Treasury reported the big increase in the deficit. ‘If you take 22 trillion miles, total distance, you would fly from Earth to Pluto and back 3,081 times,’ Lankford said on the Senate floor. ‘This is a heavy debt.’”
Issues: