Back to the land of $1 trillion deficits.
How did we get here?
1. Tax cuts
2. Spending increases
Trump's 1st budget projected a $526B deficit for FY19, but instead we're at ~$1 trillion.
Revenue is ~$350B LOWER than Trump/Mulvaney projected then.
Spending is ~$137B HIGHER.
How did we get here?
1. Tax cuts
2. Spending increases
Trump's 1st budget projected a $526B deficit for FY19, but instead we're at ~$1 trillion.
Revenue is ~$350B LOWER than Trump/Mulvaney projected then.
Spending is ~$137B HIGHER.
Obama a year earlier had projected a $549B deficit for FY19. Revenue would have been ~$650B higher than it is now and spending an additional ~$175B higher.
The last House GOP budget pre-Trump projected a $207 billion deficit for fiscal 2019 if their policies were enacted.
That...didn't happen.
That...didn't happen.
Data points:
1. Paul Ryan / McConnell / WH originally sought "deficit-neutral" tax reform. But after ACA repeal/replace failure, they pivoted.
2. Trump signed bipartisan deals to increase discretionary spending.
3. Rs abandoned entitlement overhauls.
1. Paul Ryan / McConnell / WH originally sought "deficit-neutral" tax reform. But after ACA repeal/replace failure, they pivoted.
2. Trump signed bipartisan deals to increase discretionary spending.
3. Rs abandoned entitlement overhauls.
Republicans could have eliminated any and all entitlement spending they wanted without a single Democratic vote in 2017-2018 save for Social Security under the budget rules.
Their problem: They didn't have 50/218 votes willing to do so.
Their problem: They didn't have 50/218 votes willing to do so.
I think this remains GOP orthodoxy on the subject: bloomberg.com/news/articles/…
