US Politics in Trump era
White House Proposes $4.4 Trillion Budget That Adds $7 Trillion to Deficits
President Trump on Monday sent Congress a $4.4 trillion budget with steep cuts in domestic programs and entitlements, including Medicare, and large increases for the military, envisioning deficits totaling at least $7.1 trillion over the next decade. The blueprint, which has little to no chance of being enacted as written, amounts to a vision statement by Mr. Trump, whose plan discards longtime Republican orthodoxy about balancing the budget, instead embracing last year’s $1.5 trillion tax cut and new spending on a major infrastructure initiative.
Liberals Wanted Fiscal Stimulus. Conservatives Delivered It.
Left-leaning economists hate the timing and the composition. But the expansionary fiscal policy they sought is on the way. The fiscal austerity that drove the budget deficit from around 9 percent of G.D.P. in 2010 to 3 percent in 2016 has, for practical purposes, been abandoned. First, Republicans passed a $1.5 trillion tax bill in December that sharply cut rates on businesses. Then last week they made a deal to undo budget caps demanded by the Republican House in 2011. President Trump signed that bill on Friday.
Trump Takes a Gamble in Cutting Programs His Base Relies On
President Trump’s proposal on Thursday for deep cuts to the budgets of a broad part of the federal bureaucracy was billed as a tough-minded and necessary corrective to the growth of the government’s power. But even members of his own party questioned some of the cuts — and what was not being cut. “While we have a responsibility to reduce our federal deficit, I am disappointed that many of the reductions and eliminations proposed in the president’s skinny budget are draconian, careless and counterproductive,” said Representative Harold Rogers, Republican of Kentucky and a former chairman of the House Appropriations Committee.
Hypocrite Republicans Vote To Add $10 Trillion Onto US National Debt
In a stunning move, the Republican-led U.S. Senate has just passed a concurrent budget resolution that will increase the federal debt by a whopping 10 trillion dollars. Under the questionable leadership of Senate Majority Leader Mitch McConnell, the Senate voted to authorize a national debt of over $29 trillion over the next years.