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Republicans rightly cheered when they were able to pass a decent tax cut plan that helped more Americans keep their hard-earned money. It has been demonstrated as a tremendous feather in President Trump’s cap and is the best reason the GOP has a chance of retaining majorities in the House and Senate.
On the other hand, they also agreed to unprecedented spending increases that none of them are willing to discuss. Democrats won’t bring them up because they agree with increased spending and Republicans won’t bring them up because they’re supposed to be the fiscally responsible party.
They are not. Neither major party is willing to do the one thing they must: cut federal spending dramatically.
The result of this poor economic decision is that we’re not looking at a nearly trillion dollar federal deficit for fiscal 2018. That’s enough to impress the former Obama administration with how boldly their destroying America’s financial future.
Source: The Hill
Federal deficit soars 32 percent to $895B
The nonpartisan CBO reported that the central drivers of the increasing deficit were the Republican tax law and the bipartisan agreement to increase spending. As a result, revenue only rose 1 percent, failing to keep up with a 7 percent surge in spending, it added.
Revenue from individual and payroll taxes was up some $105 billion, or 4 percent, while corporate taxes fell $71 billion, or 30 percent.
Bottom Line
Tax cuts and budget increases don’t mix. The GOP had an opportunity to cut taxes AND spending. Don’t let them tell you they didn’t have the votes. In reality, they didn’t have the guts to do what they should have.
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