Tag: GOP ballooning deficit

Deficit to top $1 trillion per year by 2020, CBO says

The following article by Jeff Stein was posted on the Washington Post website April 9, 2018:

House Speaker Paul D. Ryan (R-Wis.) returns to his office. (Astrid Riecken/For The Washington Post)

America’s deficit is rising sharply and will surpass $1 trillion per year by 2020, a gap that has grown since Congress cut taxes and increased spending, the Congressional Budget Office reported Monday.

The federal deficit — the gap between how much the government takes in and how much it spends — will hit $804 billion in fiscal 2018, up 21 percent from 2017, the CBO said. Continue reading “Deficit to top $1 trillion per year by 2020, CBO says”

Why Republicans shouldn’t be so optimistic their tax bill will be a big win

The following article by Heather Long was posted on the Washington Post website December 16, 2017:

Rep. Cathy McMorris Rodgers (R-Wash.) hit out at criticisms of the GOP’s tax proposal on Dec. 12. (Reuters)

Republicans are on the verge of passing a massive tax cut for businesses that is deeply unpopular with the American public. They are doing it with no Democratic votes and at a moment when the U.S. economy looks pretty healthy (typically, tax cuts are most effective when the economy is struggling and the government wants to revive it). A surprising number of chief executives admit their top plan for the extra cash is to pay shareholders more, not grow jobs and wages. Billionaire chief executive Michael Bloomberg went so far as to declare the bill a “trillion-dollar blunder.”

So all of this raises the obvious question: Why are Republicans doing this? Continue reading “Why Republicans shouldn’t be so optimistic their tax bill will be a big win”