Tag: GOP exploding the deficit

When Paul Ryan leaves government, the federal deficit will be $1.2 trillion higher than when he arrived

The following article of Philip Bump was posted on the Washington Post website July 25, 2018:

House Speaker Paul D. Ryan (R-Wis.) made a name for himself as a deficit hawk, but backed a tax plan and a spending bill that are ballooning the national debt. (Video: Jenny Starrs/Photo: Matt McClain/The Washington Post)

One fun thing about the Nexis online news archive at Nexis is that you can search for how many times certain people have been described in certain ways in news reports. For example, one can learn that, since June 2008, Paul Ryan has been called a “deficit hawk” more than 400 times in English-language news reports. The first included in the index is an article from Roll Call titled, “Ryan Campaigns for Fiscal Fitness” — sadly written before Time magazine snapped some of the most iconic imagesof any legislator in history.

The House speaker is a deficit hawk, you see, because of his long-standing crusade for lower federal budget deficits. It has been the cause with which the Wisconsin Republican has been associated for most of his career since getting to Capitol Hill in 1999 — cutting spending and bringing the budget under control.

However, Bloomberg’s Steven Dennis made an interesting observation about Ryan’s tenure on Twitter.

View the complete article here.

How the Trump Tax Cut Is Helping to Push the Federal Deficit to $1 Trillion

The following article by Jim Tankersley was posted on the New York Times website July 25, 2018:

The amount of corporate taxes collected by the federal government has plunged to historically low levels in the first six months of the year, pushing up the federal budget deficit much faster than economists had predicted.

The reason is President Trump’s tax cuts. The law introduced a standard corporate rate of 21 percent, down from a high of 35 percent, and allowed companies to immediately deduct many new investments. As companies operate with lower taxes and a greater ability to reduce what they owe, the federal government is receiving far less than it would have before the overhaul.

 

The Trump administration had said that the tax cuts would pay for themselves by generating increased revenue from faster economic growth, but the White House has acknowledged in recent weeks that the deficit is growing faster than it had expected. The Office of Management and Budget said this month that it had revised its forecasts from earlier this year to account for nearly $1 trillion of additional debt over the next decade — on average, almost $100 billion more a year in deficits.

View the complete post here.