Spending. Spending. Spending. Has the GOP forgotten it’s supposed to be the party of fiscal responsibility?
According to the Associated Press, some conservatives are not overly thrilled with a recent Republican-backed spending binge that threatens to generate trillion-dollar deficits for years to come while staining a cherished pillar of the modern-day Republican Party.
AP: “While President Donald Trump and his allies hope economic growth may ease future deficits, few fiscal conservatives cheered Monday’s release of the president’s $4 trillion-plus budget, which would create $7.2 trillion in red ink over the next decade if adopted by Congress. That follows congressional passage of last week’s $400 billion spending pact, along with massive tax cuts, which some analysts predict will push deficits to levels not in generations.”
Trump’s budget plan is expected to draw deficits of $7.2 trillion over the next ten years, and that’s the best case scenario. It assumes Trump’s aggressive economic predictions come true and Congress follows through with severe cuts to social programs, farm subsidies and Medicare providers. Making matters more difficult, is Trump is expecting all of this in an election year.
The AP adds, “The president’s spending outline for the first time acknowledges that the Republican tax overhaul passed last year would add billions to the deficit and not “pay for itself” as Trump and his Republican allies asserted. If enacted as proposed — though no presidential budget ever is — the plan would establish an era of $1 trillion-plus yearly deficits.”