For eight years under President Obama, Republicans, often, and with great zeal, condemned the Obama administration for adding to the national debt. In fact the GOP web site said:
“President Obama has added more to the national debt than any other president in American history and we must fix his mistakes. Republicans believe that significant structural reforms, increased productivity, use of technology, and a smaller government are essential in balancing America’s budget. Republicans promote a transparent budget process where Congress is held responsible for its actions.”
The Republicans are panicked today, struggling to get a tax bill passed. The bill that has been presented by Republicans has been analyzed by the Joint Committee on Taxation, Congress’s nonpartisan scorekeeper. That BIPARTISAN COMMITTEE reported that the current tax bill would not generate nearly as much economic growth over the next 10 years as Republicans had expected. As a result, the nation’s deficit would be $1 trillion higher.
The Republican Party has largely abandoned its platform of fiscal restraint, pivoting sharply in a way that could add trillions of dollars in federal debt over the next decade.
Cutting spending to balance the budget was almost religion to the Republican Party for much of the past eight years. But all year long, despite their control of the White House and Congress, Republicans have not taken steps to balance the budget, to overhaul entitlement programs such as Medicare and Medicaid, or to arrest the growth of the country’s $20 trillion in debt.
With the House passing a critical budget resolution this past week, GOP lawmakers are charging forwardnext week with plans to cut taxes in a way that could add more than $1.5 trillion to the government’s debt over 10 years, with the goal of legislation by early next month. That is on top of an effort to significantly increase military spending. White House officials say their focus is on growing the economy now and dealing with the debt later. Isn’t it amazing that whoever is in control adopts the philosophy that somebody else will deal with the debt later.
Mr. Trump, the master negotiator, has drawn what the White House calls a red line in negotiations at a corporate rate of 20 percent, putting Republicans in something of a box.