Joe.My.God. LGBT News
The Associated Press reports:
The GOP’s signature tax law is projected to increase the national debt by $1.9 trillion between 2018 and 2028, according to a new report by the Congressional Budget Office. According to the report, the tax law would cost the government $2.3 trillion in revenues, but economic growth would offset that figure by about $461 billion.
The report paints an unrelentingly bleak picture of federal deficits, which would permanently breach the $1 trillion mark in 2020 unless Congress stems the burst of red ink.
The government would borrow about 19 cents of every dollar it spend this year. Deficits would grow to $1.5 trillion by 2028 — and could exceed $2 trillion if the tax cuts are fully extended and if Washington doesn’t cut spending.
Breaking News: The federal deficit is set to rise sharply, topping $1 trillion by 2020, in the first CBO estimate since GOP tax and budget laws were passed https://t.co/HVnHCjbVob
— The New York Times (@nytimes) April 9, 2018
Clinton got a surplus. GW Bush ran the deficit through the ceiling. Obama cut the deficit in half (yes, Fox News viewers, it’s true.) Trump and the GOP are doubling it again. Amazing how many ppl GOP can fool into thinking they are fiscally responsible.https://t.co/BKNtq6D1Sb
— Kurt Eichenwald (@kurteichenwald) April 9, 2018
Having exploded the deficit, Republicans will double down on their calls to gut Medicare and Medicaid in 3…2…1… https://t.co/GuuLPgcGjR
— Topher Spiro (@TopherSpiro) April 9, 2018
The American people deserve a Congress that is focused squarely on helping the middle class, not patronizing Kabuki theatre –like sham ‘balanced budget’ votes – from Republicans who blew up the deficit to benefit wealthy special interests. 3/3
— Chuck Schumer (@SenSchumer) April 9, 2018
the timing of the CBO report on the $1 trillion deficit with House Republicans voting on their balanced budget amendment this week is [chef kissing fingers]
— Haley Byrd (@byrdinator) April 9, 2018