(At least not until the Democrats are back in the White House of course.)
Courtesy of WaPo:
The federal budget deficit ballooned rapidly in the first four months of the fiscal year amid falling tax revenue and higher spending, the Treasury Department said Tuesday, posing a new challenge for the White House and Congress as they prepare for a number of budget battles.
The deficit grew 77 percent in the first four months of fiscal 2019 compared with the same period one year before, Treasury said.
The total deficit for the four-month period was $310 billion, Treasury said, up from $176 billion for the same period one year earlier.
“It’s big tax cuts combined with big increases in spending when they already had big deficits,” said former Senate Budget Committee chairman Kent Conrad (D-N.D.). “So guess what, it’s craziness!”
Tax revenue for October 2018 through January 2019 fell $19 billion, or 2 percent, Treasury said. It noted a major reduction in corporate tax payments over the first four months of the fiscal year, falling close to 25 percent, or $17 billion.
As part of the 2017 tax cut law, the tax rate paid by corporations was lowered from 35 percent to 21 percent.
Spending, meanwhile, increased 9 percent over the same period.
You know I am old enough to remember when the Republicans were constantly attacking President Obama over the deficit, saying that he was going to “bankrupt the country.”
Of course when Obama was spending it was to save the economy and provide health care for more Americans.
This time the reason is that Trump wanted to give a tax break to his friends and increase military spending to placate his base.