Friday, September 14, 2018

Abandoned principles: The GOP and the deficit

Photo:  Unsplash

Re;ported in U.S. on course for $1 trillion deficit.  (Axios, 9/11/2018)
The U.S. deficit grew by $222 billion from this time last year — reaching a total of $895 billion, according to the nonpartisan Congressional Budget Office. 
Why it matters: This increase was due mostly to the new Republican tax law and Congress' routine decision to increase spending, which grew by 7% compared to revenue growth of only 1%. The CBO says the deficit will approach $1 trillion by the end of Fiscal Year 2019.

Related reading:
On The Deficit, GOP Has Been Playing Us All For Suckers.  (Forbes, 4/15/2018)

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