President Donald Trump has slammed politicians on both sides of the aisle for years for their lack of attention to the national debt and since his time on the political scene has promised to completely erase it within 8 years. The reality, however, is that since he has been in office, it has skyrocketed to more than $22 trillion. Yikes.
The President, with an already falling tax revenue with which to contend, offered his support for the new federal budget deal last week, one that will increase spending by the BILLIONS when the country was ALREADY lined up to reach a $1 trillion deficit this year.
The President said of the bill, “House Republicans should support the TWO YEAR BUDGET AGREEMENT which greatly helps our Military and our Vets… I am totally with you!”
This deal, created by Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi, sees bigger budgets for both Republicans and Democrats and would see spending going up by around $320 billion. According to the Committee for a Responsible Budget, that path would lead us to a $1.7 trillion in debt levels over the next 10 years.
Before Donald Trump was PRESIDENT Trump, this kind of thing would have sent him railing. This is a man who ran on a platform of fiscal responsibility and who used social media to slam Obama over the national debt multiple times. In 2011, he said, “Congress is back.TIME TO CUT, CAP AND BALANCE. There is no revenue problem. The Debt Limit cannot be raised until Obama spending is contained.”
A group of House conservatives urged Trump to reject this bill as it was presented and to provide MORE funding for Immigration and Customs Enforcement, saying in a letter,
“You should veto this bill because it is fiscally irresponsible… It blows well beyond what was intended with the 2011 [Budget Control Act] caps. Furthermore, it continues spending hundreds of billions more than what we take in a year and does not put our nation on a path towards a balanced budget.”-letter to President Trump from a group of House conservatives
Other than that, this latest deal faced some push back but those government critics are limited and have little influence currently.
Senate Majority Leader Mitch McConnell raced to get this deal to the floor so the House could vote on it before a six-week recess coming in August. T
“That’s why we’ve delivered historic increases in resources for modernization and DoD — to ensure the US military is strong and agile enough to confront a growing number of threats to America and our interests… That’s why just a few months ago, we authorized the largest year-on-year increase in defense funding in more than a decade. And now this funding agreement is the next step forward in that process.”-Senate Majority Leader Mitch McConnell
In spite of a strong economy, the federal deficit went up by around 38% during the first seven months of the fiscal year.