Trump Added $7.eight Trillion To The Nationwide Debt And Republicans Did not Say A Phrase

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Republicans within the Home and Senate helped Trump add trillions in debt that can crush the economic system for years with out asking for spending cuts.

In January 2021, ProPublica reported:

The nationwide debt has risen by nearly $7.eight trillion throughout Trump’s time in workplace. That’s almost twice as a lot as what Individuals owe on scholar loans, automobile loans, bank cards and each different kind of debt aside from mortgages, mixed, in line with information from the Federal Reserve Financial institution of New York. It quantities to about $23,500 in new federal debt for each particular person within the nation.

The expansion within the annual deficit beneath Trump ranks because the third-biggest improve, relative to the scale of the economic system, of any U.S. presidential administration.

It’s simple to confuse debt and deficit, so needless to say the deficit is the month-to-month or yearly quantity the federal government has to borrow. The debt is the cumulative quantity the nation owes all through its historical past.

To look again on it now, the headlines right here at PoliticusUSA have been staggering. Trump and Republicans elevated the month-to-month deficit by 66% from Could to June 2018. In August of 2018, Trump and Home Republicans created a deficit that was twice as huge as any month within the earlier yr.

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Kevin McCarthy and lots of the similar Home Republicans now calling for spending cuts ran up these deficits and added to the debt with out asking Trump for any spending cuts in return. The massive driver was the $1.9 trillion Trump/Republican tax cuts for the wealthy. A lot of the Trump debt ($4.eight trillion) was run up earlier than COVID. Republicans added greater than a trillion {dollars} a yr to the debt via tax cuts and elevated spending earlier than the pandemic hit, and now they’ve the nerve to demand spending cuts from Biden.

Republicans are asking Biden and the American folks to pay for the payments they ran up in appreciable half by chopping taxes for the rich and companies with cuts to packages like Medicare and Social Safety.

President Biden has a justifiable place in saying no to Home Republican calls for for spending cuts. Underneath Trump, Home Republicans raised the debt ceiling with out offsetting cuts 3 times.

If Home Republicans wish to increase income to cowl the rising debt ceiling, they’ll begin by elevating taxes on the rich and companies and cleansing up their deficit and debt mess.



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