Federal Deficit will be $600 billion this year and is projected to reach $1.46 trillion in a decade without policy actions.
The Republican Party has largely abandoned its platform of fiscal restraint, pivoting sharply in a way that could add trillions of dollars in federal debt over the next decade.
Cutting spending to balance the budget was almost religion to the Republican Party for much of the past eight years. But all year long, despite their control of the White House and Congress, Republicans have not taken steps to balance the budget, to overhaul entitlement programs such as Medicare and Medicaid, or to arrest the growth of the country’s $20 trillion in debt.
With the House passing a critical budget resolution this past week, GOP lawmakers are charging forward next week with plans to cut taxes in a way that could add more than $1.5 trillion to the government’s debt over 10 years, with the goal of legislation by early next month. That is on top of an effort to significantly increase military spending. White House officials say their focus is on growing the economy now and dealing with the debt later.
The moves come as the federal deficit, the difference between what the government earns in revenue and spends on programs, is growing more quickly. It will be $600 billion this year and is projected to reach $1.46 trillion in a decade, even without additional policy actions.