Trump Vowed Not To Run $400 Billion Deficits. Instead He’ll Run A $1 Trillion One

Trump Vowed Not To Run $400 Billion Deficits. Instead He’ll Run A $1 Trillion One

Summary

  1. WASHINGTON Fourteen months before he was elected president, Donald Trump vowed to make sure the country would never again run a $400 billion budget deficit.
  2. In the first budget cycle fully under their control, Trump and the Republican-run Congress are likely to run a deficit that will top $1 trillion, some two-and-a-half times as big as the one Trump had complained about at his Sept. 30, 2015, rally in Keene, New Hampshire.
  3. Given how sharply the just-passed tax cuts will reduce revenue in the coming years, those $1 trillion annual deficits could well extend through Trump’s remaining three-to-seven years in office.
  4. Avoiding $400 billion annual deficits was just one of several promises Trump made on the campaign trial regarding federal spending.
  5. In a March 2016 interview with The Washington Post, Trump said he would not only eliminate annual deficits, but actually pay off the entire national debt at the time, $20 trillion within eight years.
  6. With a tax-cut plan that the Congressional Budget Office estimated will add $1.5 trillion to the deficit over the next 10 years and a new spending plan that will add another $400 billion or so, Trump is adding to the problem, she said.
  7. Trump’s own budget proposal, even relying on a 3-percent growth rate in the economy that many experts call unrealistic, projects a deficit of $969 billion next year unless Congress cuts programs.

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