Republicans in the House and Senate helped Trump add trillions in debt that would cripple the economy for years without asking for spending cuts.
In January 2021, ProPublica reported:
The national debt has increased by nearly $7.8 trillion during Trump’s tenure. According to data from the Federal Reserve Bank of New York, Americans owe nearly twice as much on every type of debt except student loans, car loans, credit cards and mortgages. That’s about $23,500 in new federal debt for every person in the country.
The annual deficit growth under Trump is the third-largest increase by the size of the economy of any US presidential administration.
It’s easy to confuse a debt and a deficit, so keep in mind that a deficit is what the government borrows monthly or annually. Debt is the accumulated amount owed by a nation throughout its history.
Looking back now, the headlines here at PoliticusUSA were staggering. Trump and the Republicans increased the deficit by 66% month over month from May to June 2018. In August 2018, Trump and House Republicans created a deficit twice as large as any month in the previous year.
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Kevin McCarthy and the same House Republicans now calling for spending cuts increased these deficits and in turn added to the debt without Trump asking for any spending cuts. The biggest driver was the $1.9 trillion Trump/Republican tax cut for the wealthy. Much of Trump’s debt ($4.8 trillion) was run up before COVID. Republicans added more than a trillion dollars a year to the debt through tax cuts and increased spending before the pandemic hit, and now they have the nerve to demand spending cuts from Biden.
Republicans are asking Biden and the American people to pay in substantial part by cutting taxes for the wealthy and corporations, along with cuts to programs like Medicare and Social Security.
President Biden has taken a defensible position in rejecting House Republican demands for spending cuts. Under Trump, House Republicans raised the debt ceiling three times without offsetting cuts.
If House Republicans want to raise revenue to offset a rising debt ceiling, they can start by raising taxes on the wealthy and corporations and cleaning up their deficit and debt mess.
Jason is the managing editor. He is a member of the White House Press Pool and a Congressional Correspondent for PoliticoUSA. Jason holds a Masters in Political Science. Her graduate work focused on public policy with a specialization in social reform movements.
Awards and Professional Memberships
Member of Society of Professional Journalists and The American Political Science Association