Trump/Congressional Republicans will blame social programs for the increase instead of their massive tax cuts. They will try to reduce spending on programs like Social Security and Medicare. It would be better to eliminate many of the tax cuts that only benefitted rich people.
It's official: The US deficit hit $779 billion in Trump's 2nd year, the highest since 2012 (in dollar or % of GDP terms)
Deficit in FY 2017: $665 bn
2016: $585 bn
2015: $439 bn
2014: $485 bn
2013: $680 bn
2012: $1.1 trillion
2011: $1.3 trillionhttps://t.co/Yxo6xqsF84 #debt— Heather Long (@byHeatherLong) October 15, 2018
The cumulative budget deficit grew in fiscal year 2018 https://t.co/lSTFvYkncm via @pgpfoundation
— Peterson Foundation (@pgpfoundation) October 15, 2018
Even on the most basic things, you can count on this administration to lie — an everyone treats it as normal https://t.co/XXELVD4Bdj pic.twitter.com/AdpqbamvDN
— Paul Krugman (@paulkrugman) October 15, 2018
last October: GOP Sen Corker says "If we're adding one penny to the deficit, I’m not going to be for it. greatest threat to our nation"
he was for it
this October: Treasury Dept reports 2018 deficit of $779-B, 17% larger than 2017 and higher than any point in Obama's 2nd term
— John Harwood (@JohnJHarwood) October 15, 2018
You may recall that many Republicans said their tax cuts would "pay for themselves" through increased growth/revenues. In the first nine months, they are not — by any measure. https://t.co/N8H8Gjr3a5
— Jim Tankersley (@jimtankersley) October 15, 2018
This is your monthly reminder that in a booming economy the deficit-to-GDP ratio should not be this high. https://t.co/etGmrZsOYJ
— Daniel W. Drezner (@dandrezner) October 15, 2018
It's unusual to see deficits rising in this manner outside of a recession pic.twitter.com/u8pikMkj66
— Nick Timiraos (@NickTimiraos) October 15, 2018
Per the Treasury Department, revenues and spending were both lower as a share of GDP in FY 2018, but revenues fell more, making the deficit-increase worse pic.twitter.com/iIHc9vmaJY
— Nick Timiraos (@NickTimiraos) October 15, 2018
Remember, Kudlow recently said the administration will probably try to make cuts to Medicare & Social Security next year.
Having blown a hole in the deficit with tax cuts for the wealthy and corporations, Trump and Republicans will demand deep cuts. Watch your wallets. https://t.co/tLVA3HboIg
— Robert Reich (@RBReich) October 15, 2018
The big-time GOP deficit hawks who were quiet as Trump pushed the national debt past $21 trillion are an interesting side-note to this madness. https://t.co/YnZeSGKvId
— Matt Taibbi (@mtaibbi) October 15, 2018
4 Republican policies led to a $779 billion deficit in 2018:
– Bush Tax Cuts: $488 B
– Trump Tax Cuts: $164 B
– Wars in Iraq and Afghanistan: $127 B
– Defense increases since 9/11: $156 BWithout tax cuts for the wealthy and endless wars we would've had a $156 billion SURPLUS.
— Bernie Sanders (@SenSanders) October 15, 2018
Sad! 