Budget office reveals 'King of Debt' Donald Trump is overseeing a skyrocketing deficit
Hold on to your knickers, folks, that federal deficit is hiking up quickly and “king of debt” Donald Trump wants more, more, more spending and tax cuts. Always. The Congressional Budget Office now expects the federal deficit to reach $960 billion for the 2019 fiscal year ending Sept. 30, and $1 trillion for Fiscal Year 2020. That's an increase from the office's original projections of $896 billion for 2019 and $892 billion for 2020.
Don't worry though, Moscow Mitch is surely still "disturbed" that the tax cuts aren't paying for themselves, as he had predicted. Instead, the GOP's tax giveaway to the rich is doing little-to-nothing to spur business investments while simultaneously putting a chokehold on federal revenues. Apparently, investors aren't all that excited about dropping a bunch of money into the volatile economic environment Trump has created with his whimsies on trade and tariffs.
In the meantime, Trump and his crackerjack team are eyeing reductions in capital gains taxes in order to goose the economy again, which could add another $100 billion to the deficit over the next decade. Of course, cutting capital gains taxes would be another windfall for the rich. At the same time, Team Trump is angling to cut payroll taxes, potentially reducing federal revenues at a rate of $75 billion a year for every percentage-point reduction, according to the New York Times.
But fear not! Since Trump's "the chosen one," maybe he can just make it all go away. Poof! Clearly that’s what Trumpists think will happen since 70% of Republicans and 60% of conservatives approved of his handling of the budget deficit in the latest Economist/YouGov poll.
