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Politics In big reversal, new Trump budget will give up on longtime Republican goal of eliminating deficit

04:50  12 february  2018
04:50  12 february  2018 Source:   msn.com

Trump budget chief says he would oppose budget if he were in Congress

  Trump budget chief says he would oppose budget if he were in Congress The White House budget chief said on Tuesday that, if he were still a member of Congress, he "probably" would vote against a deficit-financed budget plan he and Trump are proposing. At a U.S. Senate panel hearing where he defended the administration's new $4.4-trillion, fiscal 2019 spending plan, Mick Mulvaney was asked if he would vote for it, if he were still a lawmaker, which he was before Trump hired him."I probably would have found enough shortcomings in this to vote against it," said Mulvaney, director of the U.S. Office of Management and Budget (OMB), in reply to a senator's question.

President Trump on Monday will offer a budget plan that falls far short of eliminating the government’s deficit over 10 years, conceding that huge tax cuts and new spending increases make this goal unattainable, three people familiar with the proposal said.

President Trump on Monday will offer a budget plan that falls far short of eliminating the government’s deficit over 10 years, conceding that huge tax cuts and new spending increases make this goal unattainable, three people familiar with the proposal said.

WASHINGTON, DC - FEBRUARY 9: House Speaker Paul Ryan, a Republican from Wisconsin, leaves the House Chamber following a vote to fund the U.S. Government on February 9, 2018 in Washington, DC. © Photo by Zach Gibson/Getty Images WASHINGTON, DC - FEBRUARY 9: House Speaker Paul Ryan, a Republican from Wisconsin, leaves the House Chamber following a vote to fund the U.S. Government on February 9, 2018 in Washington, DC. President Trump on Monday will offer a budget plan that falls far short of eliminating the government’s deficit over 10 years, conceding that huge tax cuts and new spending increases make this goal unattainable, three people familiar with the proposal said.

Eliminating the budget deficit over 10 years has been a North Star for the Republican Party for several decades, and GOP lawmakers took the government to the brink of default in 2011 when they demanded a vote on a amendment to the Constitution that would prohibit the federal government from spending more than it takes in through revenues.

Era of trillion-dollar budget deficits is making a comeback

  Era of trillion-dollar budget deficits is making a comeback The era of trillion-dollar budget deficits is about to make a comeback — and a brewing budget deal could mean their return comes just next year. Talks on a budget-busting spending pact that would give whopping increases to both the Pentagon and domestic programs have been inching closer to an agreement, aides and lawmakers said.GOP defense hawks are prevailing over the party's depleted ranks of deficit hawks while Democrats leverage their influence to increase spending for domestic priorities such as combating opioid misuse.Details are closely held and subject to change.

President Trump on Monday will offer a budget plan that falls far short of eliminating the government’s deficit over 10 years, conceding that huge tax cuts and new spending increases make this goal unattainable, three people familiar with the proposal said.

WaPo Posted at 8:00 am on February 12, 2018. washingtonpost.com/news/business/wp/2018/02/11/ in - big - reversal - new - trump - budget - will - give - up - on - longtime - republican - goal - of - eliminating - deficit /.

House Speaker Paul Ryan (R-Wisc.), when he used to chair the House Budget Committee, routinely proposed tax and spending outlines that would eliminate the deficit over 10 years, even though critics said his changes would lead to a severe curtailment in government programs.

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In 2013, Ryan proposed $4.6 trillion in cuts over 10 years, an amount he said was sufficient to eliminating the deficit. Those changes were not adopted by Congress or supported by the Obama administration.

The White House and GOP leaders have largely jettisoned goals like this since Trump took office last year. Trump’s budget plan will call for a range of spending cuts that reduces the growth of the deficit by $3 trillion over 10 years, but it would not eliminate the deficit entirely, said the people familiar with the proposal, who spoke on the condition of anonymity to discuss the plans before they’re publicly unveiled.

Rand Paul rails against 'wasteful spending' after forcing brief government shutdown

  Rand Paul rails against 'wasteful spending' after forcing brief government shutdown Sen. Rand Paul (R-Ky.) railed against what he cast as runaway government spending, days after he forced a short-lived government shutdown with a lengthy floor speech decrying the budget deficit.Speaking to radio host John Catsimatidis on New York radio station AM 970, Paul accused lawmakers of kicking the can down the road on budget issues by repeatedly turning to continuing resolutions to keep the government running, and took aim at what he called "wasteful spending.

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President Trump on Monday will offer a budget plan that falls far short of eliminating the government's deficit over 10 years, conceding that huge tax cuts and new spending increases make this goal unattainable, three people familiar with the proposal said.

GOP leaders have prioritized the tax cut plan and a major increase to military spending over their past calls for eliminating the deficit. A vocal minority of GOP lawmakers have complained about this shift, but they proved no match for the bulk of the party last week when spending levels for the next two years were expanded.

Still, when Trump proposes a budget that falls far short of eliminating the deficit, it could heighten complaints from conservatives who have said the Republican party has strayed too far.

In 2017, Trump’s budget proposal sought to eliminate the budget deficit over 10 years, though his budget writers were ridiculed for what some alleged was a $2 trillion math error.

The U.S. government spends more money than it brings in through revenue, a gap known as the budget deficit. The government ran a deficit of $666 billion in 2017. The deficit in 2019 is expected to eclipse $1.1 trillion, in part because of measures put into place since Trump took office.

GOP the party of deficit hawks? That was then.

  GOP the party of deficit hawks? That was then. Republicans rode the tea party wave to power eight years ago on a message of fiscal responsibility and attacking budget deficits, and kept at it during President Barack Obama's two terms. That was then. Republican leaders early Friday were rounding up support for a bipartisan budget bill that would put the government on track for annual deficits topping $1 trillion, a gap last seen toward the end of Obama's first term.

The Washington Post claimed that “ Republicans are completely reversing themselves on the deficit ,” and “ In big reversal , new Trump budget will give up on longtime Republican goal of eliminating deficit .”

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In June, the Congressional Budget Office projected the U.S. government would run deficits of roughly $10 trillion over the next decade. Since that report, Congress passed a tax cut law that is projected to add at least $1 trillion to the debt over 10 years, and last week Congress agreed on roughly $500 billion in new spending measures over the next two years.

It could not be learned how large the White House projects the deficit will be after 10 years. Even after accounting for the $3 trillion in cuts they will offer, the White House is expected to project the economy will grow at a much stronger clip than many economists believe will occur. The faster the economy grows, the more tax revenue will increase, helping offset spending.

Policymakers typically try to contract the deficit when the economy is strong and let it expand when the economy is weak. But the White House and Congress have in recent months sought to take a different approach, expanding the deficit when the unemployment rate is very low and the economy is growing at a stronger rate.

The U.S. government already has roughly $20 trillion in debt, according to some measures. Rising interest rates will make this debt more expensive for taxpayers, a phenomenon budget watchers believe could make it harder for the U.S. government to respond to an economic crisis.

Sen. Rand Paul criticizes GOP "hypocrisy" on debt, deficits

  Sen. Rand Paul criticizes GOP "I think if you're for tax cuts and for increasing spending, that's hypocritical," Paul told "Face the Nation" on SundayLoad Error

" In big reversal , new Trump budget will give up on longtime Republican goal of eliminating deficit ". Oh wait, you're serious, let me laugh even harder.

119499- in - big - reversal - new - trump - budget - will - give - up - on - longtime - republican - goal - of - eliminating - deficit /. Trump 's Budget Plan Faces Slim Odds This Year - uk.advfn.com. In this case, said Steve Bell, a longtime Republican budget aide who is now a senior adviser at The budget

In a brief synopsis of the budget released by the White House Sunday evening, it said it “imposes a fiscal discipline on Washington spending that many in today’s political climate reject, yet which remains more important than ever.”

The budget is expected to target spending cuts at social welfare programs such as Medicaid and the Supplemental Nutrition Assistance Program, large segments of government spending that have long been eyed by Republicans for cuts. The White House is looking at ways to curb these programs by expanding work requirements for beneficiaries, but it is unclear how much money changes like this would save or whether it would find enough political support.

The White House on Sunday evening revealed several parts of the budget that called for spending increases but didn’t detail a single area it planned to propose cutting.

For example, it called for $200 billion in federal funds for Trump’s infrastructure plan, $23 billion for border security and immigration enforcement, $85.5 billion for veterans programs, and $13 billion over the next two years to combat the opioid epidemic.

The U.S. is picking a fight with its biggest creditor .
Despite vow to crack down on China, Trump administration needs it fund growing debt.President Trump is considering more tariffs that would punish China. But he needs China more than ever in the coming years to pay for the U.S. government.

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