The deal also seeks to prohibit Democrats from tying the administration’s hands on key border and spending priorities, which Republicans see as a big win. Instead, Trump and the GOP’s biggest fiscal priorities - bolstering the Pentagon and slashing tax rates - have trumped the GOP’s deficit hawk rhetoric. Part of the deal would include a second debt ceiling increase under Trump, with few of the spending reductions demanded by the GOP in the Obama era. “It also means Democrats secured an increase of more than $100 billion in funding for domestic priorities since President Trump took office.” “Democrats have always insisted on parity in increases between defense and non-defense, and we are pleased that our increase in non-defense budget authority exceeds the defense number by $10 billion over the next two years,” the two Democrats said in a joint statement. Speaker Nancy Pelosi (Calif.), who served as the lead Democratic negotiator, and Senate Minority Leader Schumer (D-N.Y.) hailed the deal, saying it met their priorities for more domestic spending while “turning off” the tens of billions in automatic spending cuts slated to go into effect if no deal were reached. “Do we want a shutdown in the government again? We don’t want to shut down the government.” Joni Ernst (Iowa), who argued there was little her party could do to take a harder line in the talks against spending. “It’s not the president who is spending too much. Other Republicans said Trump wasn’t to blame. That’s one of the big things why people back in Indiana elected me.” “Everybody here basically… talks about it in a campaign and then gets into the rhythm here and we keep generating all these deficits and adding to all that debt,” Sen. “This was a real compromise in order to give another big victory to our Great Military and Vets!” Trump tweeted Monday night in announcing his support for the $1.37 trillion package.īut some in Trump’s party were far less excited, wary that the profligate spending under Trump makes Republicans look like hypocrites. Now Trump has agreed to a second sweeping budget deal with Democrats that increases spending by more than $300 billion. Though Trump’s administration has repeatedly proposed massive cuts in its annual budget plans, lawmakers in both parties have laughed off the proposals. Trump is on pace to do the same, starting with this year’s yawning deficit of more than $1 trillion, according to budget estimates.īut there are huge differences: Trump has a growing economy with historically low unemployment and a soaring stock market, while Obama was battling a brutal downturn in the economy during the worst recession in 80 years, making it much harder to curb federal spending. In fact, Trump is approaching the level of red ink from President Barack Obama’s first term, when Obama racked up trillion-dollar deficits four years in a row. And there’s no reason to believe the following fiscal year will be any different, with ballooning deficits from higher spending, the 2017 tax cuts - Trump’s signature legislative achievement, which slashed revenue - and none of the entitlement reforms long preached by Republican leaders on Capitol Hill.Ĭandidate Trump bragged that he would pay off the entire federal debt in eight years, but President Trump is governing as if deficits don’t matter. With a new bipartisan budget deal that does nothing to cut federal spending, Trump is on track for another $1 trillion deficit this year.
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