Giantone
03-07-2023, 09:09 AM
Republican Votes Helped Washington Pile Up Debt
https://news.yahoo.com/republican-votes-helped-washington-pile-192611182.html
WASHINGTON — President Joe Biden will submit his latest budget request to Congress on Thursday, offering what his administration says will be $2 trillion in plans to reduce deficits and future growth of the national debt.
Republicans, who are demanding deep spending cuts in exchange for raising the nation’s borrowing cap, will almost certainly greet that proposal with a familiar refrain: Biden and his party are to blame for ballooning the debt.
But an analysis of House and Senate voting records, and of fiscal estimates of legislation prepared by the nonpartisan Congressional Budget Office, shows that Republicans bear at least equal blame as Democrats for the biggest drivers of federal debt growth that passed Congress over the past two presidential administrations.
The national debt has grown to $31.4 trillion from just under $6 trillion in 2000, bumping against the statutory limit on federal borrowing. That increase, which spanned the presidential administrations of two Republicans and two Democrats, has been fueled by tax cuts, wars, economic stimulus and the growing costs of retirement and health programs. Since 2017, when Donald Trump took the White House, Republicans and Democrats in Congress have joined together to pass a series of spending increases and tax cuts that the budget office projects will add trillions to the debt.
The analysis is based on the forecasts that the CBO regularly issues for the federal budget. They include descriptions of newly passed legislation that affects spending, revenues and deficits, tallying the costs of those new laws over the course of a decade. Going back to the start of Trump’s tenure, those reports highlight 13 new laws that, by the CBO’s projections, will combine to add more than $11.5 trillion to the debt.
https://news.yahoo.com/republican-votes-helped-washington-pile-192611182.html
WASHINGTON — President Joe Biden will submit his latest budget request to Congress on Thursday, offering what his administration says will be $2 trillion in plans to reduce deficits and future growth of the national debt.
Republicans, who are demanding deep spending cuts in exchange for raising the nation’s borrowing cap, will almost certainly greet that proposal with a familiar refrain: Biden and his party are to blame for ballooning the debt.
But an analysis of House and Senate voting records, and of fiscal estimates of legislation prepared by the nonpartisan Congressional Budget Office, shows that Republicans bear at least equal blame as Democrats for the biggest drivers of federal debt growth that passed Congress over the past two presidential administrations.
The national debt has grown to $31.4 trillion from just under $6 trillion in 2000, bumping against the statutory limit on federal borrowing. That increase, which spanned the presidential administrations of two Republicans and two Democrats, has been fueled by tax cuts, wars, economic stimulus and the growing costs of retirement and health programs. Since 2017, when Donald Trump took the White House, Republicans and Democrats in Congress have joined together to pass a series of spending increases and tax cuts that the budget office projects will add trillions to the debt.
The analysis is based on the forecasts that the CBO regularly issues for the federal budget. They include descriptions of newly passed legislation that affects spending, revenues and deficits, tallying the costs of those new laws over the course of a decade. Going back to the start of Trump’s tenure, those reports highlight 13 new laws that, by the CBO’s projections, will combine to add more than $11.5 trillion to the debt.