The budget deficit is set to rise significantly more than expected.
Conservatives need to recover their opposition to running budget deficits. While Donald Trump didn’t run as a standard fiscal conservative, he has tried to cut some spending out of the budget. In response, the media howled as if he was torturing children.
The bottom line is that, as these budget deficits accumulate year after year, eventually the piling debt is going to create a fiscal crisis. (By the way, the picture of the debt clock is from 2008.)
The Associated Press reports, “White House: Budget Deficit to Spike to $702B.”
The White House said Friday that worsening tax revenues will cause the budget deficit to jump to $702 billion this year. That’s a $99 billion spike from what was predicted less than two months ago.[…]
“The rising near-term deficits underscore the critical need to restore fiscal discipline to the nation’s finances,” said White House budget director Mick Mulvaney. “Our nation must make substantial changes to the policies and spending priorities of the previous administration if our citizens are to be safe and prosperous in the future.”
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