U.S. To Borrow An Additional $1T To Pay For Trump’s Tax Cuts And Spending
by JuliaGlazer
This will be the second year that the U.S. government has to borrow $1T. This is driven largely by Trump’s tax cuts.
For the second year in a row, the Treasury Department will need to borrow $1 trillion to pay for the budget deficit, according to Axios. The growing deficit is a result of increased of increased government spending and decreased revenues due to Trump’s 2017 tax cuts.
During Obama’s first term as president, Treasury borrowing passed $1 trillion as the government fought to combat the 2008 financial crisis. The deficit has declined in the years since, settling to $519 billion in 2017. Last year, it nearly doubled.
Yes, he's about twice as bad as Obama was. |
