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Republicans ready to become deficit hawks again under a President Biden
No, the Party of Trump doesn't give a rat's ass about federal deficits. Federal deficits skyrocketed under Trump and the GOP. This is the GOP looking to block our economic recovery.
After giving away trillions to the wealthy with their 2017 tax bonanza, they've lost all high ground on federal spending levels.
They now want to impoverish Americans and businesses even more during a pandemic. Most economists agree that higher spending is the best way out of a depression/recession.
11/27/20
Republicans are preparing to re-embrace their inner deficit hawk after greenlighting big spending bills under President Trump. GOP senators say they expect to refocus on curbing the nation's debt and reforming entitlement programs starting in 2021, as the Congressional Budget Office estimates that the debt has surpassed the size of the American economy. "I think that's kind of getting back to our DNA. ...I think spending, entitlement reform, growth and the economy are all things that we're going to have to be focused on next year and, yeah, I would expect you'll hear a lot more about that," said Sen. John Thune (R-S.D.), the No. 2 Senate Republican. The shift could pose a significant headache for a new Biden administration that will need GOP support in the Senate to move its agenda. It is also likely to complicate efforts on a debt-ceiling deal. Sen. Lindsey Graham (R-S.C.) is poised to become the chairman of the Budget Committee if Republicans keep the Senate. He said he wants to create a new commission to propose ways to reduce the deficit and address the country's debt. "I think we've got to understand that we're going to be raising the debt ceiling in perpetuity if we don't find a way to bend the curve," Graham said.
The battle over spending could quickly come to a head with fights looming over budgets, pandemic spending and the debt ceiling, which was suspended under a deal between Trump and Congress. It is set to be reinstated at the end of July. Republicans are already floating requiring a trade-off in exchange for the mid-year fight, in a preview of what could be an explosive battle with ramifications for the country's fiscal reputation with the economy already battered by the spread of the coronavirus. Any movement toward austerity is likely to spark fierce backlash from Democrats and progressive activists, who are already on watch for Republicans to embrace spending cuts with President Trump out of the White House. "They are always concerned about the debt when we're spending money to help people, they never care when we're cutting billionaires and corporations. I've been around Washington long enough to know that Republicans' interest in the debt is intermittent," said Sen. Chris Murphy (D-Conn.). The country's top economic officials have warned that now is not the time for Congress to curb its spending on programs aimed at helping Americans and businesses weather the coronavirus pandemic.
No, the Party of Trump doesn't give a rat's ass about federal deficits. Federal deficits skyrocketed under Trump and the GOP. This is the GOP looking to block our economic recovery.
After giving away trillions to the wealthy with their 2017 tax bonanza, they've lost all high ground on federal spending levels.
They now want to impoverish Americans and businesses even more during a pandemic. Most economists agree that higher spending is the best way out of a depression/recession.