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Under Trump's watch, national debt tops $21 trillion for first time ever

Posted by on Mar. 17, 2018 at 5:38 PM
  • 17 Replies
About a year ago, President Trump pledged to eliminate the national debt "over a period of eight years." But for the first time in history, the national debt surpassed $21 trillion this week, according to the U.S. Treasury.

The landmark comes shortly after Congress passed, and Mr. Trump signed, a suspension on the federal debt limit last month, allowing the government to borrow an unlimited amount of money until March 1, 2019.


When Mr. Trump took office on Jan. 20, 2017, the national debt was $19.9 trillion, according to U.S. Treasury data. Since then, the GOP-led Congress has passed a $1.5 trillion tax cut bill and a two-year spending deal which, together, are expected to drive the deficit and debt further upward. The Committee for a Responsible Federal Budget estimates annual deficits could top $2.1 trillion per year in the next decade, which would send the national debt soaring even higher.

Is fiscal conservatism dead?
Republicans railed against the national debt level under the Obama administration, when it jumped from $10.6 trillion to $19.9 trillion, nearly doubling, but few have been as outspoken about the situation with Republicans controlling Capitol Hill and the White House. Sen. Rand Paul, R-Kentucky, held up the spending bill last month on the Senate floor, blistering Republicans for doing exactly what they had criticized the Obama administration for doing.

"I ran for office because I was critical of President Obama's trillion-dollar deficits," Paul said at the time. "Now we have Republicans hand-in-hand with Democrats offering us trillion-dollar deficits."

Sen. Bob Corker, R-Tennessee, called the national debt the "greatest threat to our nation" when it exceeded $20 trillion for the first time in September.


But the ever-increasing national debt isn't a frequent topic for Mr. Trump, and when it does come up, he doesn't seem too concerned. He's said he's open to eliminating the debt ceiling entirely.


https://www.cbsnews.com/news/under-donald-trump-national-debt-tops-21-trillion-for-first-time-ever/
by on Mar. 17, 2018 at 5:38 PM
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Replies (1-10):
smorgan865
by Member on Mar. 17, 2018 at 6:11 PM
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When you have a president and cabinet with out of control, and seemingly unmonitored, spending I’m surprised it took this long.

The hypocrisy of how the fiscal conservatives aren’t doing a damn thing about it but were hawks with President Obama.
meriana
by Ruby Member on Mar. 17, 2018 at 6:35 PM
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Not surprising that Trump is open to eliminating the debt ceiling when one considers the lack of revenue going into Federal coffers due to Trumps tax over-haul and that the government needs funds to pay it's bills. Without a debt ceiling they wouldn't have to work within a limit, they could pretty much spend and borrow as they see fit, plus possibly bankrupt the country.

Madeyemoody
by Bronze Member on Mar. 17, 2018 at 6:49 PM
1 mom liked this
Gotta golf every other day!
meriana
by Ruby Member on Mar. 18, 2018 at 1:21 PM

According to an article I read this morning the Republicans want what they term a "Phase 2" regarding the tax overhaul. 

https://www.msn.com/en-us/news/politics/gop-pushes-for-phase-two-of-tax-cuts/ar-BBKmFzR?li=BBmkt5R&ocid=spartandhp

The Republicans have wanted to lower the tax rate on Capital Gains for a very, very long time and that is what their "Phase 2" addresses. They also want to make the individual tax cuts in the tax over-haul permanent. The tax reform was promoted as being aimed at the middle class even though the individual tax cuts didn't really help the middle, and lower income groups all that much, with the majority of its benefits going to the very wealthy and the corporations. People also weren't happy with the fact that their tax cut would eventually expire while the tax cut for corporations was made permanent. 

Once again, if this idea is discussed publicly, they will sell it as a desire to really help the middle and lower income groups in the area of taxes by also making their tax cuts permanent but the real goal is to reduce the tax rate on Capital Gains, just as the real goal of the tax reform was far, far, far, less about helping the general population than it was about giving to the very wealthy, and corporate America what they wanted. 

Who would gain the greatest benefit from a lower Capital Gain tax? Those who have a lot of money to invest and do so, those who make millions from those investments, people like Mitt Romney, who when running for the Presidential nomination made a comment about the "47%" that showed how he views the majority of the population.

As for the tax code as it sits now. When we had our taxes done last month, our tax gal also showed us how the rules that would be in place next February would affect us. The result...unless something changes, which is extremely unlikely, we'll pay next year. I'm sure we're not the only ones, I imagine quite a few average people will end up paying while a great many corporations will receive refunds in the millions.



Healthystart30
by Gold Member on Mar. 18, 2018 at 2:16 PM
1 mom liked this
And if you look at Oklahoma and Kansas it's pretty clear that things will only get worse. For everyone! Except maybe Trump and other millionaires that have the means of hiding money and exchanging if for other currencies.
Pema_Jampa
by on Mar. 18, 2018 at 4:07 PM
Wait.. didn't he say he would do the opposite?
Pema_Jampa
by on Mar. 18, 2018 at 4:08 PM
What are you referring to in regards to Oklahoma and Kansas?

Quoting Healthystart30: And if you look at Oklahoma and Kansas it's pretty clear that things will only get worse. For everyone! Except maybe Trump and other millionaires that have the means of hiding money and exchanging if for other currencies.
Pema_Jampa
by on Mar. 18, 2018 at 4:46 PM
2 moms liked this
Guess all that bitching about the debt while Obama was in office was just something to bitch about cause obviously they don't care now...
LauraKW
by "Dude!" on Mar. 18, 2018 at 5:00 PM
Fiscal conservatives indeed.
Healthystart30
by Gold Member on Mar. 18, 2018 at 6:14 PM
Those are the two states suffering the most from conservative policies. Tax cuts, trickle down nonsense.

Quoting Pema_Jampa: What are you referring to in regards to Oklahoma and Kansas?

Quoting Healthystart30: And if you look at Oklahoma and Kansas it's pretty clear that things will only get worse. For everyone! Except maybe Trump and other millionaires that have the means of hiding money and exchanging if for other currencies.
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