{"id":1002614,"date":"2018-10-16T11:31:33","date_gmt":"2018-10-16T11:31:33","guid":{"rendered":"https:\/\/democrats.org\/?p=1002614"},"modified":"2024-05-23T20:15:32","modified_gmt":"2024-05-23T20:15:32","slug":"deficit-soars-by-17-after-trump-tax-law","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/deficit-soars-by-17-after-trump-tax-law\/","title":{"rendered":"Deficit Soars By 17% After Trump Tax Law"},"content":{"rendered":"

The federal deficit swelled by nearly 17 percent<\/a> largely because of a sharp decline in corporate tax revenues after the Trump tax law. Trump said his tax law would pay for itself, and he claimed he would quickly eliminate the national debt and balance the budget. We now know those were all lies.<\/p>\n

LIE: The Trump administration claimed the tax law would \u201cpay for itself\u201d and even suggested it already has.<\/p>\n

Secretary Mnuchin<\/a>: \u201c\u2018This will be the most significant change to the tax code since Reagan,\u2019 he said, adding that the plan \u2018will pay for itself\u2019 by boosting economic growth.\u201d<\/p>\n

Larry Kudlow<\/a>: \u201cEven the CBO numbers- even the CBO numbers show now that the entire one and a half trillion dollar tax cut is virtually paid for by higher revenues and better nominal GDP.\u201d<\/p>\n

Kevin Hassett<\/a>: \u201cAnd so I think that the notion that the corporate tax side has about paid for itself is clearly in the data.\u201d<\/p>\n

LIE: Trump suggested he could balance the budget within five years.<\/p>\n

Trump<\/a>: \u201cThere are so many things that we can cut and we can balance the budget very quickly.\u201d<\/p>\n

\n

Hannity: \u201cYou think in five years?\u201d<\/p>\n

\n

Trump: \u201cI think over a five-year period. Maybe I could even surprise you. But I mean make the country better. I’m not saying skimp. I’m saying making the country better.\u201d<\/p>\n

LIE: Trump claimed he would quickly eliminate the national debt.<\/p>\n

Washington Post<\/a>: \u201cHe insisted that he would be able to get rid of the nation\u2019s more than $19 trillion national debt \u2018over a period of eight years.\u2019 Most economists would consider this impossible because it could require taking more than $2 trillion a year out of the annual $4 trillion budget to pay off holders of the debt.\u201d<\/p>\n

\n

Trump<\/a>: \u201cSo we’ll start knocking out that debt, knocking it out fast and having a balanced budget. \u2026 In two or three or four years you’ll be looking and saying, wow, that’s been pared down.\u201d<\/p>\n

\n

Trump<\/a>: \u201cI know how to get rid of debt. I would get rid of that debt and I would do it quickly, because it’s sitting out there, and it is a time bomb for this country.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The federal deficit swelled by nearly 17 percent largely because of a sharp decline in corporate tax revenues after the Trump tax law. Trump said his tax law would pay for itself, and he claimed he would quickly eliminate the national debt and balance the budget. We now know those were all lies. LIE: The […]<\/p>\n","protected":false},"author":263,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1002614","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\nDeficit Soars By 17% After Trump Tax Law - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/deficit-soars-by-17-after-trump-tax-law\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2018-10-16T11:31:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-23T20:15:32+00:00\" \/>\n<meta name=\"author\" content=\"Claire DePree\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Claire DePree\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/deficit-soars-by-17-after-trump-tax-law\/\",\"url\":\"https:\/\/democrats.org\/news\/deficit-soars-by-17-after-trump-tax-law\/\",\"name\":\"Deficit Soars By 17% After Trump Tax Law - 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