Richard Rubin of The Wall Street Journal politely explains the lie behind Trump’s “big beautiful budget plan”: it will not cut the deficit. It will increase it.
WASHINGTON—House Republicans pushed President Trump’s “big, beautiful” tax-and-spending bill past a key hurdle late Sunday night, but the last-minute grappling has them colliding with a stark reality: The plan won’t reduce federal budget deficits and would make America’s fiscal hole deeper.
The bill could reach the House floor this week, and it is a tenuous balance between the party’s tax-cut wing and factions seeking larger, quicker spending cuts. To get a bill through the House with their 220-213 majority, GOP tax cutters trimmed their ambitions and scheduled some breaks to expire. Many spending hawks, meanwhile, backed the plan while groaning that it doesn’t go far enough fast enough. Others are holding out for more…
Moody’s Ratings, in downgrading the U.S.’s AAA rating on Friday, said it didn’t expect Congress to produce material multiyear spending or deficit reductions. Publicly held federal debt stands at about $29 trillion, nearly double the level when Trump and Republicans passed the 2017 tax law. Nearly $1 in every $7 the U.S. spends goes toward paying interest, more than the country spends on defense.
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