ICYMI: Largely due to Cramer’s budget-busting tax bill, deficit will surpass $1 trillion two years ahead of schedule

Report comes as Cramer laughed off debt concerns in tax bill
(BISMARCK, ND) – This week, the Congressional Budget Office projected a $1 trillion deficit two years sooner than previous estimates – largely thanks to the budget-busting tax bill Kevin Cramer supported. The report also noted that the tax bill will do little to spur long-term economic growth and will cost significantly more than we were told.

But after this $1.9 trillion dollar giveaway to billionaires and corporations, Kevin Cramer recently remembered he’s supposed to be a deficit hawk — now, deciding he wants a balanced budget amendment that will be voted on in the House today. Confused? We are, too.

For Kevin Cramer – this has always about politics, not principle. Just take a look at what he wants on the chopping block to give cash bonuses for corporate executives. It’s no secret: Social Security, Medicare and other programs North Dakotans depend on.

Senator Heitkamp, on the other hand, has supported a balanced budget amendment since 2012, and has continually fought to protect programs like Medicare and Social Security from cuts.

Key points from Bloomberg below:

Bloomberg: U.S. Deficit to Surpass $1 Trillion Two Years Ahead of Estimates

  • The U.S. budget deficit will surpass $1 trillion by 2020, two years sooner than previously estimated, as tax cuts and spending increases signed by President Donald Trump do little to boost long-term economic growth, according to the Congressional Budget Office.
  • The nation’s budget gap was only set to surpass the trillion-dollar level in fiscal 2022 under CBO’s report last June.
  • Deficits are growing as the Trump administration enacted a tax overhaul this year that will lower federal revenue and Congress approved a roughly $300 billion spending increase. The fresh CBO estimates could heighten investor worries as they weigh the potential impact that tariff threats between the U.S. and China may have on the world economy.
  • The report includes new projections for the effects of the tax legislation — saying it will increase the deficit by almost $1.9 trillion over the next 11 years, when accounting for its macroeconomic effects and increased debt-service costs. In December, Congress’s Joint Committee on Taxation had said the tax package would reduce federal revenue by almost $1.1 trillion over a 10-year period.
  • U.S. debt held by the public will surpass $20 trillion by fiscal 2022, up from $15.7 trillion this year, according to the CBO.