Source: Orange County Register
by Veronique de Rugy
“As the Committee for a Responsible Budget explains, ‘the budget resolution’s instructions include a net $3.3 trillion in allowable deficit increases — or nearly $4 trillion including interest in additional debt by 2034.’ It also raises the debt ceiling by $4 trillion. Basically, we’re talking about offsetting as much as $4.8 trillion — mostly for tax-cut extensions — with only $1.5 trillion in supposed spending reductions. The plan projects that additional tax revenue from economic growth will temper the debt impact. While I’ve touted the potential for some tax-cut extensions to boost economic growth, this is a case of wishful thinking by Republicans. In part, it’s because the plan relies on the same kinds of budget gimmicks and unrealistic assumptions we’ve seen before, like counting on Congress to deliver on large future spending cuts to discretionary spending and Medicaid.” (02/20/25)