Issue Report ● 2019 Budget
For Immediate Release: 
February 13, 2018
Contact Info: 
Mariel Saez 202-225-3130
For years, President Trump has railed against the national debt and, during the presidential campaign, he promised Americans he would balance the budget:
 
“No member of Congress should be eligible for re-election if our country's budget is not balanced---deficits not allowed!” [Tweet, 7/31/12]

“Our $17T national debt and $1T yearly budget deficits are a national security risk of the highest order.” [Tweet, 11/13/12]

“Concerns over the national debt are stopping businesses from hiring and expanding…” [Tweet, 11/2/12]

“If we don't take back our money and if we don't, you know, balance up our budget — at least get it damn close and soon — we're not going to have a nation anymore.” [Infowars, 12/2/15]

“We can balance the budget very quickly... I think over a five-year period. And I don't know, maybe I could even surprise you.” [Hannity, 1/21/16]

“We’ve got to get rid of the $19 trillion in debt.” [Washington Post, 4/2/16]

Yet after the President unveiled his budget, it’s clear that this is another broken promise to Americans. His budget would add $7 trillion to the deficit over the next decade. A look at the headlines shows how the President and Republicans have abandoned any pretense of fiscal responsibility:

New York Times: White House Proposes $4.4 Trillion Budget That Adds $7 Trillion to Deficits
 
“President Trump sent Congress a $4.4 trillion budget proposal on Monday outlining steep cuts to domestic programs, large increases in military spending and a ballooning federal deficit that illustrates how far Republicans have strayed from their longtime embrace of balanced budgets.”

“The blueprint has little to no chance of being enacted as written and amounts to a vision statement by Mr. Trump, who as a businessman once called himself the ‘king of debt’ and has overseen a federal spending spree that will earn him that title in an entirely different arena.”

Associated Press: Trump's budget balloons deficits, cuts social safety net
 
“President Donald Trump unveiled a $4.4 trillion budget plan Monday that envisions steep cuts to America's social safety net but mounting spending on the military, formally retreating from last year's promises to balance the federal budget.”

The president's spending outline for the first time acknowledges that the Republican tax overhaul passed last year would add billions to the deficit and not ‘pay for itself’ as Trump and his Republican allies asserted. If enacted as proposed, though no presidential budget ever is, the plan would establish an era of $1 trillion-plus yearly deficits.”

The open embrace of red ink is a remarkable public reversal for Trump and his party… Rhetoric aside, however, Trump's pattern is in line with past Republican presidents who have overseen spikes in deficits as they simultaneously increased military spending and cut taxes.”
 

The blueprint underscores what has become clear in recent months: that the budget austerity Republicans pursued in 2011 has ended. GOP lawmakers and Mr. Trump are now pursuing fiscal policies that tolerate wider deficits in a bid to ramp up economic growth.”

“Mick Mulvaney, director of the Office of Management and Budget, said that the proposal shows Mr. Trump has—for now—given up on balancing the budget over the next decade.”

Washington Post: White House budget proposal includes huge deficits, cuts in safety net
 
“The White House on Monday offered a $4.4 trillion budget plan that brought into sharp focus the fiscal strains created by the Trump administration and Congress in the past year, revealing how large tax cuts and a new spending agreement are driving up government debt.”

The White House projected the deficit would swell to near $1 trillion annually in 2019 and 2020 because of the new tax law and last week’s agreement to add $500 billion in new spending.”

“‘Does it balance? No, it doesn’t,’ White House Office of Management and Budget Director Mick Mulvaney told reporters Monday. ‘I probably could have made it balance, but you all would have rightly absolutely excoriated us for using funny numbers because it would have taken funny numbers do to it.’”

CQ Budget Tracker: Top Ten
 
“Here are the top… takeaways from President Donald Trump's fiscal 2019 budget request: It doesn't balance. Trump, the self-described ‘king of debt,’ offers no path to a balanced budget over the coming decade. Instead, his plan would produce deficits as far as the eye can see, resulting in $7.1 trillion of additional red ink in the next 10 years…”

Politico: The only certainty in Trump's budget: Oceans of red ink
 
The biggest single difference between President Donald Trump’s new budget and his first one nine months ago is this: The White House can no longer hide the immense deficits it would create, not after the tax cuts and military buildup Trump championed and secured.”

The result is to exacerbate the nation's already tenuous fiscal situation. Even if Trump were to get all the spending cuts he wants, plus his ambitious 3 percent growth, deficits over the next decade would total $7.1 trillion. That's twice what the Office of Management and Budget forecast last spring.”

“Indeed, the level of red ink could be understated, since all these calculations rest on very favorable economic assumptions and do not include a full accounting of the recent spending increases and additional tax cuts enacted in recent weeks.”

Roll Call: Budget Won’t Balance as Economic Growth Dividend Shrinks
 
“However, the budget would not balance over the next decade, a shift from traditional conservative budgets.

“Projected deficits would rise from $873 billion in fiscal 2018 to $987 billion in fiscal 2020, before declining for the rest of the next decade. At the end of the 10-year budget window, there would still be a budget deficit — $363 billion in fiscal 2028 — rather than a surplus.”

Click here to read the PDF. 

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