The article discusses the longstanding issue of federal deficits and spending in the United States, emphasizing the contrast in Republican rhetoric about fiscal responsibility versus their actions when in power. With the current national debt reaching 121% of GDP and significant annual deficits, the piece highlights the urgent need for both spending cuts and revenue increases. It cites notable Republican leaders who decried government spending while also supporting policies that exacerbate the deficit, illustrating a disconnect in fiscal policy advocacy and implementation.
In 2023, before he became the Senate majority leader, John Thune inveighed against "reckless, out-of-control government spending" and argued that if spending reform is a priority for the GOP alone, then there is "something seriously wrong with the Democrat Party."
Aside from the brief period from 1998 to 2001, the federal government has run deficits for more than 50 years. The federal debt-to-GDP ratio currently stands at 121 percent, which is extraordinary for peacetime.
The Congressional Budget Office estimates that the proposed extension of Trump's 2017 tax cuts will add more than $2.4 trillion to the national debt, compounding the problem.
Serious efforts to curb spending are desperately needed. Yet the task of closing the huge gap in our government finances has another dimension besides cost-cutting: raising revenue is also necessary.
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