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The federal debt has jumped *$6.6 trillion* since Trump took office 3 1/2 years ago.
And the GOP's fiscal hawks are suddenly back worried about the debt. https://www.bloomberg.com/news/articles/2020-07-29/gop-fiscal-hawks-rediscover-their-voice-in-new-stimulus-fight?sref=fjrBr5qu
And the GOP's fiscal hawks are suddenly back worried about the debt. https://www.bloomberg.com/news/articles/2020-07-29/gop-fiscal-hawks-rediscover-their-voice-in-new-stimulus-fight?sref=fjrBr5qu
Timing of complaints from Ted Cruz, Rand Paul, Ben Sasse, Ron Johnson and so on against more stimulus spending and debt arguably couldn't be worse for Republicans politically — this may be last chance to meaningfully impact the fragile economy before Election Day.
But...
But...
Biden has taken a big lead in the polls. If he wins, could set up a return for the deficit-scold perch Republicans held during the Obama and Clinton years — as the party of no.
Romney's plan for committees to propose entitlement reforms next year offers a hint of where GOP could turn in a post-Trump-era — back to gangs of pols talking of decades of belt-tightening in the wake of a generational national crisis.
Some of the louder voices are obvious potential 2024 GOP candidates who aren't on the ballot this year.
Folks rowing in the opposite direction include endangered Republican senators who keep proposing new stimulus ideas and want to be able to tout a deal to show their effectiveness when they return to the campaign trail.
About half the $6.6 trillion debt hike under Trump has come since the start of the COVID crisis. But a lot of it came after big tax cuts and spending hikes presided over by Trump, which had put nation on trajectory of annual $1T+ deficits.
As @MEPfuller notes, the Trump campaign was peddling a far more optimistic scenario four years ago. https://www.politico.com/story/2016/05/donald-trump-economic-adviser-tax-plan-sam-clovis-223086
And of course, there's Larry Kudlow, whose prediction about falling deficits to CNBC's @EamonJavers was, quite simply, wrong. https://twitter.com/StevenTDennis/status/1052739048442343425?s=20
If you can find it, there is video somewhere of me asking Paul Ryan and Mitch McConnell in early 2017 in Philadelphia if they are committed to NOT passing legislation that expands the deficit. Their answer wasn't "Yes."
I seem to remember McConnell said nothing.
I seem to remember McConnell said nothing.
It's at the end of this press conference. https://www.c-span.org/video/?422828-1/speaker-paul-ryan-leader-mitch-mcconnell-hold-news-conference
