Apr 10, 2018

Washington’s Reckless Spending Cause of Growing Deficits, Not Tax Relief

Post by Freedom Partners

Arlington, VA – Issuing a report on its outlook on the U.S. economy, the Congressional Budget Office yesterday indicated that the federal budget deficit would total $804 billion this year and surpass $1 trillion beginning in 2020.

Freedom Partners Executive Vice President Nathan Nascimento issued the following statement:

“The root cause of our nation’s growing deficit problem is the reckless spending in Washington, not the much-needed relief for American taxpayers. In continuing to vote for massive increases to government spending, like last month’s $1.3 trillion omnibus, and in failing to moderate the immense growth of our entitlement programs, lawmakers from both parties are responsible for these out-of-control deficits.

“We know that every major tax cut in modern history – from both political parties – has led to greater revenue for the federal government through their inherent boosts to economic growth. CBO’s report yesterday indicates this will continue with taxes rising in each of the next 10 years, but spending rising more. The Tax Cuts and Jobs Act passed last year was a positive first step, and we encourage lawmakers to continue rooting out the carve outs, loopholes and deductions that have held our economy back.

“If Washington wants to get serious about reducing deficits, they can start by reining in excessive spending and rejecting efforts to claw back tax reform.”