{"id":1826369,"date":"2023-01-27T14:20:10","date_gmt":"2023-01-27T19:20:10","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1826369"},"modified":"2023-01-27T14:20:54","modified_gmt":"2023-01-27T19:20:54","slug":"aoc-tries-to-blame-trump-tax-cuts-not-runaway-spending-for-massive-deficits","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/aoc-tries-to-blame-trump-tax-cuts-not-runaway-spending-for-massive-deficits\/","title":{"rendered":"AOC Tries To Blame Trump Tax Cuts, Not Runaway Spending, For Massive Deficits"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Faoc-tries-to-blame-trump-tax-cuts-not-runaway-spending-for-massive-deficits%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1826369&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<p>Rep. <a href=\"https:\/\/www.dailywire.com\/topic\/alexandria-ocasio-cortez\" target=\"_blank\" rel=\"noopener\">Alexandria Ocasio-Cortez<\/a> (D-NY), claimed that the <a href=\"http:\/\/dailywire.com\/topic\/taxes\" target=\"_blank\" rel=\"noopener\">tax<\/a> Cuts made under the former President <a href=\"http:\/\/dailywire.com\/topic\/donald-trump\" target=\"_blank\" rel=\"noopener\">Donald Trump<\/a> Have been the \u201clargest contributor\u201d The spending agenda adopted by President Trump was more responsible for the federal budget deficits of the past few years than the ones that have been incurred in the federal budget. <a href=\"http:\/\/dailywire.com\/topic\/joe-biden\" target=\"_blank\" rel=\"noopener\">Joe Biden<\/a>.<\/p>\n<p>Janet Yellen, Treasury Secretary, recently <a href=\"https:\/\/www.dailywire.com\/news\/yellen-warns-congress-extraordinary-measures-have-begun-after-debt-ceiling-breached\" target=\"_blank\" rel=\"noopener\">informed<\/a> Kevin McCarthy (R. CA House Speaker) and other lawmakers <a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/jy1196\" target=\"_blank\" rel=\"noopener\">letter<\/a> The debt ceiling is an arbitrary limit on the amount of the <a href=\"http:\/\/dailywire.com\/topic\/national-debt\" target=\"_blank\" rel=\"noopener\">national debt<\/a> Congress set a limit that exceeded $31.4 trillion. This led to a debate over the future federal deficit spending. Ocasio-Cortez was <a href=\"https:\/\/www.youtube.com\/watch?v=dOgIGpGG7AM\" target=\"_blank\" rel=\"noopener\">pressed<\/a> A journalist interviewed her Thursday to find out if she believes that her party is responsible for the recent record deficits.<\/p>\n<p>\u201cDemocrats have been in charge for the past two years; do you think Democrats have spent too much money?\u201d The reporter was curious. \u201cI think the largest contributor to the debt ceiling, to our deficit, has been the Trump tax cuts,\u201d The lawmaker replied.<\/p>\n<p>According to an analysis, the Tax Cuts and Jobs Act is the most important legislative achievement of Trump&#8217;s administration. It is expected to reduce federal revenues by $1.9 trillion between 2018 and 2028. <a href=\"https:\/\/www.cbo.gov\/sites\/default\/files\/115th-congress-2017-2018\/reports\/53651-outlook-appendixb.pdf\" target=\"_blank\" rel=\"noopener\">analysis<\/a> From the Congressional Budget Office. According to an analysis, the Biden-approved spending packages will add more than $4.8 trillion to new deficit spending between 2021-2031. <a href=\"https:\/\/www.crfb.org\/blogs\/biden-administration-has-approved-48-trillion-new-borrowing\" target=\"_blank\" rel=\"noopener\">analysis<\/a> From the Committee for a Responsible Federal Budget. This figure exceeds the $1.9 trillion that was added by the Tax Cuts and Jobs Act. Eliminating the American Rescue Plan&#8217;s impact would result in $2.5 trillion in new deficits.<\/p>\n<p>Trump presided over federal deficits that ranged between $665 billion to $984 billion before the lockdown-induced recession. The deficit grew to $3.1 trillion in fiscal 2020 due to stimulus measures like the CARES Act. <a href=\"https:\/\/fred.stlouisfed.org\/series\/FYFSD\" target=\"_blank\" rel=\"noopener\">data<\/a> From the Office of Management and Budget. Biden was responsible for a deficit of $2.8 trillion in fiscal 2021. This is largely due to his American Rescue Plan. Although the commander in chief has repeatedly <a href=\"https:\/\/www.dailywire.com\/news\/biden-calls-gop-fiscally-demented-here-are-some-facts\" target=\"_blank\" rel=\"noopener\">asserted<\/a> He has reduced the budget deficit by a significant amount. The deficit of $1.4 trillion for fiscal year 2022 is significantly higher than the deficits before the recession.<\/p>\n<p>Ocasio-Cortez is known for proposing ambitious legislation which would require substantial federal expenditures. Her Green New Deal&#8217;s first iteration would have been a success. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-02-25\/group-sees-ocasio-cortez-s-green-new-deal-costing-93-trillion?leadSource=uverify%20wall\" target=\"_blank\" rel=\"noopener\">cost<\/a> Over the course of a decade, between $51 trillion to $93 trillion.<\/p>\n<p>More generally, however, both Republican lawmakers and Democratic administrations have created unsustainable budget surpluses that have inflated the national deficit to more than $31.5 trillion. Republican lawmakers are the ones who have broken the debt ceiling most recently. <a href=\"https:\/\/www.dailywire.com\/news\/here-are-the-concessions-house-speaker-kevin-mccarthy-gave-to-republican-holdouts-to-win-their-support\" target=\"_blank\" rel=\"noopener\">struck a deal<\/a> with McCarthy under which the party\u2019s new majority vowed to introduce a budget that refrains from increasing the statutory debt limit.<\/p>\n<p>The most recent <a href=\"https:\/\/www.dailywire.com\/news\/government-must-raise-taxes-40-or-cut-spending-30-to-achieve-fiscal-balance-study\" target=\"_blank\" rel=\"noopener\">analysis<\/a> from economists at the University of Pennsylvania\u2019s Wharton School revealed that a 30% decrease in spending or a 40% increase in taxation would be necessary to handle current deficit spending and future obligations. Similar results <a href=\"https:\/\/www.dailywire.com\/news\/federal-spending-must-be-cut-26-to-balance-budget-even-more-to-keep-core-social-defense-programs-intact-analysis\" target=\"_blank\" rel=\"noopener\">study<\/a> According to the Committee for a Responsible Federal Budget, policymakers must enact 26% acrossthe-board spending cuts to balance our budget in the next ten years. In order to balance our budget while exempting programs like Medicare, defense, veteran benefits and Social Security from cuts, all other federal spending should be reduced by 85%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rep. Alexandria Ocasio-Cortez (D-NY) claimed that the tax cuts passed under former President Donald Trump have been the \u201clargest contributor\u201d to federal budget deficits over the past few years rather than the spending agenda enacted by President Joe Biden. Treasury Secretary Janet Yellen recently informed House Speaker Kevin McCarthy (R-CA) and other lawmakers in a &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1785373,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[8334,6442,3862,16659,5908,15684,3834,8360,3634],"class_list":["post-1826369","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire","tag-aoc","tag-blame","tag-cuts","tag-deficits","tag-massive","tag-runaway","tag-spending","tag-tax","tag-trump"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1826369","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1826369"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1826369\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1785373"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1826369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1826369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1826369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}