Axios - President Trump yesterday declared himself the biggest "fiscal hawk" in Washington. He then spent the next hour urging Republicans to unite behind the most budget-busting legislation in modern U.S. histor....
Trump's "big, beautiful bill" is projected to add trillions to the deficit over the next decade — rattling conservatives who have long warned that the U.S. is barreling toward fiscal catastrophe. Some Republicans now find themselves trapped between two of the party's most animating principles: Deficit reduction vs. absolute loyalty to Trump.That tension is threatening to derail Trump's vision for a new "Golden Age," which the White House hopes will begin in earnest with a vote on the House floor this week.
Trump and his aides have brushed off warnings that his ambitious tax-and-spending bill — combined with his pledge not to touch Social Security and Medicare — could balloon the national debt, which now tops $36 trillion...
- The Joint Committee on Taxation projects the House reconciliation bill would increase deficits by $3.8 trillion through 2034.
- The Penn Wharton Budget Model projects deficits of almost $3.3 trillion, even when accounting for "positive economic dynamics."
- Moody's, which downgraded the U.S. credit rating on Friday, estimates that extending Trump's 2017 tax cuts alone — a central component of the bill — would add $4 trillion to the deficit over the next decade...
The bottom line: The cost of interest on America's national debt is already soaring. If rates remain as high as they are now, the U.S. could owe $40 trillion more in interest payments alone over the next 30 years. More
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