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So the Republicans wreck the US balance sheet—again

Under Trump the party has abandoned any shred of fiscal credibility

By James Kwak  

US President Donald Trump. Photo: Ting Shen/Xinhua News Agency/PA Images

People have short memories. At least, that’s what Republicans in the United States are betting on. And they will be proven right… again.

First a $1.5 trillion tax cut. Then a bipartisan deal to increase federal government spending by hundreds of billions of dollars beyond existing caps. And now a Trump administration budget proposal that projects deficits of $7.2 trillion over the next decade—$4 trillion more than last year’s plan. Republicans are absolutely loving deficits and the national debt…

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