The following article by Thomas Kaplan was posted on the New York Times website September 28, 2017:
WASHINGTON — In 2001, when surging budget surpluses fueled hopes of extinguishing the national debt, a pitched battle broke out over President George W. Bush’s proposed $1.6 trillion tax cut. Never mind that the tax cut’s 10-year tab was supposed to leave behind more than $3 trillion in surpluses — Democrats and some Republicans said that the tax cut was just too large.
Fast forward to President Trump’s Washington, where the budget deficit for this fiscal year is projected to near $700 billion and the federal debt has topped $20 trillion.
A new tax cut is emerging to rival those of the Bush years, and the deficit hawks have hardly peeped. Continue reading “With Tax Cuts on the Table, Once-Mighty Deficit Hawks Hardly Chirp”