When he campaigned for the Oval Office in 2016, Donald Trump said he would eliminate the national debt in eight years.
"Just like the economic performance isn't totally attributable to the president, the existing policies that are baked into the cake don't reflect Trump's initiative," MacGuineas told."The laws he's signed, though, do. And in this case, he's signed into law two major tax cuts--the one that everybody notices."
MacGuineas also said that laws Trump has signed have increased spending, without revenue increasing enough to maintain it, creating more debt than expected."There were a number of increases that were already on track that came from our growing healthcare and retirement cost. But President Trump massively exacerbated that problem with the laws he signed, which included creating lower revenues and higher spending.
During his 2016 presidential campaign, Trump not only planned to eliminate the national debt, but also planned to balance the national budget and eliminate budget deficit. However, the increased spending with less income has kept deficits high. A Congressional Budget Office projection predicts $1 trillion deficits annually from 2020 to 2028.
Both BBAs added a total $2.2 trillion, mainly by increasing defense and non-defense spending caps through 2021.
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