Donald Trump Has Finally Done Something: He’s Increased the Deficit By a Trillion Dollars

This is pretty amazing. Donald Trump hasn’t actually done much of anything in the past five months except flap his jaws. But it’s been some pretty expensive flapping. CBO’s last projection of the federal deficit was released in January. Literally nothing has happened since then except for Trump shooting off his piehole every day and congressional Republicans demonstrating that they can’t control their own lunatics. But that’s been enough. CBO’s projection of the federal deficit over the next decade has already increased nearly a trillion dollars:

The deficit in 2017 alone is projected to be $134 billion higher than CBO estimated when Obama left office. Why? “One reason for the sharp rise in the deficit in 2017 is the slow growth in revenue collections through May and the slow growth expected for the rest of the year.” And why is revenue collection so slow? CBO doesn’t say, but here’s a good guess:

The one thing that Republicans have made clear is that they’re really, really committed to cutting taxes on the rich. And they’ll probably make the tax cuts retroactive too. So why not lowball your quarterly tax payments in hopes they come through? It’s probably a pretty good bet.

FACT:

Mother Jones was founded as a nonprofit in 1976 because we knew corporations and the wealthy wouldn't fund the type of hard-hitting journalism we set out to do.

Today, reader support makes up about two-thirds of our budget, allows us to dig deep on stories that matter, and lets us keep our reporting free for everyone. If you value what you get from Mother Jones, please join us with a tax-deductible donation today so we can keep on doing the type of journalism 2019 demands.

We Recommend

Latest

Sign up for our newsletters

Subscribe and we'll send Mother Jones straight to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate

We have a new comment system! We are now using Coral, from Vox Media, for comments on all new articles. We'd love your feedback.