Tag: deficit reduction

Federal Budget Deficit Cut in Half on Biden’s Watch

Buck Banks

$14 trillion

“In a statement, the Treasury Department said the annual deficit had plummeted from $2.8 trillion in 2021 to roughly $1.4 trillion in 2022 — a decline driven primarily by the expiration of trillions in pandemic-era emergency spending. The gap between revenue and spending also shrunk in part due to stronger-than-expected tax receipts, as a booming U.S. economy and large corporate profits helped bring in additional funds to federal coffers,” the Washington Post reports.

Rubio’s Tax Plan Does Not Compute

Buck Banks

$11.8 trillion

Amount that Marco Rubio’s tax plan would reduce federal revenue over the next decade, notes Jonathan Chait. “The entire Bush tax cuts cost about $3.4 trillion over a decade, making the Rubio tax cuts more than three times as costly. … Among the Republican presidential candidates, Rubio is widely considered to be a moderate on fiscal issues. The clarity with which we can now examine Rubio’s plan, juxtaposed against recent events, provides a sense of the ongoing relationship between the Republican Party and economic reality. It remains deeply hostile.”