To prevent a government shutdown, a continuing resolution slashed $20 billion from the IRS’s budget, effectively cutting in half the Inflation Reduction Act’s $80 billion investment. This reversal of funding, initially intended to increase audits of high-income earners and reduce the deficit, is projected to add $140 billion to the national debt over ten years. Consequently, the IRS may be compelled to reduce audits of wealthy individuals and corporations first, impacting revenue generation and potentially harming customer service. Republicans, despite the deficit implications, celebrated the cuts, while the Treasury Department warned of severe negative consequences for taxpayers.
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The Biden administration’s recent decision to forgive $4.7 billion in loans to Ukraine has sparked a considerable amount of debate. This significant sum is raising eyebrows, particularly among those already concerned about the burgeoning national debt. The immediate question many are asking is how such a large-scale loan forgiveness is legally justified under executive power, especially considering the previous legal battles surrounding student loan forgiveness. This discrepancy in application of executive power is a point of contention for many.
However, some see this move as a fulfillment of prior commitments. It’s argued that the action aligns with the Budapest Memorandum, a treaty that the US is obligated to uphold, a treaty which a previous administration faced impeachment over for attempting to withhold funds relating to it.… Continue reading
Concerns exist within the Republican party regarding the public’s reception to proposed changes impacting programs supporting over 70 million low-income and disabled Americans. Extending expiring provisions, coupled with Trump’s proposed tax cuts, would increase the national debt by over $4 trillion. While Republicans publicly support these cuts, they simultaneously seek deficit reduction measures, creating internal conflict over fiscal responsibility and political viability. This tension highlights the challenge of balancing tax cuts with the need for fiscal restraint.
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Representative Byron Donalds, a Republican ally of President-elect Donald Trump, refuted the claim that Trump’s proposed tax plan will add trillions to the national debt. He argued that the estimate, based on “static modeling,” fails to account for economic growth spurred by lower tax rates. He further asserted that Trump’s 2017 tax cuts, initially projected to add trillions to the deficit, actually generated increased tax revenue due to economic growth. Donalds suggested that instead of focusing on the cost of Trump’s tax plan, attention should be directed toward eliminating Democratic spending programs, like tax credits for green energy initiatives in the Inflation Reduction Act.
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It’s no surprise that recent analysis has shown that Trump left a significantly larger national debt than Biden has accumulated. Despite claims of fiscal responsibility, the Republican Party has a track record of driving up the deficit when in power. Trump, in his single term, added a staggering amount to the national debt, with a significant portion of it going to tax cuts and other initiatives that primarily benefited the wealthy.
The stark difference between Trump and Biden’s impact on the national debt is evident when you exclude COVID relief spending from the tally. Trump’s accumulation of debt far surpasses that of Biden, highlighting the disparity in fiscal policies between the two administrations.… Continue reading
$8.4 trillion. That’s the astounding amount that former President Trump added to the national debt during his time in office. To put it in perspective, that’s nearly $25,000 of debt for every U.S. citizen—an increase of 38%. And here’s the kicker: $940 billion of that debt was added even before the pandemic hit. So, this can’t be blamed solely on COVID-19.
It’s mind-boggling when some die-hard Trump supporters claim that they voted for him because of his supposed economic prowess. How could someone who claims to be a great businessman, someone who supposedly knows how to run a successful enterprise, amass such an incredible debt while in office?… Continue reading
John Q. Hosedrinker 
Matt Underwood