Rep. Alexandria Ocasio-Cortez (D-NY) has officially attempted to blame tax cuts that were issued back during the administration of former President Donald Trump as having been the “largest contributor” to federal budget issues from the past few years rather than the current insane spending practices being enacted by Old Uncle Joe.
House Speaker Kevin McCarthy (R-CA), along with a number of other legislators, was informed by Treasury Secretary Janet Yellen via a recent letter that the national debt ceiling, which is just a made-up cap set up by Congress for the national debt, had managed to go past the statutory limit of nearly $31.4 trillion, kicking off a recent debate about the ongoing future of federal deficit spending. AOC ended up being asked by a journalist late last week to speak up about whether or not she thinks her own party were the ones responsible for the record-shattering deficits.
“Democrats have been in charge for the past two years; do you think Democrats have spent too much money?” asked a reporter. “I think the largest contributor to the debt ceiling, to our deficit, has been the Trump tax cuts,” explained one legislator.
The Tax Cuts and Jobs Act, which has been labeled as the most prominent legislative accomplishment of the Trump administration, is expected to cut federal revenues by close to $1.9 trillion between the years 2018 and 2028, as explained by a recent analysis coming from the Congressional Budget Office. while in the same vein, spending packages that got approval from Biden will create well over $4.8 trillion in new deficit spending between 2021 and 2031, as explained by a recent analysis from the Committee for a Responsible Federal Budget, flying past the $1.9 trillion created by the Tax Cuts and Jobs Act.
Previously, Ocasio-Cortez has been the target of some heavy criticism for previously proposing a number of ambitious pieces of legislation which would force a much larger amount of federal expenditures. The first iteration of her Green New Deal would have slammed a cost of between $51 trillion and $93 trillion over the course of ten years.
However, both Democratic and Republican administrations have hosted unsustainable budget deficits and inflated the national debt to more than $31.5 trillion. The most recent instance of breaching the debt ceiling took place in the wake of Republican legislators striking a deal with McCarthy under which the new majority promised a budget that would stop seeking increases in the statutory debt limit.