The Trump budget projects deficits just under $1 trillion over the next two years and over $900 billion the following year. But the budget is based on the kinds of rosy assumptions that would make any serious budget writer blush. 2/x
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That would make it easier to have a realistic debate about priorities: How much the government raises for the defense and general welfare of the nation, which priorities get funded at what levels and how much borrowing is acceptable or desirable to achieve those goals. 13/
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One thing's for certain: this budget under-estimates the deficit impact of combining $1.5 trillion in tax cuts with hundreds of billions of dollars in spending increases that will likely become baselines for more spending. 14/
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So, back to the original point: The era of trillion-dollar Trump deficits is upon us. For some, that's a good thing - or at least less important than the policies that created the deficits - and for others, it's cause for concern. But it's a thing that was worth noting. 15/15
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