I am a candidate for the U.S. Senate in the May 15 Republican Primary against the incumbent Deb Fischer because she is ignoring our enormous and out-of-control national debt. In fact she has voted twice recently to make our debt even worse than it already is. I am referring to both the new tax law which, in spite of its good individual features, raises our debt by $1 trillion over the next decade and also the 2018 budget agreement which increases the debt by a similar amount.
The nonpartisan Congressional Budget Office estimates that this year’s budget deficit will be over $800 billion and next year’s at $981 billion, almost back to the trillion dollar level seen for four years after the Great Recession.
The likewise nonpartisan think tank, the Committee for a Responsible Federal Budget, concludes that over half of next year’s huge deficit is the direct result of legislation passed since 2015 and signed by President’s Obama and Trump, as shown in the chart.
- The largest contribution to next year’s deficit, $230 billion, is from the December 2017 tax bill.
- The next largest contribution is $190 billion from the 2018 Bipartisan Budget Act.
- But the 2015 doc fix and tax extender bills also add $100 billion to the 2019 deficit.
As CRFB says, “It is no longer enough for Congress to ‘do no harm’ in the near term and ensure solvency of entitlement programs over the long term. Fixing our debt will now require reversing the harm which has already been done with tax cuts and spending increases.”
Conclusion. Historically the Republicans have been the party of fiscal responsibility. But now the GOP is completely in charge and annual deficits are increasing rapidly. Is it not very clear that big changes are needed in who represents us in Washington?