Rep. Alexandria Ocasio-Cortez (D-NY) reportedly stated that the tax cuts implemented by former President Donald Trump were the “biggest contributor” to federal budget deficits during the last few years, rather than President Joe Biden’s spending plan.
Treasury Secretary Janet Yellen recently informed House Speaker Kevin McCarthy (R-CA) and other lawmakers in a letter that the debt ceiling, an arbitrary cap on the national debt set by Congress, had exceeded the statutory limit of nearly $31.4 trillion, igniting a debate about the future of federal deficit spending.
A journalist challenged Ocasio-Cortez on Thursday about whether she feels her own party is to blame for recent record deficits.
“I think the largest contributor to the debt ceiling, to our deficit, has been the Trump tax cuts,” Cortez said.
However, it appears the data does not back up her assertion.
According to a study by the Committee for a Responsible Federal Budget, the spending packages authorized by Biden will add more than $4.8 trillion in extra deficit spending between 2021 and 2031, above the $1.9 trillion contributed by former President Trump’s Tax Cuts and Jobs Act.
Ocasio-Cortez has already been chastised for proposing ambitious policies that would necessitate massive federal spending.
Over the course of a decade, the first edition of her Green New Deal would have cost between $51 trillion and $93 trillion.
Both Republican and Democratic administrations have run unsustainable budget deficits, causing the national debt to balloon to more than $31.5 trillion.
The most recent violation of the debt ceiling occurred when Republican members reached an agreement with McCarthy in which the party’s new majority promised not to raise the statutory debt limit.
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