The U.S. national debt is $36 trillion as of 2024. Biden and Trump each added $8 trillion of that.
The Congressional Budget Office (CBO) projects deficits of $20 trillion over the next 10 years. On top of that, Trump wants to cut taxes by $4 to $6 trillion over that period.
Republicans talk about offsetting spending cuts, but where to get them? They’re looking at Social Security and Medicare. They’ll talk about “reform,” but make no mistake, that means benefit cuts.
Thankfully, not all Republicans in Congress are on board for that, and some even broach the subject of closing tax loopholes. This much is clear: Anyone serious about deficits and debt can’t seriously consider more tax cuts for wealthy people who don’t need them, and letting at least some of Trump’s 2017 tax cuts expire should be under consideration.
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