The following statement is from Ms. Ryan Alexander, president of Taxpayers for Common Sense, in response to President Trump’s Budget Statement, released February 12, 2018:
The President’s $4.4 trillion budget request for fiscal year 2019 — entitled An American Budget — aims to accomplish many things. The border wall is in there. So’s increased defense spending, plus the hardy perennial to repeal Obamacare. But one thing it doesn’t even give a nod to is cutting, much less eliminating the deficit. Under this request the nation will accumulate more American debt – an additional $2 trillion in the first two years alone, and more than $7 trillion over 10 years. And of course, that in turn leads to high cost for serving the debt.
Interest on the debt will balloon to $859 billion in fiscal year 2028, more than three times the level in 2017. At that level, our interest payments will exceed spending on defense. Corporate tax revenue will not regain fiscal year 2017 levels as a percentage of GDP until 2023.
All budgets are unattainable wish lists, and it is certain that Congress will not enact every provision in this request. Top of the list of things likely not to make it through Congress is a $554 billion cut to Medicare and cuts to other popular domestic programs, which will further compound the deficit-driven debt increases.
This is an aspirational document, but sadly, President Trump does not have lofty ambitions for fiscal responsibility.
Taxpayers for Common Sense will be going through the budget to point out the good and pillory the bad. But this budget is not off to a good start.
— Ryan Alexander, president