Fresh from rewarding their ultra-rich beneficiaries with a $1.5 trillion tax cut, Republicans are complaining about the deficit they just created and they're targeting Social Security and Medicare cuts to fix it.
"It’s disappointing, but it’s not a Republican problem," McConnell said of the deficit, which grew 17 percent to $779 billion in fiscal year 2018. McConnell explained to Bloomberg that "it’s a bipartisan problem: Unwillingness to address the real drivers of the debt by doing anything to adjust those programs to the demographics of America in the future." The deficit has increased 77 percent since McConnell became majority leader in 2015.
New Treasury Department analysis on Monday revealed that corporate tax cuts had a significant impact on the deficit this year. Federal revenue rose by 0.04 percent in 2018, a nearly 100 percent decrease on last year’s 1.5 percent. In fiscal year 2018, tax receipts on corporate income fell to $205 billion from $297 billion in 2017.When you engineer an outcome you can't claim that it's disappointing and you sure as hell can't claim that it's not your problem.
“When Republicans in Congress said their tax cuts to wealthy multinational corporations would pay for themselves, they lied,” wrote Ohio Congressman Tim Ryan on Twitter. “Now, they're going to try to come for hardworking people to foot the bill by slashing Medicare, Medicaid, and Social Security. We can't let them.”As MSNBC host and former Republican congressman, Joe Scarborough, puts it: