Federal Spending

What Would It Take For Congress To Bring The Federal Debt Down To Manageable Levels

What Would It Take For Congress To Bring The Federal Debt Down To Manageable Levels

Back in the presidential campaign, candidate Donald Trump promised to eliminate the national debt in eight years.  This goal was never plausible, even before Congress passed a tax cut that is expected to reduce federal revenues by more than $1 trillion over the next decade and before it agreed to $288 billion of new spending over just the next two years. Now, a new report by the Congressional Budget Office shows just how deep a fiscal hole we have dug, and gives some idea about what it would take to crawl out of it.

Congress and President Trump Are Spending Money and Cutting Taxes Like There Is No Tomorrow

Congress and President Trump Are Spending Money and Cutting Taxes Like There Is No Tomorrow

The House is voting this week on the committee’s bills to expand tax-advantaged Health Savings Accounts for mostly high-income households, allow people to take a medical expense deduction for gym memberships, and repeal an Affordable Care Act excise tax on medical device makers. Later on, it will vote on other committee-approved measures to postpone the ACA’s tax on high-cost employer sponsored health plans and suspend the tax penalties for employers that don’t offer adequate insurance to their workers.