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Donald Trump rattles Republicans with plan to rack up debt
While short on details, Mr. Trump has said he would like to spend at least $500 billion on infrastructure, twice as much as Democratic opponent Hillary Clinton. He also proposes to raise spending for the Defense and Veterans Affairs departments even as he cuts tax rates, sapping revenue in the near term.
Asked how he would fund his plan, the billionaire businessman told CNBC that he would go into debt.
Douglas Holtz-Eakin, a former director of the CBO who is now president of the American Action Forum, said spending might boost the economy if it’s in recession, but the U.S. is close to full employment, so there is not a lot to reduce. And the federal government will eventually have to pay off the debts.
“Borrowing is the same as having taxes higher in the future,” he said.
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Mmmm, yum. More flip flop? This one with money sauce paid by the middle class and their children. Good Old GOP strategy.
While short on details, Mr. Trump has said he would like to spend at least $500 billion on infrastructure, twice as much as Democratic opponent Hillary Clinton. He also proposes to raise spending for the Defense and Veterans Affairs departments even as he cuts tax rates, sapping revenue in the near term.
Asked how he would fund his plan, the billionaire businessman told CNBC that he would go into debt.
Douglas Holtz-Eakin, a former director of the CBO who is now president of the American Action Forum, said spending might boost the economy if it’s in recession, but the U.S. is close to full employment, so there is not a lot to reduce. And the federal government will eventually have to pay off the debts.
“Borrowing is the same as having taxes higher in the future,” he said.
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Mmmm, yum. More flip flop? This one with money sauce paid by the middle class and their children. Good Old GOP strategy.