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Friday, February 23, 2018, 12:45 p.m.

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GOP steers deficit talk to focus on tax cut

By ANDREW TAYLOR and MARTIN CRUTSINGER The Associated Press

This article was originally published February 14, 2018 at 3:44 a.m. Updated February 14, 2018 at 3:44 a.m.

graph-showing-the-trump-budget

Graph showing the Trump budget

The White House budget director went to Capitol Hill on Tuesday to sell President Donald Trump's budget, but the administration's allies in the Senate preferred to talk about last year's tax cut rather than the trillion-dollar deficits contained in the new spending plan.

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RBear says... February 14, 2018 at 6:51 a.m.

Hilarious. Ignore the mounting debt we're incurring and focus on our tax cut that ... adds to that mounting debt. When the tax cut was passed under Obama, it was to revive an economy that had tanked under Bush. It was to help infuse cash into the economy and jump start a recovery along with some of the stimulus packages. Almost every economist agreed with it and it worked. The economy recovered AND we experienced the longest economic expansion in recent history.
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But this tax cut was unnecessary and added to the debt when we should have been paying it down. Almost every economist disagreed with the tax cut and the impact it will have on the economy will be nominal. The increased tax revenues experienced in January are due to the bonus payouts which are a one-time payment. Tax revenues from this point forward will more accurately reflect the impact on the budget, resulting in deficits.
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It will be interesting to see the CPI to see if we are inching into inflationary territory. Growth is good, but uncontrolled growth is bad and can lead to an overheating economy. Many families are not positioned to deal with an inflationary economy any more than with a recessionary economy.

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