AOC Blames Biden’s Deficits on Trump Tax Cuts

With President Biden Democrats expect a $1 trillion deficit in the budget this year. 

Rep. Alexandria Ocasio-CortezD-N.Y. was asked by a reporter if Democrats had spent too much money during the two years that they controlled Congress with Biden at the White House. 

“I think the largest contributor to the debt ceiling, to our deficit, has been the Trump tax cuts,” Ocasio-Cortez said.

The rising U.S. National Debt stands at $31.4 trillion While the federal government’s annual budget currently stands at $6.3 Trillion, that is almost $2 Trillion more than the amount it spent annually before the coronavirus epidemic.

In 2017, Trump cut taxes. The Congressional Budget Office forecast that tax revenues for next ten years would plummet by $1.1 trillion. CBO estimates from last year show that the government revenue for 2018-2027 is actually $570 billion more than expected for the same period. even after adjusting for inflationAccording to Heritage Foundation, it is. 

BIG SPENDING CUTS REQUIRED TO BALANCE FEDERAL BUDGET: CRFB

Alexandria Ocasio-Cortez, D-N.Y., is seen at a news conference outside of the U.S. Capitol in Washington, D.C., Thursday. (Tom Williams/CQ Roll Call, Inc via Getty Images/Getty Images

The Treasury Department was established in series of emergency measures To allow the government to pay its bills, after the U.S. reached its debt limit on January 19. To increase the debt ceiling, Congress must pass legislation. This will allow the government to borrow more money in order to pay its obligations. 

Republicans want to negotiate spending reductions before they agree to a debt limit increaseHowever, the White House has asked Congress to increase the debt ceiling “without condition.” The Senate GOP fiscal hawks held a press conference Wednesday insisting on Biden’s need to negotiate. 

STUART VARNEY: BIDEN’S ECONOMY IS HEADING FOR TROUBLE

Rand Paul, R-Ky., addresses a news conference held at the U.S. Capitol, Washington, D.C. on Wednesday. (Anna Moneymaker/Getty Images/Getty Images

“President Biden needs to know, absolutely he will negotiate, and it’s better to start now,” Sen. Rand PaulReporters were told by Senator Jeremy Johnson, R-Ky. He stated that the Republican House majority would not vote to increase the debt ceiling. “without significant budget reform.” 

Democrats claim that the GOP is putting the economy at risk by not adhering to the debt limit. They also accuse Republicans of fiscal hypocrisy.

PETER SCHIFF: INFLATION WILL BE HIGHER BY YEAR’S END; US DEBT TOPS ECONOMIC HURDLES

Hakeem Jeffries, D.N.Y., House Majority Leader, speaks during a news conference at the U.S. Capitol, Washington, D.C., On Thursday. (Win McNamee/Getty Images/Getty Images

Thursday’s press conference House Democratic Minority Leader Hakeem Jeffreys, D-N.Y., attributed approximately a quarter the current debt on the Trump presidency. 

“The extreme Republicans, they want to lecture the country on fiscal responsibility when 25% of the nation’s debt incurred during the four years of the Trump presidency,” Jeffries said. He said that Democrats have reduced the deficit to $1.7 trillion in two years. But, those cuts mostly refer to the end of emergency funding for the COVID-19 Pandemic. 

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In the first month of fiscal 2023, the federal government added $83Billion to the national deficit. That’s an average of $2.7B per day. Biden is expected to add $1 trillion more to the national debt at this rate. 

This report was co-authored by Brandon Gillespie and Megan Henney of FOX Business.

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