07/03/2025

Trump is Set to Cement a Budget-busting Legacy, Adding to the National Debt

The latest Trump tax cuts are projected to cost more than $4 trillion

President Donald Trump on Thursday cemented one of the most consequential — and expensive — economic legacies in modern American presidential history, as his Republican allies in Congress approved a second sweeping tax cut that will deepen the nation's fiscal imbalances for years to come.

In the president’s first term, Trump oversaw a roughly $8 trillion increase in the federal debt, which surged due to his first-term tax cuts (TCJA 2017) and emergency spending approved by Congress during the coronavirus pandemic.

Trump's second term began with billionaire Elon Musk in the administration vowing to reduce the federal debt by cutting government spending by more than $1 trillion, following substantial increases to the debt during the Biden administration. But those efforts fizzled as Musk has left the administration, and the second Trump tax cuts are projected to add more than $4 trillion to the national debt, once interest costs and likely policy extensions are accounted for.

Please select this link to read the complete article from The Washington Post.