Former President Donald Trump, the Republican presidential nominee, met with investor Scott Bessent to discuss the economy in Asheville, North Carolina on August 14, 2024. This event highlights Trump's focus on economic issues as he campaigns for the presidency.
FILE - Republican presidential nominee former President Donald Trump , left, listens as investor Scott Bessent speaks on the economy in Asheville, N.C., Aug. 14, 2024. FILE - Acting OMB Director Russel Vought speaks during a press briefing at the White House, March 11, 2019, in Washington. FILE - Republican presidential nominee former President Donald Trump , left, listens as investor Scott Bessent speaks on the economy in Asheville, N.C., Aug. 14, 2024.
“Clearly, it’s irresponsible to run back the same tax cuts after the deficit has tripled,” said Brian Riedl, a senior fellow at the Manhattan Institute and a former Republican congressional aide. “Even congressional Republicans behind the scenes are looking for ways to scale down the president’s ambitions.”
When Trump was last in the White House in 2020, the federal government was spending $345 billion annually to service the national debt. It was possible to run up the national debt with tax cuts and pandemic aid because the average interest rate was low, such that repayment costs were manageable even as debt levels climbed.
Democratic President Joe Biden can point to strong economic growth and successfully avoiding a recession as the Federal Reserve sought to bring down inflation. Still, deficits ran at unusually high levels during his term. That’s due in part to his own initiatives to boost manufacturing and address climate change, and to the legacy of Trump’s previous tax cuts.
Trump has also talked up tariffs on imports to generate revenues and reduce deficits, while some Republican lawmakers such as House Budget Committee Chairman Jodey Arrington, R-Texas, have discussed adding work requirements to trim Medicaid expenses.
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