Happy Budget Day! At Taxpayers for Common Sense, we’ve been tracking Congress and poring through details for over 20 years, so the President’s Budget Request is what we live for. If you’re here, welcome to our rolling analysis, which will be updated and live-tweeted through this week (look for the hashtags #happybudgetday #budget2019 and #infrastructureweek).
We’re going to spend this week making sense of where this administration backs its priorities with the taxpayer’s dollar. Because that’s really what the President’s Budget Request comes down to – it is the administration’s priorities, written in dollars and cents, increases and decreases in investment, spending, and debts.
Already, we are seeing some indications of Candidate Trump’s promises being funded – infrastructure is going to get some of the big dollars we saw promised through the campaign. (Hence the #infrastructureweek hashtag.) The administration has officially rolled out a proposal for $200 billion of federal investment to leverage a total of $1.5 trillion in infrastructure investments. It will take a while to get through the smoke and mirrors of the proposal, but at first blush it seems hard to believe a more than seven to one multiplier.
The budget request comes on the heels of last week’s brief, overnight government shutdown, followed by a continuing resolution that essentially bust the budget caps, and loaded up nearly $90 billion in “off budget” disaster assistance, in addition to a whole passel of special interest tax breaks. Last week’s nearly 700-page bill that no one actually got to see before it was signed, was a bipartisan budget debacle, complete with tax breaks and wrinkles that now become part of the code. Potentially forever.
At $20.5 trillion, our national debt already exceeds 100 percent of GDP. And yet, the President’s budget ignores the spending limits established by the Budget Control Act back in 2011 (and for that matter all but the most recent amendments to those limits) and comes on the heels of passing a deficit exploding tax package. The President’s Budget Request will be the big focus at our offices, it’s pretty much all our analysts will be working on this week.
It’s a complicated document with some big numbers. We’re ready for it. Join us!
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