Trump campaigned in 2016 on eliminating the federal debt in eight years and reining in the deficit, a key concern of Republicans throughout President Obama’s two terms in office. They often accused Democrats of being excessive spenders, which racked up the deficit.
…The freewheeling comments offer remarkable insights into the president’s approach on federal spending and the debt, which barreled past $23 trillion late last year.
…The 2017 tax cuts blew up the federal deficit, which neared $1 trillion in fiscal year 2019 – a 26% jump from the year before as it steadily increased every year in office.
…The Tax Cuts and Jobs Act will cost $1.9 trillion over the next decade.
…The Committee for a Responsible Federal Budget, a nonpartisan budget watchdog, estimated earlier this month that Trump’s spending priorities will pile an additional $4.7 trillion onto the debt through 2029.