See More CollapseĪ third bill making a major contribution to the national debt is the 2021 American Rescue Plan, signed by President Joe Biden with the exclusive support of Democrats. The burden of proof is on the speaker, and PolitiFact rates statements based on the information known at the time the statement is made. Truth-O-Meter ratings are determined by a panel of three editors. PolitiFact is a fact-checking project to help you sort out fact from fiction in politics. Ocasio-Cortez was one of 19 Democrats who voted against the 2019 spending bill she supported the CARES Act. Trump signed two of those bills, with support from Democrats in Congress: a 2019 omnibus spending bill (estimated to increase the debt by $1.7 trillion), and the 2020 Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, the first coronavirus relief bill that Congress approved ($1.9 trillion). That’s a lot, but three other bills are also expected to have a big impact on the debt. The second thing to know is that the Trump tax cuts, which received only Republican support in Congress, are expected to increase the debt by $1.9 trillion, according to the Committee for a Responsible Federal Budget’s tally. Previous bills and autopilot spending on Social Security and Medicare contributed to that debt. So, about 62 percent of today’s debt had nothing to do with Trump. The first thing to know is that about $19.5 trillion of today’s $31.4 trillion debt had already been accumulated by the time Trump took office. However, contrary to what Ocasio-Cortez said, the bill that Trump signed has not been the largest factor in increasing the debt, whether you use the debt or annual deficits as the measure.įirst, a look at the major bills passed since 2017 that have added to the debt, based on calculations by the Committee for a Responsible Federal Budget, a Washington, D.C.-based nonprofit that analyzes federal spending. The Trump tax cuts have been a major factor in ballooning the federal debt, because the reduction in revenues has made it harder for the nation to cover its spending commitments. If lawmakers can’t agree on raising the debt limit, the federal government could default on its debts. That limit will need to be raised in the next few months to pay off the government’s existing commitments to bondholders and beneficiaries of programs such as Social Security and Medicare. Alexandria Ocasio-Cortez, D-N.Y., focused on the impact of tax cuts signed in 2017 by then-President Donald Trump as the primary reason the federal debt is close to hitting the statutory limit of $31.4 trillion. In a brief walk-and-talk interview with reporters outside the U.S. DiscussionĪs Republicans and Democrats prepare to battle over the nation’s debt limit, finger-pointing over which side made the debt so large has intensified. But three other bills are expected to add nearly as much or more to the debt, and each received Democratic support: a 2019 spending bill and the CARES Act under Trump, and the American Rescue Plan under Biden. Of the remaining debt added since 2017, Trump’s tax cut played a significant role. A lack of support from key Republican donors would pose a challenge for Trump to compete in the primary despite his popularity with voters in the party.INCOME TAX SEASON: Filing taxes? Here's what's different and why your refund may be smaller this year HINTING AT 2024, BIDEN SAYS ‘WE’RE JUST GETTING STARTED'Īmericans for Prosperity joins a list of prominent Republican donors distancing themselves for Trump as the former president prepares for a likely crowded and competitive Republican primary in 2024. And they’re responding with more and more extreme policies – policies that also go against our core American principles." The Democratic Party increasingly sees this as a political opportunity. "And the American people are rejecting them. "The Republican Party is nominating bad candidates who are advocating for things that go against core American principles," the memo stated. The midterm elections, the memo stated, were underwhelming for Republicans as Democrats capitalized on poor candidates. The memo noted that the group engaged in 22 primaries in 2022 - the most ever for the group - and saw a win percentage of 80%. (Scott Eisen/Getty Images)Īmericans for Prosperity spent $69.4 million on the 2022 midterms, according to Open Secrets. Former President Donald Trump speaks at the New Hampshire Republican State Committee's Annual Meeting on Januin Salem, New Hampshire.
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