by Mish

If you think the deal will do anything about the deficit, you are mistaken.

Senate Republicans reached a deal Tuesday that would allow tax cuts over the next decade, bridging party divides over trade-offs between tax cuts and budget deficits and taking an important step toward tax-overhaul legislation.
Sens. Pat Toomey (R., Pa.) and Bob Corker (R., Tenn.), representing opposing fiscal-policy viewpoints in the Senate Budget Committee, said Tuesday that they struck the agreement, which senators said could lead to a committee vote as early as next week.
Mr. Toomey had been seeking tax cuts that might reduce revenues by as much as $2 trillion over a decade. Mr. Corker, more wary of budget deficits, had been arguing for a smaller number. The number could be up to $1.5 trillion in revenue-reducing tax cuts, but neither senator would confirm the figure in advance of a formal announcement.
Democrats accused Republicans of abandoning their claims of fiscal probity in a country with $20 trillion in debt, about $10 trillion in projected additional deficits over the next decade and the prospect, eventually, of rising interest rates.

Hypocrites All Around

Since when are Democrats concerned about deficits? Since when are Republicans unconcerned about deficits?


There is plenty of hypocrisy to spread around on this deal. But to answer the two questions:

  1. Democrats are only concerned about deficits when Republicans are in power.
  2. Republicans are only concerned about deficits when Democrats are in power.

It’s hard to say if the compromise is a step in the right direction because details are nonexistent as is typically the case.

Mike “Mish” Shedlock

Republican Hypocrites Ignore Trump's Lies, Praise Irresponsible Budget

Trump passed a budget that will increase the deficit to a trillion dollars. His supporters cheer.

Deal or No Deal? ABC Says Tentative Deal to Raise Debt Ceiling Reached

I was just getting ready to make a post titled After “Angry Exchange” Reid Postpones Senate Vote on His Plan; Majority Leader Conrad Hints at Raising Revenue Measures; Compromise in the Air.

Hypocrite Democrat Senators Refuse to Back AOC's Green New Deal

Democrat senators were put to the test today. All but four flunked.

Budget Agreement Fiasco: Will the Real Republicans Please Stand Up?

A Senate budget agreement raises spending $300 billion over 2011 limits. Military spending jumps $80 billion.

Republican Debt Ceiling Shenanigans

Now that Republicans are in control of the Executive and both Legislative houses, might it be time to address the budget deficit?

Tariff Backlash Could Cost Republicans the Senate

The math for Democrats to win the Senate looks extremely daunting. However, I see more than a reasonable shot for them.

Tax Cut Math: 6 Republican Senators Have Concerns, It Takes 3 Kill It

The House and Senate each have different tax proposals. The Senate may not pass anything.

Tax Overhaul: Where Art Thou? Republican Divisions Widening, Mish Suggestion

Trump has promised a sweeping overhaul of the US tax code to protect US exporters.

Hillary Backer, Republican Senator Lindsey Graham, Heads Obama’s Witch Hunt on Russia

Republican Senator Lindsey Graham, a friend and backer of Hillary Clinton, heads up Obama’s witch hunt.