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When a government borrows to fund its programs, that puts pressure on consumer prices, according to research by Ernie Tedeschi, director of economics at Yale University’s Budget Lab and former chief economist for President Joe Biden’s White House Council of Economic Advisers.
Without offsetting spending cuts, president Donald Trump’s tax cut proposals will subtract somewhere between $5 trillion to $11.2 trillion from federal revenue through 2035, the private, nonpartisan Committee for a Responsible Federal Budget (CRFB) has calculated.
In the U.S. government’s current fiscal year, the annual budget deficit roughly doubled to $2 trillion, even though the treasury reported the shortfall as $1.7 trillion, The New York Times reported.
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