Republican Senator Mike Crapo is full of Orwellian crap, says extending the Trump tax cuts which increased deficits by $1.7 trillion won't keep increasing deficits

 

 If you're not changing the tax code, you're simply extending current policy—you are not increasing the deficit. The bottom line here is that it's a $4.3 trillion tax increase, not a $4.3 trillion deficit increase. 

-- Mike Crapo 

Most of the tax cuts passed by Republicans during President Donald Trump’s first term, in the Tax Cuts and Jobs Act of 2017 (TCJA), which raised deficits by $1.7tn, are set to expire at the end of 2025. ... Without new legislation, current law requires tax rates to return to their pre-TCJA levels. Maintaining the current policy would cost nearly $5tn in lost revenue over the next 10 years. 

-- Oren Cass

Passing economic legislation through the US Senate can by-pass the 60-vote rule if the legislation does not increase deficits beyond 10 years. 

The total public debt has ballooned by over $16 trillion under the Trump tax cuts.

Oren Cass: In JD Vance libertarian economics and neoconservative foreign policy are being excised from Republican conservatism

 But there is no Trumpism, only Trump.

Yikes.

Methinks JD Vance will be a very unhappy VP, seeking to rest a spell on his one-legged stool as reality bites.

Oren Cass for the Financial Times, here.