“The federal government spent $310 billion more than it took in during the first four months of the new fiscal year, a 77 percent jump from the same period a year ago” and the tax cuts are primarily to blame according to the Washington Post.
How many times have you heard politicians say that budgets need to be balanced and prudent, that you can’t live on debt. I remember the time, not so long ago, that the Republican party was the party of fiscal responsibility, ranting against liberal spending. Well… the latest tax cut is dumping a huge burden on Americans and burdening future generations. The deficits give Republicans an excuse to start attacking Medicare and Social Security.
Source: Financial Planning for Women