In a recent edition of his must-read Committee to Unleash Prosperity Hotline our friend Steve Moore observed that Biden's parting gift to America is another $2 trillion deficit.
As Mr. Moore noted, the Congressional Budget Office just issued its last monthly report on the Biden fiscal record.
“Can you say calamity?” said Steve.
For the first three months of fiscal year 2025 that began on October 1st, the government borrowed $710 billion – almost $200 billion more than the same time last year. Revenues are down 2% and spending was up a gigantic 11%.
In short: the red ink is piling up higher not lower. This is supposed to be a recovery.
If you want a good laugh: remember when Biden claimed he “reduced the deficit more than any other president!”
Here’s the chart that accompanied Steve’s article that illustrates the problem in stark detail.
The challenge for President Trump is that the spending that got us into this deficit death spiral was facilitated – if not in some cases led by – Republicans, especially former Senate Majority Leader Mitch McConnell.
McConnell and his clique of Big Spending Republicans in the Senate have been behind the “government by crisis” mode of waiting until there is an imminent crisis, usually a potential government “shutdown,” to pass the appropriations for the rest of the fiscal year.
These bills are always bloated Christmas Trees full of pork and special interest deals. They are generally passed in the middle of the night with little to no time for analysis or review – especially by outside observers and budget hawks.
And when there is pushback by fiscal conservatives it is the conservatives, not the Big Spenders, who are maligned in the media and by the congressional leadership.
A classic example of this “government by crisis” took place less than a month ago when House conservatives opposed the 1,500-page spending bill Speaker Johnson was about to gift to the outgoing Democrat administration.
Opposing this outrage were 38 House fiscal conservative Republicans who stood up and said NO, which sent the Big Spenders back to the drawing board. In the end the bill was pared down, but spending still increased and those who stood against speeding up America’s fiscal death spiral ended up taking a beating in the press – and getting chastised by President-elect Trump as “obstructionists.”
The good news is that President Trump has nominated Russell Vought to head the Office of Management and Budget. Our friend Mr. Vought is probably DC’s premier expert on the federal budget and if there is anyone who can help President Trump tame the congressional spending monster it is Russ Vought.
But that good news assumes that President Trump actually wants to reduce spending, along with reducing the size and scope of government, rather than redirect the same number of dollars at different priorities.
We urge all CHQ readers and friends to share this important information widely. The Capitol Switchboard is (202-224-3121), we urge CHQ readers and friends to call their Senators TODAY to demand they vote to confirm Russell Vought as the Director of OMB.
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