Both Democratic and Republican senators who negotiated a bipartisan infrastructure bill have claimed the legislation is “paid for.” But a budget watchdog group says the bill only pays for about half of the $548 billion in new spending.
A raging virus, a struggling economy and a fast-growing mountain of debt.
An analysis by the Congressional Budget Office contradicts Treasury Secretary Steven Mnuchin’s claim that before COVID-19 hit, the U.S. was experiencing “extraordinary” economic growth that “would pay down the debt over time.”
Democratic presidential candidate Pete Buttigieg blamed tax cuts backed by President Trump for creating the nation’s debt problem. But while those tax cuts are worsening the nation’s debt, spiraling deficits and debt over the next decade were projected even before those tax cuts were enacted.