President Trump will make slashing the national deficit, projected to surpass $3 trillion by the end of 2021, a priority if he is re-elected, White House press secretary Kayleigh McEnany said, adding that revenues from “unprecedented growth” will be part of the solution.
“The debt is a second-term priority of his. He wants to see unprecedented growth. And we’ll see that on President Trump’s watch,” she said Wednesday during an appearance on “Fox News.”
“He had the hottest economy in modern history once he cut taxes for middle-class and hard-working Americans, and what we saw was revenue coming into the federal government increase in 2018 and in 2019 much in the same ilk of President Ronald Reagan,” McEnany continued.
“So we believe unprecedented growth will go a long way in solving the problem, but it is certainly a second-term priority,” she said.
The Congressional Budget Office last week projected the federal budget deficit will balloon to $3.3 trillion next year because of the additional costs of battling the coronavirus pandemic that has ravaged the economy, causing many small businesses to close their doors and putting millions of Americans out of work.
That would be three times 2019’s deficit and double the level after the Great Recession of 2008-2009.
A deficit that large — 16 percent of the gross domestic product — would be the largest since 1945, the CBO said.
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