Today The Hill reports that there may be one big catch to President-Elect Trump’s agenda – money. While the President-Elect is calling for a $1 trillion infrastructure package, $5 trillion in tax cuts, and other proposals which could cost more than $350 billion over 10 years, Republican lawmakers warn that funding may be an issue.
“I was disappointed that it wasn’t brought up in the campaign – anybody’s campaign really – it really wasn’t mentioned,” says Sen. Jeff Flake (R-Ariz.), who, by the way, didn’t support Trump during the general election. “So I’m very concerned about it. It’s going to be tough to address if there’s no push from outside of the Congress. I’m very concerned about it. It’s the biggest problem we face, by far.”
The Hill added:
Compounding the problem is the expected action by the Federal Reserve to raise interest rates, which would increase the cost of the nation’s debt.
Will this presidential election be the most important in American history?
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Congressional Republicans assailed President Obama early in his tenure over soaring federal deficits, which exceeded $1 trillion dollars during his first four years in office. Debt reduction was the main focus of GOP leaders after they took back control of the House in 2010.
Yet deficits barely gained any notice on the campaign trail, The Hill said.
President-Elect Trump’s advisers appear un-wavered by these concerns and suggest that the new administration will be able to trigger massive private sector investments in infrastructure without a huge increase in spending, according to The Hill.
Maya MacGuineas, president of Committee for a Responsible Federal Budget seems more hopeful.
“Some changes are definitely going to have to be made. The good news is he’s shown a willingness to do that.”
She continued, “The real excitement is in the regulatory phase, getting rid of some of the unnecessary regulation that we have that’s really putting a wet blanket on the economy. That’s going to save money.”
Perhaps a flurry of better policies to spur on business will provide the bump needed in this economy to get things rolling.
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