The dust has barely settled on the midterm elections, but there are a number of key fiscal issues not only facing the current Congress in coming weeks, but also awaiting the new Congress, which will convene in early 2019.
Seven in ten voters from across the political spectrum say the record national debt will be an important factor in their vote for Congress in next week’s Midterm Elections, according to a new poll.
Trillion-dollar annual deficits not seen since the Great Recession are expected to return as soon as next year, and when that happens, American taxpayers will be paying an average of $1 billion per day in interest costs on the national debt.
Corporate tax receipts dropped by 31 percent in 2018 — an unprecedented decline during a time of economic growth. The Tax Cuts and Jobs Act is responsible for the plunge.
Other than during the recent recession caused by the financial crisis and its aftermath, the U.S. government has never witnessed deficits that exceeded $1 trillion.
