Awash in Red Ink: U.S. Posts Record $3.1T 2020 Budget Deficit

The federal budget deficit hit an all-time high of $3.1 trillion in the 2020 budget year, more than double the previous record, as the coronavirus pandemic shrank revenues and sent spending soaring.

The Trump administration reported Friday that the deficit for the budget year that ended on Sept. 30 was three times the size of last year’s deficit of $984 billion. It was also $2 trillion higher than the administration had estimated in February, before the pandemic hit.

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Commentary: Deficits Are Secondary to What You’re Paying For

US Capitol

“I am not worried about the deficit,” Ronald Reagan famously said. “It is big enough to take care of itself.”

If you pay attention to the libertarian purists, President Reagan earns mixed reviews on his economic policies. After all, in 1983, the federal budget deficit exceeded 6 percent of GDP. But Reagan was untroubled by federal budget deficits for at least two reasons, and in both cases he has been vindicated by history.

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Blackburn Votes No as Budget-Busting Deal Pass in the Senate

  U.S. Sen. Marsha Blackburn (R-TN) released a statement after her vote against the massive Bipartisan Budget Agreement that the Senate approved. “Governance requires tough choices, and if everything is a priority then nothing is a priority. Our priority should be ensuring our men and women in uniform have the…

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Commentary: Trump, Reagan, and Big Government

Ronald Reagan, Donald Trump

by Jeffery Rendall   As I strolled through the excellent and memory-provoking exhibits at the Ronald Reagan Presidential Library (in Simi Valley, CA) the other day I was struck by how similar President Donald Trump’s approach to today’s politics is to the way Ronald Reagan handled the subject a half…

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Commentary: Swamp Creatures Stir to Life as Big Spending Sparks Bipartisanship

Any time you hear Washington talk about bipartisan agreement, America, grab your wallet and run! Once again, lawmakers in Washington have finally cut through all the thorny brambles of partisanship and discovered (yet again! yippie!) something they can all agree upon: spending scads and scads more of other people’s money…

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Commentary: Can Republicans Resist Mass Political Suicide, or Can They Take ‘Yes’ For an Answer?

By CHQ Staff   In its blind failure to recognize its dire peril, Capitol Hill’s Republican establishment is beginning to look a lot like the unfortunate souls at Jonestown who “drank the Kool-Aid” and committed mass suicide as the authorities closed in on the cult at its remote compound in…

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