The White House Budget Office says the budget deficit is going to be larger than expected this year by $99 billion.
The Office of Management and Budget points to worsening tax revenues to explain why its forecast two months ago is off the mark. The budget deficit is now expected to be $702 billion this year. Last year’s deficit registered $585 billion.
Freedom Caucus Chairman: ‘Zero Chance’ for Tax Reform if Congress Doesn’t Start Now
WASHINGTON – House Freedom Caucus Chairman Mark Meadows (R-N.C.) and other conservative members of the House of Representatives are calling on House Speaker Paul Ryan (R-Wis.) to delay the August recess so Republicans have a better chance of passing parts of President Trump’s agenda.
Senate Majority Leader Mitch McConnell (R-Ky.) on Wednesday announced an August recess delay of two weeks.
“We’re almost at the 200-day mark,” Meadows said during a “Conversations with Conservatives” event today on Capitol Hill. “It’s not a good story.”
Meadows said Republicans would not be able to pass a tax reform package if they wait to begin the legislative process in September.
“I think we may need to move it up sooner. If we are waiting until September that means we will not get tax reform, guys, if we’re waiting until September. You guys have all been around. If we wait until September that means that we get legislative text maybe in October, that means that we maybe get it out of here if it’s fast-tracked by the end of October, which means that it goes over to the Senate and it sits there,” Meadows said.
“There’s zero chance that gets enacted into law before the end of the year. I think the tax cut needs to be retroactive so we get the economy moving right away,” he added.
Meadows said the White House has been “ready” for a comprehensive tax reform plan from Congress.
If Trump and Congress ‘botch’ tax cuts, GOP could lose House, Republican Steve Forbes warns
President Donald Trump and House Republicans need to get their promised pro-growth agenda moving, two-time GOP presidential candidate Steve Forbes told CNBC on Wednesday.
“If they botch this thing on taxes,” Republicans could lose control of the House in the 2018 midterm elections, Forbes warned, putting Trump in the tough spot of having to work with Democrats who have not been shy at showing their disdain for the president.
“I think [Trump] realizes if this economy doesn’t grow, his presidency is finished, would be seen as a failure,” the chairman and editor-in-chief of Forbes Media said on “Squawk Box.” “That’s why I think he needs to move fast on the tax cuts, get things moving.”
Forbes said Trump has gone after the low hanging fruit of bracing companies to move manufacturing back to the U.S. and signing executive orders to get the ball rolling on reversing Obama administration regulations in energy and banking.