As Republicans and Democrats prepare to battle over the nation’s debt limit, finger-pointing over which side made the debt so large has intensified.
That limit will need to be raised in the next few months to pay off the government’s existing commitments to bondholders and beneficiaries of programs such as Social Security and Medicare. If lawmakers can’t agree on raising the debt limit, the federal government couldPolitiFact is a fact-checking project to help you sort out fact from fiction in politics. Truth-O-Meter ratings are determined by a panel of three editors.
First, a look at the major bills passed since 2017 that have added to the debt, based on calculations by the Committee for a Responsible Federal Budget, a Washington, D.C.-based nonprofit that analyzes federal spending. The first thing to know is that about $19.5 trillion of today’s $31.4 trillion debt had already been accumulated by the time Trump took office. So, about 62 percent of today’s debt had nothing to do with Trump. Previous bills and autopilot spending on Social Security and MedicareThe second thing to know is that the Trump tax cuts, which received only Republican support in Congress, are expected to increase the debt by $1.
Trump signed two of those bills, with support from Democrats in Congress: a 2019 omnibus spending bill , and the 2020 Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, the first coronavirus relief bill that Congress approved . Ocasio-Cortez was one of 19 Democrats who
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