It’s a familiar message for Democrats, who have for years campaigned on the idea that Republicans want to gut the “entitlement” programs. But with federal revenues lagging and deficits climbing, McConnell said the problem is the entitlement spending that accounts for most of the federal government outlays. “It’s disappointing, but it’s not a Republican problem,” McConnell said in a Tuesday interview with Bloomberg News. The tax cuts Trump signed into law last year slashed rates for corporations, the wealthy and many middle- and lower-income families. While the tax cuts did spur economic growth, they have not yet generated enough to fully offset the lost revenue.

Source: National Post October 17, 2018 18:50 UTC