Politics & Government With record federal budget deficit, Blumenthal wants to cut spending U.S. In the Fall 2023, with Blumenthal now in his third term in the U.S. Senate, the Congressional Budget Office announced that the federal government has a record $1.7 trillion budget deficit. In 25 years, we’ve gone from a $70 billion budget surplus to a $1.7 trillion deficit. In effect, that Kennedy supply-side formula was utilized for the 1981 Reagan tax cut, the 2001 W. Bush tax program and the 2017 Trump tax reduction. Considering the record budget deficit, should the Trump tax cut be continued?

Source: New York Times November 10, 2023 17:48 UTC