On Wednesday, CNN "Reality Check" host John Avlon slammed Republicans for lying about their plan for the federal deficit — and their hypocritical lack of concern that it has been a massive failure.
"Over one year ago, we started 'Reality Check' on 'New Day,'" said Avlon. "The very first topic we hit was GOP hypocrisy over the deficit. It seems their new slogan should be, deficits don’t matter unless a Democrat is president. Because the U.S. deficit is exploding during an economic expansion under tax cuts and spending hikes under president Trump. It’s getting worse. During the debate over the Trump tax cut we were told this over and over again."
"The tax plan will pay for itself with economic growth," said Treasury Secretary Steve Mnuchin in a clip.
"Not so much," said Avlon. "In fact the deficit grew 27 percent in the first few months of this fiscal year to an astonishing $866.8 billion. And we’re not expected to exceed with federal spending hitting a record $3.7 trillion."
"Fiscal conservatives on Capitol Hill had this response," added Avlon, to the sound of crickets.
"Keep in mind, all this is happening during a record-breaking economic expansion," said Avlon. "Now its 122nd month. Roughly three quarters under President Obama and one quarter under President Trump. And that’s why these deficits are so troubling. They shouldn’t be growing at this stage of economic expansion."
"But wait, you say. Larry Kudlow told us last summer the deficit is coming down and coming rapidly," continued Avlon. "Well, that wasn’t true then and even worse now. Kudlow now says the record debt is not a huge problem at all. So I guess we can forget the Trump promise to eliminate it in eight years because he’s almost increased it by twofold so far."
"Our friends at CNN Business did some number crunching to put this record in perspective," said Avlon. "In his presidency to date, 645 trading days to be precise, Trump has seen the stock market rise, but that lags way under the stock market growth by Obama at this point of his president at 46 percent. But the stock market is the least of our worries. It’s the merciless budget math that doesn’t add up. With deficits exploding due to a giddy combination of tax cuts and spending hikes passed along party lines. It brings to mind something Larry Kudlow once said."
"We’re getting another goofy deficit, blow the hole wide open short-term plan, which frankly I don’t think anybody believes this stuff anymore outside of the White House," said Kudlow in a clip.