Pelosi: 'When There's a Democratic President, the Deficit Goes Down’

By CNSNews.com Staff | May 24, 2018 | 12:51 PM EDT

House Minority Leader Nancy Pelosi (Screen Capture)

(CNSNews.com) - House Minority Leader Nancy Pelosi said during a “town hall meeting” on CNN on Wednesday night that when there is a Democratic president the federal deficit goes down.

“It's counterintuitive in people's minds that the Democrats are the deficit reduction folks,” said Pelosi. “But the fact is, you look, when there's a Democratic president, that the deficit goes down, when the Republicans are in power, they give tax cuts at the high end, all kinds of other things, and the deficit, the debt, the national debt goes up."

The historical data published by the White House Office of Management and Budget indicates that the three highest annual deficits in the years after World War II (measured as a percentage of GDP) were during the Obama administration.

In fiscal 2010, the federal deficit was 9.8 percent of GDP; in 2011, it was 8.7 percent; and in 2012, it was 8.5 percent.

In fiscal 2017, it was 3.5 percent.

Pelosi said:

“It's counterintuitive in people's minds that the Democrats are the deficit reduction folks. But the fact is, you look, when there's a Democratic president, that the deficit goes down, when the Republicans are in power, they give tax cuts at the high end, all kinds of other things, and the deficit, the debt, the national debt goes up. You just look at the record.

“But the fact is, is that there are no more deficit hawks in the Republican Party. At least they're an endangered species, if they're not extinct. But you just look at how they were willing to take us $2 trillion in debt for this tax bill, that 83 percent of it went to the top 1 percent.

“I keep repeating that because it's just not the right. It isn't where this should start. So, no, we're not about raising taxes. In fact, we'd like to make the middle-class tax permanent. Maybe that's a thing to do? We have to subject it to what does that bring to the economy. Just let's put it all on the table.

“What creates growth, generating good-paying jobs, that reduces the national debt? That's the direction we should go in. But what did they do? They gave tax breaks to corporate America permanently. And for the middle class, they said we'll give you a tax cut but it's only temporary.”

 


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