Roll Call: Latest News on Capitol Hill, Congress, Politics and Elections
December 25, 2014

The GOP’s Obsolete Talking Point

lummis032113 330x219 The GOP’s Obsolete Talking Point

Lummis recently used a common GOP talking point on federal government borrowing that is actually outdated. (Bill Clark/CQ Roll Call File Photo)

In a column this week, Rep. Cynthia M. Lummis begins with a variation of a favorite GOP talking point.

“America’s Budget Made Simpler — The federal government now borrows $4.8 billion a day, every single day, to support its spending habit,” the Wyoming Republican wrote and tweeted.

The only problem is, that particular fact is no longer true.

The Congressional Budget Office projects the deficit this year will be $845 billion, about $2.3 billion per day, less than half the figure that Lummis cites. (The gross debt will rise $1.02 trillion, or $2.8 billion a day. But the gross debt includes items such as borrowing to finance new student loans, which do not factor into the CBO’s deficit projections.)

It’s true that the gross debt increased by about $5.8 trillion, or $4 billion a day, in Obama’s first term in office. It’s a talking point Republicans repeatedly and accurately used on the campaign trail last year.

But the deficit is shrinking rapidly, with the the expiration of both the payroll tax cut and tax cuts for the wealthy on Jan. 1, the withdrawal of forces from Iraq and Afghanistan, the implementation of parts of the health care overhaul and now with the automatic across-the-board spending cuts known as the sequester. The improving economy — including record-setting corporate profits, a pickup in job growth and higher home prices — also helps.

The deficit is on track to shrink by almost 70 percent in 2015 from its $1.4 trillion high in fiscal 2009. By the next fiscal year, the CBO projects, the gross debt will increase by $2.2 billion a day. And in 2015, it will drop to $1.7 billion a day. although it would then start rising again with no end in sight.

Lummis’ office did not return requests for comment.

Among other Republicans who have used the old $4 billion-a-day figure in recent weeks, according to a CQ transcript search, are Sen. Rand Paul, R-Ky., and Reps. Lynn Westmoreland, R-Ga., and Bob Gibbs, R-Ohio.

  • http://www.facebook.com/profile.php?id=1245465416 Frank Cardinali

    “And in 2015, it will drop to $1.7 billion a day. although it would then start rising again with no end in sight.”
    Oh so then its all going to be ok? We don’t have a spending problem? I am just a little perturbed by the last statement, but that’s just me I guess. How dare the GOP want to enlighten the electorate. The system is broken, and the electorate and the ‘journalists’ get less intelligent daily. Epic fail.

  • JMH21

    I suggest that Steven Dennis start borrowing like that, perhaps $500 per day more than he makes. The get a raise (tax increase) and reduce it to $250 day. See how long he makes it before attempting to declare bankruptcy.

  • TheWrightWingv2

    Oh, so we only borrow $2.8 billion a day now? What a bargain! Thanks to raising taxes on workers to pay for things the Federal Gov’t has no business being involved in. Its a good thing American workers love working ever harder to have more of their earnings confiscated by government to fund even more!

    Is there any problem that removing even more what people work for from them, by force of law, for government to ‘borrow’ and spend, cannot solve?

    Remember when people were able to solve their own problems, themselves and government minded its own business? Those who can remember that are fewer in numbers with each passing day.

Sign In

Forgot password?

Or

Subscribe

Receive daily coverage of the people, politics and personality of Capitol Hill.

Subscription | Free Trial

Logging you in. One moment, please...