January 30, 2020 - Washington - Senator Dianne Feinstein (D-Calif.) released the following statement after the Congressional Budget Office projected the federal deficit will top $1 trillion this year:

“The CBO’s projection that our deficit will hit $1 trillion debunks the president’s claim that his tax cuts are paying for themselves. Republicans gave corporations and the rich a huge tax cut and stuck the rest of the country with the bill.

“Since taking office, President Trump has grown the deficit from $587 billion to more than $1 trillion, and it’s expected to average $1.3 trillion annually for at least the next decade. That’s a far cry from his campaign promise to eliminate the debt in just eight years.

“Such high deficits would be alarming at any time, but they are especially troubling during a period of economic growth. The deficit should be falling under these circumstances, but instead President Trump’s tax cuts are adding trillions to our debt. Republicans are now reportedly planning to use the large deficits they created with their tax cuts as an excuse to slash federal spending further.

“We need to get our fiscal house in order, but that doesn’t mean gutting vital programs that millions rely on. American families shouldn’t pay the price for President Trump’s tax cuts.” 
Source: Senator Dianne Feinstein