Balancing the budget with tax cuts?

 The Federalist Wire:

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President Donald Trump is renewing his push for a balanced federal budget, calling on Congress to take action on something it hasn’t done in two decades. Trump has long expressed his desire for a balanced budget, but his proposals, including extending the tax rates from the 2017 Tax Cuts and Jobs Act, could complicate efforts for both the House and Senate. Extending these tax cuts is expected to cost approximately $4 trillion, presenting a significant challenge in achieving fiscal balance.

On Thursday, Trump reignited his calls for balancing the federal budget, posting a message on Truth Social that reflected his determination. “Balance budget now??? Let’s give it a shot. Lots of money coming in from tariffs. Do it!” Trump wrote in all caps, highlighting his belief that tariff revenue could play a key role in offsetting the cost of his budgetary ambitions.

However, the actual impact of Trump’s tariffs on the federal budget remains uncertain. Previous budget projections from independent groups have suggested that tariff revenue alone may not be enough to cover the substantial spending increases that Trump has proposed. This leaves Congress facing tough decisions about how to balance fiscal responsibility with the ambitious tax cuts and spending plans currently on the table.

The House of Representatives has introduced a $4.5 trillion all-encompassing bill that seeks to extend the tax cuts put in place during Trump’s first term. Meanwhile, the Senate has proposed a more modest, fully offset $342 billion bill, which delays any action on the tax cuts for the time being. If the House proposal moves forward, it would allow for a $2.8 trillion increase in the federal deficit through 2034.

Looking at the long-term fiscal landscape, the U.S. government has only ended with a budget surplus four times in the past 50 years, with the most recent surplus occurring in 2001. Since then, Congress has consistently run a deficit every year, a trend that has raised alarms about the nation’s growing debt burden.

Maya MacGuineas, president of the Committee for a Responsible Federal Budget, has voiced her concerns over the current trajectory of federal spending. “The $2.8 trillion target is unquestionably too large and an astronomical figure given our massive debt burden,” she said. “We should not be borrowing another $2.80, let alone another $2.8 trillion. The House should revise the budget resolution to be deficit reducing or at the very least budget neutral.”

The Peter G. Peterson Foundation, another fiscal watchdog, has urged lawmakers to take a more cautious approach in addressing the nation’s fiscal challenges. “There are plenty of options available for lawmakers to fully offset the cost of policies they wish to extend or enact, and they should avoid budget gimmicks or other fiscal shortcuts,” the group stated. “As legislators consider policy initiatives to address this year, they should keep in mind the unsustainable fiscal situation that already exists and, at the very least, do no fiscal harm.”
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Finding a way to stop borrowing money for everyday expenses will be the key.  Borrowed funds should mainly be used for building projects that are sustainable over time.  To put it in terms of normal expenditures a couple can borrow money to buy a home, but should not be borrowing money for everyday expenses like food and gas.