By John McManus, president and founder, The McManus Group
In an incredible show of profligacy, Republicans forsook any notion of fiscal conservatism by substantially increasing discretionary spending by over $2 trillion over the next decade, less than two months after cutting taxes by $1.5 trillion over that same time period.
The Bipartisan Budget Act of 2018 busts the budget caps negotiated by then Speaker John Boehner (R-OH) in 2011 when the Republicans retook Congress and declared war on excessive spending. Republicans agreed to $150 billion in extra domestic discretionary spending for the next two years that Democrats demanded, in order to secure that same amount for the military. But this $300 billion of higher spending will establish a new baseline that will create demands for sustained spending at the level leading to an extra $1.8 trillion over the next 10 years or over $2 trillion when factoring in the increased interest payments for this debt.