New Senate leader John Thune aims to tackle US ‘fiscal mess’ but admits GOP tax cuts may not be fully funded

By Free Republic | Created at 2025-01-09 04:45:53 | Updated at 2025-01-09 16:15:15 11 hours ago

New Senate leader John Thune aims to tackle US ‘fiscal mess’ but admits GOP tax cuts may not be fully funded
New York Post via MSN ^ | 01/08/2025 | Ryan King

Posted on 01/08/2025 8:29:07 PM PST by SeekAndFind

New Senate Majority Leader John Thune on Sunday said one of his top objectives will be to address the country’s “fiscal mess” — even while acknowledging upcoming expected GOP tax cuts may not be fully funded.

Thune (R-SD), 63, who officially took the baton from Mitch McConnell as the Senate’s boss Friday, stressed his intent to focus on problems for the long term.

“I would like to see us as a nation do things that affect the long-term stability, future of our kids and our grandkids,” the Republican told NBC’s “Meet the Press” when asked about the “mark” he wants to leave during his tenure. “We’re in a fiscal mess, $3[6] trillion in debt.

“But I think first and foremost it’s protecting the country,” Thune added of issues facing the US. “Military readiness will be a big priority for me.”

President-elect Donald Trump and Republicans are headed for something of a fiscal storm in 2025, forced to reckon with expiring provisions of the 2017 tax cuts, expiring expanded subsidies in the Affordable Care Act and the return of the debt ceiling, among other issues.

Republicans have made clear that they want to extend the 2017 tax cuts and add other reforms that Trump, 78, championed on the campaign trail such as no tax on tips and no tax on Social Security checks.

Extending those tax reductions could add $3.59 trillion to the deficit between 2025 to 2034, according to an estimate from the Tax Foundation.

Thune admitted that Republicans may not be able pay for all of their tax reforms, even with such measures as cuts in spending.

“Well, not perhaps all of it,” Thune said when asked about paying for the potential bill.

(Excerpt) Read more at msn.com ...

TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: senate; spending; taxcuts; thune

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1 posted on 01/08/2025 8:29:07 PM PST by SeekAndFind

To: SeekAndFind

FROM THE ARTICLE:

The Senate Republican leader has favored putting forth two major “reconciliation” bills in the Senate to try to help carry out President-elect Donald Trump’s agenda.

First would be a bill to address the border, energy and national defense. The goal would be to bring that to Trump’s desk so that he could have an early win. Then later in the year, a second bill would push tax reform, which is generally seen as more complicated legislation.

In the House, Republicans, including Speaker Mike Johnson (R-La.) and his top tax writer, Ways and Means Committee Chairman Jason Smith (R-Mo.), have favored a singular bill to carry out all those reforms. Trump has reportedly warmed up to that strategy.

2 posted on 01/08/2025 8:30:26 PM PST by SeekAndFind

To: SeekAndFind

Allowing citizens keep more of their own money isn’t a thing that has to be funded. This is a perverted view of reality.

To: Texas_Jarhead

Exactly. Spending is funded by revenue. Reducing tax rates typically increases revenue.

When was the last time any congressman worried about spending not being fully funded.

4 posted on 01/08/2025 8:36:38 PM PST by kosciusko51

To: Texas_Jarhead

Haven’t these tax cuts been shown, time and again, to increase revenue to the Treasury? How do we convince the left, if the right hasn’t gotten the message?

Sort of a rhetorical question. I think the smarter (read “evil”) lefties know this, and look forward to spending the increased funds.

5 posted on 01/08/2025 8:41:18 PM PST by gundog (It was a bright cold day in April, and the clocks were striking thirteen. the )

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