In the 2000's, Democrats have claimed the mantle of fiscal discipline from the Republican Party. The Republican Party once expressed public wariness of the national debt and the annual budget deficit, now they seem eager to pile on top of it. After the Presidency of George W. Bush, and now that of Donald Trump, the party seems more enthralled to tax cuts than to fiscal discipline according to CNBC.
Democrats' hawkish rhetoric is a far cry from the years following the 2008 financial crisis, when they fought for ramping up government spending to resuscitate the ailing economy. The 2009 stimulus package, which clocked in at $787 billion, was billed as a way to create jobs and put money in the pockets of ordinary Americans. Economists Alan Blinder of Princeton University and Moody's Mark Zandi estimated that 17 million more jobs would've been lost during the recession without it.
Republicans are the ones proposing budget-busting legislation, which they are touting as a way to create jobs and put money in the pockets of ordinary Americans. The White House argues that passing tax reform would boost economic growth to an annual rate of 3 percent, a milestone that has proven elusive since the Great Recession. Democrats, however, are opposing any rewrite of the tax code that adds to the deficit. This week, they unveiled their own budget that keeps the country's debt-to-GDP ratio steady over the decade.
Indeed, Republicans have also changed their tune on the national debt. Fiscal conservatives such as the House Freedom Caucus are backing the Republican tax plan, claiming that most — if not all — of the cost will be offset by faster economic growth and the elimination of deductions and loopholes.