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Paul Ryan’s record on federal debt, deficit, GOP tax law

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  • House Speaker Paul Ryan is retiring at the end of the current
    Congress in January after taking over as speaker in October 2015.
  • Ryan said one of his biggest disappointments as speaker was
    not addressing the growing amount of federal debt.
  • As speaker, Ryan oversaw the passage of legislation that will
    add trillions to the deficit.

In an interview on Thursday,
Rep. Paul Ryan said
one of the biggest disappointments from
his term as House speaker was his inability to address the
growing mountain of federal debt.

On healthcare itself and debt and deficits, it’s the one
that got away,” Ryan said at a Washington Post event.

But as speaker, Ryan helped oversee a rise in spending that is
already adding to the deficit. Under his tenure, the amount of
outstanding federal debt grew by just over $2 trillion, and the
federal deficit expanded from $438 billion in fiscal year 2015 to

$779 billion in fiscal year 2018
.

And it’s projected to get even more pronounced from here. The
Congressional Budget Office estimates that the deficit in fiscal
year 2019 — which began on October 1 — will be $981 billion. In
fiscal year 2020, the deficit will eclipse $1 trillion for the
first time since the depths of the financial crisis, the CBO
projected.


deficit under paul ryanAndy Kiersz/Business Insider

While there are plenty of reasons for the growing deficit, recent
legislation spearheaded by Ryan has only added to the deficit.

Ryan has had a reputation as policy wonk, and he came into the
speakership with goals to address rising spending on entitlement
programs. During his tenure as speaker, however, the House did
not embark on any significant effort on that front.

According to
the Committee for a Responsible Federal Budget
, 46% of the
fiscal year 2019 deficit will be derived from legislation passed
since Trump took office. Of that, $228 billion comes from the GOP
tax law — which Ryan cited as one of his major accomplishments —
and $188 billion comes from the bipartisan budget agreement.

In 2018, Ryan’s last year in Congress,
the US will issue $1.3 trillion in new debt
, up 146% from the
2017 amount and the most in one calendar year since 2010.


Read more:

Trump is suddenly obsessed with the ballooning federal deficit
after his signature legislative victories caused it to
explode»

The Tac Cuts and Jobs Act is also projected to add to the deficit
and debt for years to come. According to the CBO, the TCJA will
add around $1.5 trillion to the federal deficit through 2028,
even after factoring in any increase in economic growth due to
the bill.


debt under paul ryan v2Andy Kiersz/Business Insider

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