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Lawrence Summers

Congress likely to support Trump's debt accumulation

Congress likely to support Trump's debt accumulation

In the public consciousness, the Republican Party is generally viewed as the party of business and fiscal responsibility. Being the more conservative of our two major parties, it is easy to lapse into thinking that the GOP, since it is generally supported by business interests, would also favor a government that "lives within its means" and tries to keep the federal budget in balance. If the federal budget is in balance, this generally means that the national debt does not increase in any given year — a goal that most in the business community would support.

It is therefore often surprising to the public when they find out the reality is quite different from perception...