Populist Republicans think Washington elites in both parties prioritize the needs of large corporations and capital investors
When Treasury Secretary Steve Mnuchin said “now is not the time to worry about shrinking the deficit,” during fall negotiations with Congress over COVID-19 relief legislation, many Democrats predicted Republicans would claim that time had come again as soon as President Trump no longer occupied the White House.
Despite candidate Trump’s 2016 campaign promise to eliminate the national debt in eight years by growing the economy faster and eliminating wasteful spending, the nation’s borrowing increased by over $7 trillion during his term.
Just as congressional Republicans harnessed the fury of the Tea Party and forced spending caps on President Barack Obama after he spent trillions on economic stimulus measures and ObamaCare, they are now returning from their holiday from fiscal restraint to confront President-elect Joe Biden’s ambitious agenda. Yet, Biden faces a Republican Party transformed by Trump, giving the incoming Democratic president an opportunity to find common ground with the GOP’s populist branch…
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