#TBT: Bill Clinton Balances The Budget Without A Single Republican Vote

     On August 10th, 1993, 30 years ago today, President Bill Clinton signed the Omnibus Budget Reconciliation Act of 1993. Introduced on May 25th, passed by the House on May 27th, passed by the Senate on June 25th, and amended by the bodies on August 5th and August 6th, the bill was ultimately passed via budget reconciliation, allowing President Clinton to sign the bill with Vice President Al Gore breaking the 50-50 tie in favor.

     By implementing a tax increase on corporations, the wealthy, gasoline, Social Security, and Medicare while cutting the budget by $255 billion over five years, President Clinton was able to balance the budget, which occurred in 1998 for the first time in over three decades. Over the next three years, $500 billion of the $4 trillion national debt was paid off; had the Clinton budget continued, the debt would be nonexistent by now. 

     Instead, George W. Bush decided to abandon "fiscal responsibility" and give rich people a tax cut; President Trump did the same thing. The deficit and debt, which had first ballooned under Reagan, grew exponentially under Bush Jr. and Trump. Republicans cut taxes for the wealthy, not the middle class, and only care about the national debt when programs benefit the middle class instead of the wealthy. 30 years ago today, we got proof of that. They, including many senators still in the body today, voted against it because they said they thought it wasn't possible. That's a convenient excuse.