• Presidential candidates appear to have no plans to address the pending fiscal crisis, which needs to be addressed early in their first or second terms.
• Several provisions of the 2017 Tax Cuts and Jobs Act are set to expire next year, the debt ceiling is likely to expire on Jan. 1, and the spending fight could take up much of early 2025, he said. One former Trump administration official calls this a “crisis.” A financial “train wreck”.
• “This kind of thing is actually kind of an important element for governance purposes, but has no one ever thought about it? None of the candidates seem to have thought anything about it. Is there no campaign taking this into account? This suggests that candidates and campaigns are not yet serious about governing,” former deputy chief of staff Mike McKenna told the Daily Caller.・Told the News Foundation.

The candidates vying for the White House in 2024 appear to have no plans to address several pending fiscal crises that will need to be addressed immediately upon taking office in early 2025.

The administration is likely to face expiring tax and debt laws as well as spending-related issues when it begins its second or first term in 2024, one former Trump administration official said. This is called a financial “bankruptcy.” Candidates have addressed each of these themes from time to time during their campaigns, but President Joe Biden, former President Donald Trump, and former U.N. Ambassador Nikki Haley have said they would address each of these topics if elected president in November. We have not yet come up with a plan to address specific issues.

Gov. Ron DeSantis' campaign, which was suspended on Sunday, also failed to provide the Daily Caller News Foundation with a plan for the immediate crisis.

Some provisions of the Tax Cuts and Jobs Act of 2017 (TCJA) are as follows: Expired In 2025, the debt ceiling is likely to expire on January 1, according to former deputy presidential aide Mike McKenna, and precedent could lead to a fight over federal spending early next year. .

“This kind of thing is actually kind of an important element for governance purposes, but has no one ever thought about it? None of the candidates seem to have thought anything about it. Is there no campaign that takes this into account? This suggests that candidates and campaigns are not yet serious about governing,” McKenna told DCNF. “Modern campaigns emphasize the little things over the substance. This is a perfect example.”

The income tax rate, standard deduction, and child tax credit provisions in the TCJA, President Trump's signature tax law, are as follows: Revocation No Congressional action after 2025. (Related article: Companies are the first to be hit with a mountain of taxes due to taper cuts during the Trump administration)

The Fiscal Responsibility Act was negotiated by Mr. Biden and former Republican Chairman Kevin McCarthy and signed into law in early June just days later with the aim of preventing the country from defaulting on its debt. The law allows the government to accumulate debt indefinitely until the beginning of 2025.

The current Congress has not yet finished its business. Spending The process for fiscal year 2024 started about four months ago. The House and Senate passed continuing resolutions to temporarily fund the government at current levels through early March, marking the third time this Congress that the spending process has been delayed.

“Especially given the fact that Parliament typically puts down the pencil early in an election, this Parliament could fund the government for 2024, quickly pivot and time the same exercise for 2025. “It seems unlikely that Lee will be able to do it in 2019,” McKenna said.

Moreover, whoever takes office in January 2025 will almost immediately have to face three looming fiscal crises, against which none of the candidates seems to have a plan of attack.

The Biden, Trump and Haley campaigns failed to provide a plan to address these specific issues in response to DCNF's requests for comment, with the former ambassador being the only nominee to respond.

Haley's campaign had previously turned the DCNF against her. announced The economic policy agenda is “reduction”[ting] “Taxes for the middle class”, “reduce”[ing] “Reducing inflation and debt by cutting spending” and “[ing] The federal government controls our lives. ”

The former ambassador promised to lower income tax rates, eliminate federal gasoline and diesel taxes, and make tax breaks for small businesses permanent. Haley also proposed capping spending at a percentage of GDP, vetoing any budget that does not return to pre-COVID spending levels, and requiring zero-based budgeting.

But her campaign has not given any specifics on how she will approach the TCJA's expiration provisions, the debt ceiling set to expire in early 2025, and potential spending battles with Congress early in her first term. No plans were presented to target the United States.

Candidates have talked about expiring tax provisions, the debt limit and federal spending during the campaign, but have not offered a comprehensive plan for how they will address the issues once they take office in early 2025.

President Trump has said he will extend the personal tax rate, which is set to expire in 2025. according to On CNN. According to the outlet, Haley supports making the TCJA's expiring small business tax cuts permanent, but has not expressed support for extending all individual tax provisions.

Biden supports extending Trump's tax cuts for people making less than $400,000 a year for one year past their 2025 deadline, but has not laid out a tax plan beyond his latest budget proposal. . according to To the Wall Street Journal.

Multiple candidates became involved in debt ceiling negotiations in late May after Biden and McCarthy reached an agreement to raise the cap without specifying a specific amount.

Haley criticized the deal for not cutting spending and criticized DeSantis and Trump for supporting raising the debt ceiling in 2018.

President Trump weighed in on the deal during an appearance with Des Moines 1040 WHO's Simon Conway. tell The organizers said, “We will fix it and fix it properly within two years.”

The candidates proposed cuts to federal spending and commented on the contentious spending fight that has dominated Congress since September.

Prior to the first government shutdown on September 30th, President Trump Recommended House Republicans plan to use the “power of the purse” to pass conservative provisions in the spending bill.

Haley criticized lawmakers for failing to “balance the budget,” arguing that they shouldn't get paid if they can't pass a spending bill.

Biden opposed allowing a government shutdown and ultimately signed a stopgap measure to temporarily fund the government. The president then approved another continuing resolution in mid-November and signed a third on Friday.

“As bad as it is that they don't have a plan, the fact that they don't realize it is even worse. McKenna said he believes it will likely be the two candidates in the general election.

Trump and Biden continue to lead by wide margins in their respective primaries, with the former president securing a landslide victory in Iowa on Monday with 51% support.DeSantis came She came in second place by a wide margin with 21.2% support, followed by Haley with 19.1% and conservative businessman Vivek Ramaswamy with 7.7%.

New Hampshire held its first national primary on Tuesday, and Haley currently leads the former president by about 14 points, according to RealClearPolitics. average.

All content produced by the Daily Caller News Foundation, an independent, nonpartisan news distribution service, is available free of charge to legitimate news publishers with large audiences. All republished articles must include our logo, reporter byline, and DCNF affiliation. If you have any questions about our guidelines or partnering with us, please contact us at licensing@dailycallernewsfoundation.org.