In an interview on Power & Politics, (David Paterson, Ontario’s representative in Washington) told host David Cochrane that the Canadians and Americans had a 90-minute meeting and the first half-hour was “a master class” from Lutnick in breaking down the U.S. position on tariffs.

The focus of the U.S. government is dealing with its yearly deficit in federal spending, Paterson said. According to the U.S. Treasury Department, the federal government ran a $1.83 trillion US deficit in the 2024 fiscal year.

There are three ways the U.S. government is working to cut down that deficit, Paterson added.

The first is a major budget resolution that calls for billions of dollars in tax cuts, and the second is slashing the size of government through Elon Musk’s Department of Government Efficiency. The third is tariffs, which are meant to be a new revenue source and attract investment into the United States.

  • CircaV@lemmy.caEnglish
    8·
    9 hours ago

    Yes the Americans stupid plan to “reduce the insurmountable deficit” won’t work. They let their deficit ballon to an unimaginable number then expect the world to pay for it. And they got a moron surrounded by a bunch of other morons to try to address it. They are enriching themselves as they pretend to bring a massive deficit down. This won’t work. Also, screw them, Canada should not bend to them.

    • brax@sh.itjust.works
      7·
      8 hours ago

      They have plenty of money there that could pay off their deficit. Look at how much Elon Musk and Bezos are hoarding. Maybe if they had proper tax brackets they wouldn’t be in a bind.

      Canada could do similar. We need to stop running on tax cuts, our economy isn’t funded by fairy dust and rainbows lol.