US Can’t Afford Lower Taxes Without Lower Spending: Editorial

Less than two months ago, projections showed the US government on track to borrow some $2 trillion this year with budget deficits exceeding 5% of gross domestic product indefinitely. Since then, this dire outlook has worsened — thanks to the Supreme Court’s ruling on tariffs, the war with Iran, the prospect of slowing economic growth and rising interest rates.

What, you might wonder, is Washington proposing to do in response? It’s debating how to cut taxes.

The latest proposals come from Senators Chris Van Hollen and Cory Booker. Both want to lower taxes for the poor and middle class while raising them ...