• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

The Iran conflict has disrupted oil supply. Gulf states are now looking to multi-billion-dollar investments in renewables 

2

I wrote that Boomers were choking America’s economy. Their responses to me were revealing

3

Current price of oil as of June 1, 2026

1

The Iran conflict has disrupted oil supply. Gulf states are now looking to multi-billion-dollar investments in renewables 

2

I wrote that Boomers were choking America’s economy. Their responses to me were revealing

3

Current price of oil as of June 1, 2026
Politics

‘It’s Not a Republican Problem.’ Mitch McConnell Blames Entitlements for Rising U.S. Deficits

By
Bloomberg
Bloomberg
Down Arrow Button Icon
By
Bloomberg
Bloomberg
Down Arrow Button Icon
October 16, 2018, 1:09 PM ET

Senate Majority Leader Mitch McConnell on Tuesday blamed rising federal deficits and debt on a bipartisan unwillingness to contain spending on Medicare, Medicaid and Social Security, and said he sees little chance of a major deficit reduction deal while Republicans control Congress and the White House.

“It’s disappointing but it’s not a Republican problem,” McConnell said in an interview with Bloomberg News when asked about the rising deficits and debt. “It’s a bipartisan problem: Unwillingness to address the real drivers of the debt by doing anything to adjust those programs to the demographics of America in the future.”

McConnell’s remarks came a day after the Treasury Department said the U.S. budget deficit grew to $779 billion in Donald Trump’s first full fiscal year as president, the result of the GOP’s tax cuts, bipartisan spending increases and rising interest payments on the national debt. That’s a 77 percent increase from the $439 billion deficit in fiscal 2015, when McConnell became majority leader.

McConnell said it would be “very difficult to do entitlement reform, and we’re talking about Medicare, Social Security and Medicaid,” with one party in charge of Congress and the White House.

“I think it’s pretty safe to say that entitlement changes, which is the real driver of the debt by any objective standard, may well be difficult if not impossible to achieve when you have unified government,” McConnell said.

Politically Unpopular

Shrinking those popular programs — either by reducing benefits or raising the retirement age — without a bipartisan deal would risk a political backlash in the next election. Trump, during his campaign, promised he wouldn’t cut Social Security, Medicare or Medicaid, even though his budget proposals have included trims to all three programs.

McConnell said he had many conversations on the issue with former President Barack Obama, a Democrat.

“He was a very smart guy, understood exactly what the problem was, understood divided government was the time to do it, but didn’t want to, because it was not part of his agenda,” McConnell said.

“I think it would be safe to say that the single biggest disappointment of my time in Congress has been our failure to address the entitlement issue, and it’s a shame, because now the Democrats are promising Medicare for all,” he said. “I mean, my gosh, we can’t sustain the Medicare we have at the rate we’re going and that’s the height of irresponsibility.”

Divided Government

McConnell said the last major deal to overhaul entitlements occurred in the Reagan administration, when a Social Security package including a raise in the retirement age passed with divided government.

McConnell said he was the GOP Senate whip in 2005 when President George W. Bush attempted a Social Security overhaul and couldn’t find any Democratic supporters.

“Their view was, you want to fix Social Security, you’ve got the presidency, you’ve got the White House, you’ve got the Senate, you go right ahead,” McConnell said. The effort collapsed.

The Office of Management and Budget has projected a deficit in the coming year of $1.085 trillion despite a healthy economy. And the Congressional Budget Office has forecast a return to trillion-dollar deficits by fiscal 2020.

During Trump’s presidency, Democrats and Republicans agreed to a sweeping deal to increase discretionary spending on defense and domestic programs, while Trump’s efforts to shrink spending on Obamacare mostly fell flat.

Republicans also passed a 2017 tax overhaul projected to add more than $1 trillion to the debt over a decade after leaders gave up on creating a plan that wouldn’t increase the debt under the Senate’s scoring rules. However, McConnell, like many Republicans, has said growth will more than make up for the lost revenue.

House Minority Leader Nancy Pelosi of California reacted to McConnell’s comments Tuesday by saying the rising deficit is a direct result of the GOP tax cut enacted in December 2017.

“In budget after budget, congressional Republicans have exposed their cynical agenda: give massive, unpaid-for handouts to further enrich big corporations shipping jobs overseas and the wealthiest 1 percent, and stick seniors, children and families with the bill,” Pelosi said in a statement. “Under the GOP’s twisted agenda, we can afford tax cuts for billionaires, but not the benefits our seniors have earned.”

About the Author
By Bloomberg
See full bioRight Arrow Button Icon

Latest in

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in

U.S. Soccer COO Dan Helfrich and Nike COO Venkatesh Alagirisamy
ConferencesCOO Summit
6 years of jersey design, 4 years of prep, 4 weeks of games: Execs at U.S. Soccer and Nike know how much this World Cup means
By Preston ForeJune 1, 2026
2 hours ago
Ravi Kumar S.
ConferencesCOO Summit
Cognizant CEO is swimming against the tide on AI: he’s hiring over 20,000 graduates this year and says AI tokenmaxxing is a ‘vanity metric’
By Preston ForeJune 1, 2026
3 hours ago
The automation illusion: Why AI is making COOs’ jobs harder, not easier
ConferencesAutomation
The automation illusion: Why AI is making COOs’ jobs harder, not easier
By Nick LichtenbergJune 1, 2026
3 hours ago
Grey rhinos, black swans, and the kidnapping of Nancy Guthrie: What Corporate America still gets wrong about risk
Conferencescyber
Grey rhinos, black swans, and the kidnapping of Nancy Guthrie: What Corporate America still gets wrong about risk
By Nick LichtenbergJune 1, 2026
3 hours ago
gh
AIdisruption
The ‘godfather of AI’ says we’re not just creating new beings — they’ll be much smarter than us, and soon
By Nick LichtenbergJune 1, 2026
4 hours ago
‘Nobody’s safe’: Cognizant projected 90% of jobs would be disrupted by 2032—but we’re beyond it 6 years early
ConferencesCOO Summit
‘Nobody’s safe’: Cognizant projected 90% of jobs would be disrupted by 2032—but we’re beyond it 6 years early
By Preston ForeJune 1, 2026
5 hours ago

Most Popular

The Iran conflict has disrupted oil supply. Gulf states are now looking to multi-billion-dollar investments in renewables 
Energy
The Iran conflict has disrupted oil supply. Gulf states are now looking to multi-billion-dollar investments in renewables 
By Melissa HancockJune 1, 2026
12 hours ago
I wrote that Boomers were choking America’s economy. Their responses to me were revealing
Personal Finance
I wrote that Boomers were choking America’s economy. Their responses to me were revealing
By Nick LichtenbergMay 31, 2026
2 days ago
Current price of oil as of June 1, 2026
Personal Finance
Current price of oil as of June 1, 2026
By Joseph HostetlerJune 1, 2026
14 hours ago
Erin Brockovich, the activist who defeated a utility giant and inspired a Julia Roberts film, is pushing data centers to be more transparent
Environment
Erin Brockovich, the activist who defeated a utility giant and inspired a Julia Roberts film, is pushing data centers to be more transparent
By Marco Quiroz-GutierrezJune 1, 2026
9 hours ago
Current price of silver as of Monday, June 1, 2026
Personal Finance
Current price of silver as of Monday, June 1, 2026
By Joseph HostetlerJune 1, 2026
14 hours ago
A rare 'super' El Niño is looking more likely. Here’s what to expect
Environment
A rare 'super' El Niño is looking more likely. Here’s what to expect
By Brian K. Sullivan and BloombergMay 31, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.