Posted on 10/14/2016 3:03:18 PM PDT by Freedom56v2
WASHINGTON
The government ran a $587 billion budget deficit for the just-completed fiscal year, a 34 percent spike over last year after significant improvement from the record deficits of President Barack Obama's first years in office.
Friday's deficit news, while sobering, does not appear bad enough to jolt a gridlocked Washington into action to stem the flow of red ink. It came in an annual report by the Treasury Department and the White House budget office.
In the presidential campaign, intractable budget deficits and growing debt have been mostly neglected by Democrat Hillary Clinton and Republican Donald Trump.
The latest figures show that the government is borrowing 15 cents of every dollar it spends. Government spending went up almost 5 percent to $3.9 trillion in fiscal 2016, but revenues stayed flat at $3.3 trillion.
Obama came to power after the 2008 financial crisis and as the economy was still emerging from a deep recession, and the deficit spiked to $1.4 trillion, which required Treasury to borrow 40 cents for every dollar spent by the government. It remained above $1 trillion for three more years before declining to $439 billion last year as the U.S. economy continues to slowly grow.
"The Obama Administration's agenda has spurred durable economic growth and the longest streak of job growth on record, while sharply reducing the deficit to a sustainable level," said Treasury Secretary Jacob Lew said in a statement. "We have built a solid foundation for continued investment in economic growth and opportunity for all, while maintaining fiscal discipline and using fiscal space appropriately to grow the economy."
Now, the Congressional Budget Office is predicting deficits will, more or less, remain in the $600 billion range for the next several years.
(Excerpt) Read more at mcclatchydc.com ...
Trump is promising tax cuts estimated to cost $6 trillion or so in the coming decade and has criticized congressional Republicans, including House Speaker Paul Ryan of Wisconsin, for proposing to cut Medicare and other government programs. Clinton promises to increase taxes on the wealthy and spend the money on college tuition subsidies, infrastructure and expansion of President Barack Obama's health care law.
"There's no leadership on the campaign trail. What both Clinton and Trump have said, essentially, is, 'Here are the new things that I want to do,'" said Douglas Holtz-Eakin, a GOP economist and president of the American Action Forum think tank. "What that's really saying is: 'I have no play to fix the existing problem. None.' So they have no plan."
If Clinton wins, many Washington observers believe the chronically gridlocked capital city will remain unable to act on major issues such as the deficit, taxes or weaknesses in Obama's 2010 health care law.
More on website...
And did I mention that the homeless and the jobless will be at "crisis" levels next year as well?
Oh, the poor starving children. How sad.
Wait, those are happening now while we add a trillion dollars a year to our debt. And not a peep from the media.
Blame the republican party for allowing this to happen.
I saw this and thought about posting a link. This is the thing that will help ruin the center left of the Democratic Party in the years ahead. As the population ages in the next few years entitlements will explode. As shall deficits. You can then reset the US political landscape. You may have to politically suffer in the meantime, but a fiscal and political time bomb is coming your way America.
Just another continuing resolution from Ryan and Obama and we won’t have to hear about it until it becomes a “crisis” for President Trump next year.
And did I mention that the homeless and the jobless will be at “crisis” levels next year as well?
Oh, the poor starving children. How sad.
Wait, those are happening now while we add a trillion dollars a year to our debt. And not a peep from the media.
_______________________________________
Don’t forget about the GDP and jobs numbers...
Media?? Media is only concerned with Destroying Trump.
Blame the republican party for allowing this to happen.
Only one comment :
I will not vote for any republican incumbent. I am tired of receiving requests for money from Ryan, Isackson (GA) and Hice.
Blame the republican party for allowing this to happen.
Yes, special thanks to Paul Ryan...We gave the House and Senate majorities in 2010 and 2014 and they did nothing.
But somehow the National Debt increased by roughly $1400 billion during the same period.
Every cent of it with the approval of the GOP-controlled House of Representatives.
What happened to the other $510 Bil?
Good question
They probably are pretending the money they pilfered from the Social Security Trust Fund (sic) doesn’t count.
The Magic (Imbecile,incompetent) Negro forgot the famous quote credited Everett Dirksen...
...Multiplied by 1000!
Well, he has to cover the cost of living increases for the welfare thug culture, somehow!
Regular Social Security recipients can freakin' wait!
I thought, surely, Obama was the dumbest, most inept, incompetent, ignoramus in this "YO!" administration...
Seems like I was wrong.
A year ago, I might have challenged that statement.
Today, I have to agree with you, it's that obvious...
...and incredible.
You poor sad sack.
You missed the Executive Order requiring the exclusive use of Obamamath :
The Money Fairy takes care of the "difference."
Picky, picky, picky!
How do you run a budget deficit when there hasn’t been a budget passed in 8+ years?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.