Federal budget deficit leaps 77% so far for fiscal 2019

CBS/AP ^ | 3/5/2019 | AP

[Ingtar]

Or maybe someone should have read the latest, and probably earlier, continuing resolutions more closely.

[central_va]

I think the Laffer curve applies more to personal tax cuts and those were minimal.

agree

[Ingtar]

Obama and company timed a lot of stuff for after he left office. I believe the rollover of much of his debt hit after the hike.

[central_va]

Looks like maybe not all tax cuts increase revenues after all.

The deficit figures say nothing about revenue year over year.

[central_va]

Revenue, however, is up as tariffs — border taxes collected on imports — totaled $25 billion in the October-January period, up 91 percent from a year ago. This reflects the higher tariffs the Trump administration has imposed on China and other nations in various trade disputes.

Awesome.

[DannyTN]

Trump has to pick his battles. If he made total spending the issue out of the gate, Congress would have followed Paul Ryan's lead and cut entitlements without ever addressing the economy. And that would have doomed the Republicans for the next 10 years. We probably would have lost the senate and Trump would be facing impeachment by democrats. And Trunp probably wouldn't have gotten the tax cuts. He probably would have been opposed on every little thing. Look at the accomplishment's Trump has done.

• Repealed the obamacare mandate. Now it's unconstitutional and Congress has to deal with it.
• Tax cuts have helped the economy.
• Regulations have been cut.
• Protective tariffs are up at least temporarily.
• Immigration from terrorist countries has been thwarted.
• Immigration process has been permanently changed.
• A wall is going up.
• Food Stamps is down thanks to employment
• We're getting out of Syria and Afghanistan.
• We're getting NATO to pay.

[gleeaikin]

I once found a chart of the highest tax rate each year since the income tax started. It appeared that whenever the top tax was cut too low, mainly by a Republican President, then shortly thereafter it had to be raised again. I wish I could find that chart.

[central_va]

I once found a chart of the highest tax rate each year since the income tax started. It appeared that whenever the top tax was cut too low, mainly by a Republican President, then shortly thereafter it had to be raised again. I wish I could find that chart.

What are you talking about?

[Eleutheria5]

They increase revenues, all right, but then spending skyrockets. The same thing happened to Reagan’s tax cut, and Dubya’s, too.

[Mariner]

The US Congress has total and complete control over the deficit.

The last budget was developed by a Republican House and Senate.

They are solely, and exclusively, responsible.

[Mariner]

“I think the Laffer curve applies more to personal tax cuts and those were minimal.”

CORRECT!!!!!!!!!!

[Mariner]

“which increases the interest costs on Obama’s debt”

What about Republican debt? Is it exempt?

[Mariner]

“Yet the deficit continues to grow. Spending continues to outpace revenue. I’m beginning to think that everyone in DC is lying to us. They really don’t care about the deficit at all. Let the grandchildren of us peasants worry about it.”

There will never be another elected politician that does anything real to REDUCE the deficit, much less the accumulated debt.

All reward and positive reinforcement is on the spending side. Actual cuts to spending will result in being fired from the best job in the world.

[Moonman62]

The debt piled up to keep the Obama economy afloat was beyond compare.

[OIFVeteran]

I guarantee that as Social Security gets closer to running our of money in the trust fund in 2033, we will see an increase in SS tax. As soon as everyone on Social Security hears that their benefits will be cut by 23% they will vote for whoever promises to stop the cuts.

[marajade]

Haven’t done my taxes yet. I’m sure I’m going to have to pay.

[MichaelCorleone]

Nice try, but numbers don’t lie.

Spending has gone parabolic, and even servicing that debt is becoming problematic.

It is common knowledge.

[Diana in Wisconsin]

“Bingo. Failing to reel in overspending has been my major disappointment with President Trump so far.”

When he’s running for his next term, I REALLY want to hear:

“Well, now that all of the ‘Russia! Russia! Russia!’ B.S. is over and done with, NOW we’ll work on getting our finances in order!”

He has not disappointed me, yet. MAGA! :)

[Diana in Wisconsin]

Thank You, Danny! I agree.

(See Post #38)

[plain talk]

“They don’t but a big part of this deficit is due to the Fed raising interest rates which increases the interest costs on Obama’s debt.”

Good catch. That is likely a big chunk. Interest rates were artificially kept low longer than they should have. Now with Trump pro-growth policies kicking in the economy is doing well. No need for artificially low interest rates. Trump can’t have it both ways — good economy and artificially low interest rates.