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Keyword: deficit

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  • It Will Take An Ax, Not A Scalpel, To Control Federal Spending

    04/29/2017 11:55:30 AM PDT · by Tolerance Sucks Rocks · 52 replies
    Inestor's Business Daily ^ | April 27, 2017 | Adam Brandon (Freedomworks)
    The federal government once again hit the debt ceiling. The ceiling limits the amount of money the federal government can borrow — a number that was set at $20.1 trillion. Although the issue should have been dealt with in 2015, then-Speaker John Boehner capitulated to President Obama and postponed the debt limit until March 16, 2017. Since then, the federal debt has grown by $1,414,397,000,000 — more than one trillion in less than two years. President Trump promised during his campaign to bring back American prosperity and make Washington work for everyone — not just for the small group of...
  • Trump’s Tax Plan Is a Reckoning for Republican Deficit Hawks

    04/27/2017 2:02:10 PM PDT · by NRx · 55 replies
    NY Times ^ | 04-27-2017 | ALAN RAPPEPORT
    WASHINGTON — As President Trump’s top economic advisers faced a barrage of questions on Wednesday about the tax plan they had just unfurled, there was one that they struggled most to answer: how to keep the “massive tax cuts” they proposed from ballooning the federal deficit. The White House insists that economic growth will cover the cost, which could be as high as $7 trillion over a decade. But the question will dog Republicans and could fracture their party as they face the prospect of endorsing a plan that many economists and budget analysts warn will increase the deficit. After...
  • US Budget Deficit Grows By $176 Billion In March

    04/15/2017 3:35:41 PM PDT · by Tolerance Sucks Rocks · 22 replies
    The Daily Caller News Foundation ^ | April 12, 2017 | Robert Donachie
    The U.S. government posted a budget deficit in March that is markedly higher than a year ago, as government spending outpaced revenue for the month.The budget deficit hit $176.2 billion in March, up from $108 billion the same month last year. The year-to-date deficit is $527 billion, up 14.7 percent from the $479 billion budget deficit in March 2016. Total government revenue fell by 5 percent in March, down to $217 billion from $393 billion in the same month of 2016.A large part of the deficit increase is due to government officials’ decision to shift $42 billion in benefit payments...
  • Beijing has reason to be pleased with how the Trump-Xi meet went

    04/13/2017 8:47:03 PM PDT · by AmericanInTokyo · 41 replies
    China Post (TAIWAN) ^ | 13 April 2017 | Frank Ching
    Chinese leader Xi Jinping's two-day summit meeting with Donald Trump, overshadowed by the U.S. attack on Syria, gave each president the chance to take the measure of the other and, apparently, each liked what he saw. From the Chinese perspective, things went very well indeed, with China taking the initiative and the Americans going along. It wasn't supposed to be like that. Trump had plans to pressure Xi to reduce the U.S. trade deficit. Trump also expected Xi to "step up" and help rein in North Korea. Neither thing happened. From the beginning, China felt it had the situation under...
  • Trump cut Social Security changes from budget proposal

    04/12/2017 1:57:34 PM PDT · by ColdOne · 52 replies
    thehill.com ^ | 4/12/17 | Sylvan Lane
    President Trump scrapped potential reforms to Social Security and Medicare while preparing his first budget request, according to Office of Management and Budget Director Mick Mulvaney. Mulvaney, a fiscal hawk and former member of the House Freedom Caucus, said Trump quashed potential changes to Social Security, citing his campaign pledge not to touch the program. “I laid to him the options that Mick Mulvaney would put on a piece of paper,” Mulvaney told CNBC in an interview that aired Tuesday. “And [Trump] looked at one and said, ‘What is that?’ And I said, ‘Well, that's a change to part of...
  • Federal Reserve wants to start unwinding the $4.5 trillion in bonds on its balance sheet this year

    04/05/2017 3:23:11 PM PDT · by Oldeconomybuyer · 16 replies
    CNBC ^ | April 5, 2017 | by Jeff Cox
    Federal Reserve officials said the shedding of the $4.5 trillion in bonds the central bank is holding on its balance sheet will begin this year. The revelation came Wednesday from a summary of the Federal Open Market Committee meeting held in March, during which the group approved a quarter-point hike in its benchmark interest rate target. Officials at the meeting noted that the Fed likely is on a faster pace with rate hikes ahead. Unwinding the balance sheet is significant both because of its sheer size and the impact it could have on markets, as Fed members including Chair Janet...
  • Infrastructure overhaul may top $1 trillion, cut red tape: Trump

    04/04/2017 10:38:55 AM PDT · by Oldeconomybuyer · 14 replies
    Reuters ^ | April 4, 2017 | By David Shepardson
    President Donald Trump vowed on Tuesday to cut red tape to speed up approval of infrastructure projects and said his overhaul could top $1 trillion on roads, tunnels and bridges, one of his 2016 election campaign promises. Trump, a real estate businessman before he was elected, did not provide further details on the amount or where the money would come from. Trump said building a highway can require dozens of approvals and take 10 to 20 years, a process he vowed to speed up. Trump said he would not fund projects that cannot be started within 90 days. The administration...
  • US Current Account Deficit Beats By 8 Standard Deviations, Shrinks To Smallest In 18 Months

    03/21/2017 8:04:38 AM PDT · by SeekAndFind · 12 replies
    Zero Hedge ^ | 03/21/2017
    The US current account deficit shrank dramatically in Q4.Beating expectations of -$129 billion by 8 standard deviations, the $112.4 billion print is the smallest deficit since Q2 2015. So 30 economists were way off the estimate with both trade and capital inflows improving -  the balance of goods and services deficit widened to $132.32b (compared to $116.23b prior quarter), and the balance on primary income widened to $61.5b (compared to $41.6b prior quarter).The current account deficit represents 2.4% of gross domestic product in the fourth quarter after 2.5% in the prior quarter.This smaller-than-expected current account balance is a positive for...
  • Sell Federal Land & Real Estate to pay off National Debt ?

    03/12/2017 5:06:16 AM PDT · by vooch · 92 replies
    12 March 2017 | vanity
    Federal Gov't owns about 750 million acres of land ( excluding Alaska ). Much of this land is low value, but a surprising amount is in high value areas. If the Feds sold off 1/2 their property at average price of $50,000 per acre that would generate about $20 trillion. This would be enough to retire the entire national debt. What are Freepers thoughts' ?
  • More Unbelievable Facts From The US Government's Own Financial Reports: Fails Its Own Audit Again

    02/08/2017 1:42:42 PM PST · by SeekAndFind · 9 replies
    Zero Hedge ^ | 02/08/2017 | Simon Black via SovereignMan.com
    Yesterday I told you that the US government had recently released its annual financial report to the public.And the numbers are pretty gruesome.For example, the government’s “net loss” in fiscal year 2016 more than doubled, from MINUS $467 billion to MINUS $1 trillion.It’s astonishing that anyone could manage to lose so much money, let alone in a year where devoid of major wars, recessions, financial crises, or infrastructure projects.But what else can we expect from an institution that spent billions of dollars to build a website?Today I wanted to highlight a few other items from the government’s report that are...
  • 2016 U.S. Merchandise Trade Deficit: $734,316,300,000

    02/07/2017 8:14:36 AM PST · by xzins · 91 replies
    CNS NEWS ^ | February 7, 2017 | Terence P. Jeffrey
    The United States ran a merchandise trade deficit of $734,316,300,000 in 2016, according to data released today by the Census Bureau. During 2016, the U.S. imported $2,188,940,500,000 in goods but exported only $1,454,624,200,000. The People’s Republic of China was the greatest contributor to the U.S. merchandise trade deficit for the year. The U.S bilateral merchandise trade deficit with China was $347,037,900,000. This deficit resulted from the U.S. importing $462,813,000,000 in goods from China while exporting only $115,775,100,00 in goods to China.
  • Trump Targets 3 Agencies With Ambitious Budget Cuts

    01/23/2017 8:33:45 AM PST · by Perseverando · 79 replies
    The Daily Signal ^ | January 23, 2017 | Thomas Pippen
    President Donald Trump’s reported plan to gut federal spending by $10.5 trillion over the next decade includes eliminating three of iconic agencies defended as cultural mainstays by many Democrats. The next administration is working on plans to eliminate the National Endowment for the Arts, the National Endowment for the Humanities, and privatize the Corporation for Public Broadcasting, The Hill reported Thursday. Combined, the three departments cost around $741 million in 2016, and is a small part of a host of budget reforms needed to cut more than a trillion a year from the federal budget. Eliminating funding to the Corporation...
  • Unsustainable model: Economist says 'balanced budget' adage doesn't work

    01/22/2017 7:13:32 PM PST · by Tolerance Sucks Rocks · 39 replies
    The Montana Standard ^ | January 22, 2017 | Tom Lutey
    BILLINGS -- As bipartisan crowd-pleasers go, few get Montanans nodding more approvingly than calls for a balanced federal budget, which is why U.S. Sen. Steve Daines recently offered a bill forcing his peers to go unpaid unless they reign in spending. “As I travel around Montana, as I did in December wrapping up a 56-county tour, when I talk about this bill, it’s a bill that will literally bring applause from across the state,” Daines told The Gazette. The state of Montana balances its budget. The federal government should do the same, or so goes the narrative that literally every...
  • Report: Trump preparing ‘dramatic’ blueprint of intense budget cuts

    01/19/2017 8:57:41 AM PST · by Sean_Anthony · 30 replies
    Canada Free Press ^ | 01/19/17 | Robert Laurie
    Think bigger Today, Democrats are quaking in their jackboots. It’s bad enough that their messiah is about to leave D.C., but they’re also facing a new government that’s openly hostile toward most of their goals. On top of that, we’re getting word that the nascent Trump administration has “dramatic” plans to trim the federal fat. This news will, as will most news concerning Trump, have lefties curled up in a ball in the corner, shaking their fists as the sky.
  • Dallas Pension System Not Only "Ticking Time Bomb Ready To Explode," Public Policy Director Warns

    01/03/2017 8:41:51 AM PST · by SeekAndFind · 24 replies
    Zero Hedge ^ | 01/03/2016
    For months, if not years, we've warned that conflicted politicians and union bosses pursue a perverse set of goals in their management of pension funds, most of which have nothing to do with the application of sound financial principles. Here's how we summarized the situation back in the summer (see "An Unsolvable Math Problem: Public Pensions Are Underfunded By As Much As $8 Trillion"): Defined Benefit Pension Plans are, in many cases, a ponzi scheme.  Current assets are used to pay current claims in full in spite of insufficient funding to pay future liabilities... classic Ponzi.  But unlike wall...
  • Obama in final presser: Growth has been great and we ‘cut the deficit’

    12/19/2016 11:30:03 AM PST · by Sean_Anthony · 26 replies
    Canada Free Press ^ | 12/19/16 | Dan Calabrese
    Fake News: When the media report these claims by Obama without challenging them, it's the definition of fake news Most of the coverage of this, especially on conservative sites, has focused on Obama’s claim that the media were unfair to Hillary during the election. Yeah. I don’t even know what to say about that one other than to shake my head and give the man back-handed props for his willingness to say absolutely anything, no matter how self-evidently absurd. But I think there are two far more substantive points to deal with here. Actually there are surely more than two....
  • The Pentagon vs. The Welfare State

    12/13/2016 2:45:03 AM PST · by expat_panama · 10 replies
    Investors Business Daily ^ | 12/12/2016 | ROBERT J. SAMUELSON
    Any reporter who's written about the federal budget knows that there's a surefire solution to every problem. It's called "fraud, waste and abuse." You want to end budget deficits? Just eliminate all the "fraud, waste and abuse" in the $4 trillion budget. The same is true for cutting taxes or raising spending. Attacking fraud and waste is virtuous and dispenses with the hard political work of making unpopular choices. It's a fantasy... ...it turns out that the estimated savings of $125 billon are spread over five years, from fiscal 2016 to 2020. This changes the numbers dramatically. Instead of annual...
  • US Budget Deficit Doubles As November Spending Hits All Time Monthly High

    12/12/2016 3:08:18 PM PST · by SeekAndFind · 7 replies
    Zero Hedge ^ | 12/12/2016
    While it is unclear if the recent increase in government spending and the resulting increase in the budget deficit, has been a factor in the recent string of better than expected US economic data, at 2pm on Monday the US Treasury announced that in November, the government's budget deficit rose to $136.7 billion, nearly double the $64.5 bilion deficit reported in the same month of 2015, which however was largely a function of a calendar quirk.Not only was November total more than double the amount reported a year ago, but the $136.7 billion deficit, was also the highest going...
  • We Do Not Have a Trade Deficit, We have a capital surplus

    12/07/2016 8:34:45 AM PST · by SeekAndFind · 69 replies
    National Review ^ | 12/06/2016 | Kevin Williamson
    ‘Thank goodness for Kevin McCarthy!” isn’t something one says every day, but in the matter of President-elect Donald J. Trump’s backward and destructive plan to resurrect 19th-century tariffs, the gentleman from California is invaluable. Trump wants to impose 35 percent tariffs on . . . somebody. He does not seem quite sure. One of the reasons for that is that Trump has the question of trade deficits mixed up in his head with the question of offshoring and, like most Americans, he does not understand either of them very well. The president-elect, writing on Facebook (because that’s what presidents-elect...
  • Obama Attempts to Distort His Legacy

    11/25/2016 10:46:35 AM PST · by Sean_Anthony · 17 replies
    Canada Free Press ^ | 11/25/16 | Roger Aronoff
    Obama’s “worst legacy, one that remains grotesquely underreported by the ‘watchdog’ mainstream media” is “by far the worst deficit record in U.S. history.” The election of Republican presidential nominee Donald Trump on November 8 was not only a rejection of Hillary Clinton, based on her trustworthiness and her legal and ethical problems, it was also clearly a repudiation of Democratic policymaking, with Trump promising to eliminate or revise a number of Barack Obama’s signature achievements. But, speaking to the press in his first press conference after the election, President Obama maintained that he is leaving the White House and America...