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Keyword: deficit

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  • A Pro-Growth Alternative to the Left’s Tax Hike Agenda

    11/21/2019 2:14:54 PM PST · by Tolerance Sucks Rocks · 5 replies
    The Daily Signal ^ | November 20, 2019 | Adam Michel
    America needs a bold agenda to solidify the current economic expansion and return hard-earned money to taxpayers. That runs counter to the consensus of those on the left, who want large increases in federal spending and dramatic tax increases to pay for them. Their plans are so expansive that it will require both middle-class payroll tax hikes and broad new taxes on American savers, investors, and employers. Opposing that growth-killing agenda isn’t enough. Conservatives need to draw a stark contrast and push for a second round of tax relief that will let workers keep more of their money, make it...
  • Trump needs to push tax cut 2.0

    11/18/2019 8:26:55 AM PST · by SeekAndFind · 59 replies
    Washington Times ^ | 11/18/2019 | Stephen Moore
    Every single plausible Democratic candidate for president has endorsed tax increases as centerpieces of their economic agenda. Think about what we are hearing from Elizabeth Warren, Joe Biden, Bernie Sanders, and the rest of the Punch and Judy Show. New wealth taxes, carbon taxes, energy taxes, higher death and income taxes with rates up to 70%. Payroll taxes would rise to pay for Social Security benefit expansions and Medicare for All. I remember a time when liberal Michael Dukakis, when running against George H.W. Bush, declared he would only raise taxes as “a last resort.” Now Democrats think raising taxes...
  • Powell Prods Congress

    11/15/2019 3:35:23 PM PST · by spintreebob · 2 replies
    American Action Forum ^ | 11-15-19 | Dougas Eakin
    Although you might not have noticed — something else seems to have been going on — Federal Reserve Chair Jerome Powell spent Wednesday and Thursday testifying before Congress. In the end, he delivered a very simple and effective message: The Fed is successfully doing its job; maybe Congress should consider doing its job. As for the first, Powell reviewed the facts on the ground. Gross domestic product grew at an annualized rate of 1.9 percent in the 3rd quarter, disappointingly down a bit from 2018. The household sector remains strong, buoyed by a very solid labor market — 3.6 percent...
  • US debt surpasses $23 trillion for first time

    11/01/2019 3:12:07 PM PDT · by Berlin_Freeper · 55 replies ^ | November 1, 2019 | Niv Elis
    The federal government's outstanding public debt has surpassed $23 trillion for the first time in history, according to data from the Treasury Department released on Friday. Growing budget deficits have added to the nation's debt at a speedy rate since President Trump took office. The debt has grown some 16 percent since Trump's inauguration, when it stood at $19.9 trillion. It passed $22 trillion for the first time just 10 months ago. Of the $23 trillion figure, just under $17 trillion was in the category of debt held by the public, which is a more useful gauge of the debt...
  • Wasn't a $4.4 Trillion Federal Government Big Enough?

    10/30/2019 7:59:54 AM PDT · by Kaslin · 19 replies ^ | October 30, 2019 | Terry Jeffrey
    The leaders of both the Republican Party and the Democratic Party in the U.S. Senate proved again this week that they favor a bigger federal government that spends and borrows more money. Their timing was symbolically perfect. On Friday afternoon, the government released the Monthly Treasury Statement for September, the last month of fiscal 2019. It revealed that during the last fiscal year, the federal government collected an all-time record of approximately $1,717,857,000,000 in individual income taxes. At the same time, the federal government spent an all-time record of approximately $4,446,584,000,000. Total federal revenues -- which, in addition to individual...
  • Federal Budget Fun and Games for Halloween: Ignoring the bloodcurdling $984 billion deficit

    10/29/2019 11:31:42 AM PDT · by SeekAndFind · 10 replies
    American Thinker ^ | 10/29/2019 | Christopher Chantrill
    What is the funnest thing in America, after Halloween? You got it: the Federal Budget. And just in time for Halloween the Feds issued their report for the just completed FY 2019 with their Monthly Treasury Statement (MTS) for September 2019. Since it was issued late on Friday the 25th you know that there was bad news that the Democrat Operatives with Bylines would want to hype up to the max. It was the Deficit: Up 26%! Soaring! And so on. And yes! The deficit was a bloodcurdling $984 billion in FY 2019, just a tad under One Trillion Dollars. But...
  • Federal deficit increases 26% to $984 billion for fiscal 2019, highest in 7 years

    10/25/2019 12:06:12 PM PDT · by SeekAndFind · 33 replies
    CNBC ^ | 10/25/2019 | Thomas Franck
    The U.S. Treasury on Friday said that the federal deficit for fiscal 2019 was $984 billion, a 26% increase from 2018 but still short of the $1 trillion mark previously forecast by the administration. The gap between revenues and spending was the widest it’s been in seven years as expenditures on defense, Medicare and interest payments on the national debt ballooned the shortfall. The government said corporate tax revenues totaled $230 billion, up 12%, thanks to a rebound in the second half of the year. Individual tax revenues rose 2% to $1.7 trillion. Receipts totaled $3.4 trillion, up 4% through...
  • The United Nations Is On Track To Run Out Of Money By The End Of The Month

    10/09/2019 6:31:06 AM PDT · by Enlightened1 · 66 replies
    GP ^ | 10/09/19 | Aleister
    Here’s some news that will make a lot of conservatives very happy.The United Nations has a massive budget problem and may run out of cash by the end of this month.What a shame.  CBS News reports: United Nations could run out of money in a few weeks, Secretary General warnsThe United Nations is running a deficit of $230 million, Secretary General Antonio Guterres said on Monday, and may run out of money by the end of October. In a letter intended for the 37,000 employees at the UN secretariat and obtained by CBS News’ Pamela Falk, Guterres said unspecified “additional stop-gap...
  • Drexel University professor spends ‘hundreds of thousands’ of dollars [trunc]

    10/08/2019 7:37:27 PM PDT · by grey_whiskers · 15 replies
    The College Fix ^ | Oct 8, 2019 | clubs CHRISTIAN SCHNEIDER
    Drexel University must pay the federal government nearly $190,000 to cover the strip club spending habits of a former professor, according to a settlement announced Monday. Over a 10-year period, Chikaodinaka Nwankpa, the former head of Drexel University’s electrical engineering department, burned hundreds of thousands of dollars in federal funds meant for energy, science and naval research. The $190,000 settlement, which must be paid by the university, will help the school stave off a lawsuit by the federal government.
  • CAGW Names Illinois Gov. J. B. Pritzker September 2019 Porker of the Month

    09/28/2019 8:14:46 PM PDT · by Tolerance Sucks Rocks · 21 replies
    Citizens Against Government Waste ^ | September 2019 | Citizens Against Government Waste
    Citizens Against Government Waste (CAGW) named Illinois Governor J. B. Pritzker (D) September 2019 Porker of the Month for signing a $40.1 billion budget without any spending restraints and $1.4 billion in pork-barrel projects. Illinois currently has a $223.9 billion shortfall, which breaks down to a debt burden of $52,600 per taxpayer. The state has $6 billion in unpaid bills and the lowest credit rating of any state in the country. Its unfunded pension liability tops $130 billion. Illinois taxpayers are so saddled with debt, taxes, corrupt local government, and dwindling middle-class jobs that 157,000 residents have left over the...
  • Fed Admits Failure of ‘Plan A’ to Control Money Market Rates, Shifts Back to Repos ...

    09/20/2019 11:35:56 PM PDT · by Yosemitest · 119 replies ^ | 20 September 2019 | Wolf Richter
    Fed Admits Failure of ‘Plan A’ to Control Money Market Rates, Shifts Back to Repos (which was ‘Plan A’ till 2008) The hullabaloo in the repo market torpedoed the function of Interest on Excess Reserves and forced the Fed to go back to the future. With its announcement this morning, the New York Fed confirmed that the Fed’s Plan A of manipulating the federal funds rate into its target range – now between 1.75% and 2.0% — has miserably failed, and that it will switch to Plan B to control short-term interest rates. But this Plan B used to...

    09/05/2019 3:21:38 PM PDT · by spintreebob · 3 replies
    American Forum ^ | 9-4-19 | Gordon Gray
    CHART BOOK INDEX Fiscal Policy Outlook: August, FY2019 Snapshot 2018: $779 Billion Deficit Higher Than Average Spending And (Eventually) Taxation Mandatory Spending Crowds Out The Budget Major Components Of Mandatory Spending Entitlements And Interest Is Squeezing Other Priorities Mandatory Spending Is Bad: Interest Is Even Worse The U.S. Is Borrowing To Pay Interest Costs The U.S. Runs A Structural Primary Deficit Debt Ultimately On An Upward Trajectory Debt Ultimately Approaches 1.5 Times The Size Of The Economy What Drives Our Debt? Congressional Budget Process Timetable SHARE CHART BOOK Read more: Follow us: @AAF on Twitter
  • Under Trump, the deficit has ballooned, exploding a GOP myth

    08/28/2019 12:45:49 PM PDT · by ChicagoConservative27 · 97 replies
    cnn ^ | 08/24/2019 | Julian Zelizer
    (CNN)The Congressional Budget Office has predicted the federal deficit could reach $1 trillion by the 2020 fiscal year. Once again, President Trump has exposed a myth in American politics. That myth? That Republicans are the party of fiscal responsibility. He is just the latest Republican president to demonstrate this. His drive for corporate tax cuts, which received strong Republican support, has blown a huge hole in the federal ledger. Tea Party Republicans once railed against President Barack Obama's spending habits. As the deficit has grown under Trump, however, they've suddenly changed their tune. Acting Chief of Staff and Office of...
  • Our Debt Dwarfs China as Top National Security Threat

    08/24/2019 5:19:31 AM PDT · by SeekAndFind · 46 replies
    American Thinker ^ | 08/24/2019 | Todd Fleming
    This year's National Defense Strategy heralded the return of peer competitors and the re-emergence of long-term great power competition.  The debate among national security experts that followed its publication mostly focused on whether China or Russia is the bigger long-term threat to the U.S. China is a rising power with national ambitions whose goal is to supplant U.S. atop the global hierarchy.  Russia?  It's a vodka-addled demographic basket case that runs a few troll farms, whose closest economic peers are Italy and Brazil.   But, an increasingly dangerous China is at best the number two national security threat, dwarfed by the much clearer...
  • CBO Projects Trillion-Dollar Deficits for the Next Decade—And No One Seems to Care

    08/22/2019 6:53:23 AM PDT · by SeekAndFind · 9 replies
    PJ Media ^ | 08/22/2019 | Rick Moran
    A trillion here. A trillion there. A trillion-dollar deficit as far as the eye can see.But don't worry. You're not talking about real money. This is Trump money, where reality can be manipulated to reflect anything.So Trump can simply claim the latest CBO report showing deficits beginning in 2020 to hit more than a trillion dollars through 2029, to be fake news. Or a Democratic lie.It's certainly more appetizing to ignore reality than to accept it.CNBC: The U.S. budget deficit is expected to hit $960 billion in 2019, and average a whopping $1.2 trillion per year between 2020 and...
  • The National Debt, does anyone care?

    08/21/2019 12:50:47 PM PDT · by Sean_Anthony · 23 replies
    Canada Free Press ^ | 08/21/19 | Jim Ross Lightfoot
    So, when will we hear someone running for election or re-election start talking about our huge debit and ways to reduce it? Now that we have the Democrat debates underway it’s time to turn our attention to carefully listen to what the potential candidates have to say. Are they talking about issues that are really important to the nation? Or, are they talking about proposed plans and schemes that will get them elected? Out here in the real world much of what we hear is a bit confusing and is difficult to understand.
  • White House mulls payroll tax cut to ease economic concerns: Reports

    08/19/2019 7:27:48 PM PDT · by SeekAndFind · 26 replies
    Fox Business News ^ | 08/19/2019 | Thomas Barrabi
    Top White HouseOpens a New Window. officials are considering a temporary payroll tax cutOpens a New Window. to boost the U.S. economy amid mounting concerns about a possible economic downturn, according to multiple reports on Monday. Internal talks on a payroll tax cut are in their early stages Monday and are one of several potential measures under consideration, the Washington PostOpens a New Window. reported, citing three sources familiar with the matter. White House aides have yet to determine whether to push Congress for approval. “As [National Economic Council Director Larry Kudlow] said yesterday, more tax cuts for the American...
  • Congress Proposes Bill To Increase Section 8 Funding Amid LA Homeless Crisis

    08/20/2019 3:02:01 AM PDT · by Libloather · 41 replies
    CBS Local ^ | 8/14/19
    LOS ANGELES (CBSLA) — There is a new effort to help ease the homeless crisis in Southern California. Congresswoman Maxine Waters hosted a hearing in Exposition Park Wednesday to take a closer look at homelessness in Los Angeles and try to find a solution. Democratic members of Congress heard testimony about the homeless crisis and explored the question, “What can the federal government do to help?” “The federal government has been missing in action,” said Los Angeles Mayor Eric Garcetti.
  • Beware of Rate-cut Fever

    08/17/2019 7:50:23 AM PDT · by Kaslin · 30 replies
    American ^ | August | William J. Dodwell
    Much has been written about the need for the Federal Reserve to lower interest rates, even beyond the July cut, the first one in eleven years. Indeed, the latest escalation of trade tensions with China and its concomitant currency depreciation might make further cuts more compelling. Or not. The principal purpose of a rate cut is to provide liquidity to foster greater consumption and business investment that stimulate economic growth in the face of sustained opposition forces. But rate cuts without sufficient justification, such as those based on transitory developments, reaction to presidential jawboning, miming other central banks, or inadequate...
  • Dow tumbles 400 points after bond market flashes a recession warning

    08/14/2019 7:11:42 AM PDT · by Berlin_Freeper · 82 replies ^ | August 14, 2019 | David Goldman
    The Dow slid more than 400 points Wednesday after the bond market, for the first time in over a decade, flashed a warning signal that has an eerily accurate track record for predicting recessions.