Posted on 06/30/2017 2:11:36 AM PDT by gattaca
The amount of money the government spends on programs and the amount it collects in taxes could change from the budget office projections, so the office warns that the Treasury could run out of funds even earlier.
Currently, the federal deficit stands at $693 billion, which is an increase of $134 billion than what it projected in January. The federal government has an outstanding debt of $19.8 trillion, which includes $14.3 trillion in public debt and $5.5 trillion held by government accounts.
Spending on major government programs such as Social Security and Medicare causes the amount of borrowing to increase. For example, payments to Medicare Advantage and Medicare Part D plans will total $23 billion, spending on Social Security benefits will total roughly $23 billion and funds for active-duty military and recipients of Supplemental Security Income will total roughly $25 billion.
According to the report, unless the debt limit is raised, the Treasury will not be able to issue additional debt.
"That restriction would ultimately lead to delays of payments for government programs and activities, a default on the government's debt obligations, or both," the budget office said. "CBO estimates that without an increase in the debt limit, the Treasury, by using all available extraordinary measures, would most likely be able to continue borrowing and have sufficient cash to make its unusual payments until early to mid-October of this year."
Complete, total BOVINE FECAL MATTER.
Thank you! I thought either I was the only one who read those same reports or I was going nuts.
According to the reports I read, the reductions in federal spending already mandated by EO via President Trump has actually brought the National Debt DOWN for the first time in what, decades?
Granted, that reduction was "only" $12,00,00,000,000 but it's significant because it means the FedGov is taking in MORE than it's SPENDING.
BULLSHIT the FedGov is risking default!
Thank you for your post!
To maintain the necessary cash, curtail selective disbursements. Make a list of must pay and no pay.
The no pay candidates are sanctuary cities and states. “We had no money in the till, so I made do with what I had” said the President
CONgre$$
LOCK THEM UP
Socialism Is Legal Plunder - “The Law”; Frederic Bastiat (1801-1850)
We were not born in America to be debt slaves to socialists/totalitarians.
Hey kids...WAKE UP
The president isn’t taking a salary. Maybe the budget making congresscritters shouldn’t either.
CBO= swamp
“...the CBO issued daily publically during Obama’s reign of fiscal responsible terror.”....
And yet such warnings fell on deaf ears as the politicians continued on their wasteful, corrupt spending spree. Bastards, all of them.
The USSR went thru bankruptcy. There was a bump in the rode and life continued on.....................
There CANNOT be any default, the Constitution forbids it. Instead every possible delay of any or all other forms of payment will be made. The Constitution makes NO mandate about payments the Federal government needs to make OTHER than the U.S. debt, which must be paid (interest owed on the debt). The scare tactic of “default” is just that - it’s not allowed.
........decades of imbecilic politicians and judges in/of all parties have about destroyed this country.
Is “Democracy” all it’s trumped up to be????
“The Constitution makes NO mandate about payments the Federal government needs to make OTHER than the U.S. debt, which must be paid (interest owed on the debt). “
But the US Treasury does:
https://www.nationalpriorities.org/budget-basics/federal-budget-101/spending/
“The U.S. Treasury divides all federal spending into three groups: mandatory spending, discretionary spending and interest on debt. Mandatory and discretionary spending account for more than ninety percent of all federal spending, and pay for all of the government services and programs on which we rely.”
The logical start to saving tax dollars would be to shed ourselves of “nonessential” federal employees and most of the discretionary spending.
If we are treading water, why are we spending money on things that by definition we don’t need?
In point of fact, such things as the EPA, NEA and PBS and many of the alphabet lefty organizations eating tax dollars are obnoxious to the average American taxpayer.
So bring on 2014 redux. Last I heard we own the Congress and White House now, so no more whinging excuses from the GOP-e. Granny will get her SS retirement.
All it will mean is that the federal workers and the programs we don’t really need are set aside. Then when enough American producers are fed up, seeing we really don’t need things, these liabilities will be shitcanned.
Let it rain.
I read that he only donated his first check, and that he has been accepting his paycheck since. Fake news?
It is - legally - not a matter of percentages.
There simply is no Constitutional mandate - IN THE CONSTITUTION - that insists “discretionary” or “mandatory” spending items MUST be paid; bit there is such a demand, in the Constitution regarding payments on the debt. It - by the Constitution - has the priority. There can be no default unless that mandate in the Constitution is abridged before any and all other spending is reduced.
Push the fast forward button on the printers.
No problem just do as Obama did print more money.
/S
They had Vodka to get them over the hump.
The bloody CBO LIES LIKE A RUG.
There’s enough revenue coming in to pay our debt service.
We will NOT default.
Fake news.
Just this morning, FOX reported salaries for a few government employees. Trump, Ivanka and Jared all are donating their salaries to charity. Of course, the haters will just say they’re doing it for the tax break.
Thanks for clarifying... not surprised it was Fake News...
What most people don’t know is the “the fed” is a PRIVATE COMPANY THAT HAS NOTHING TO DO WITH THE GOVERNMENT.
The way to start fixing this mess is to return to the Gold and Silver Standard.
It’s very hard to steal money when it is so heavy and bulky,,,
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