Posted on 09/11/2018 1:15:40 PM PDT by DoodleDawg
The U.S. deficit grew by $222 billion from this time last year — reaching a total of $895 billion, according to the nonpartisan Congressional Budget Office.
Why it matters: This increase was due mostly to the new Republican tax law and Congress' routine decision to increase spending, which grew by 7% compared to revenue growth of only 1%. The CBO now says the deficit will approach $1 trillion by the end of this fiscal year, but in April the agency didn’t expect the deficit to reach $1 trillion until 2020.
Thank God the world and American citizens take our printed, fiat currency at near zero interest rates
I can’t imagine what would happen if they didn’t
You must have a good memory. That had to be decades and decades ago
This is why it is important that the Republicans control the House and Senate in 2019.
They were at least paying lip service to it when Obama was in office. The sad fact is that Democrats only care about the deficit when Republicans are in the White House and Republicans only care about the deficit when Democrats are in the White House.
Did you forget the </sarcasm> tag?
Are we supposed to trust the CBO? Just askin.
We can do better than this!
Do I hear a quadrillion? Quintillion? Come on folks, big banks and big government need our great-great-great grandchildren’s support.
Politicians don't care about ticking time bombs, they figure they'll be long gone when it hits the fan. It's unconscionable that we pile this debt up and kick the dynamite can down the road. We don't have a safety net, it's a golden hammock.
Perhaps.
As for the deficit, the best government is a deadlocked government.
You have another source? The CBO whole job is to produce statistics like this. Numbers are numbers.
Revenues up 1% with huge tax cuts. The cuts obviously meant more tax revenue so the problem is spending, not tax cuts. CUT SPENDING!
The problem is always spending. We spend more than we take in and have done it for decades. So if we're going to reduce revenue through tax cuts then why not identify the spending cuts first?
I know, but they didn’t complain much during the Obama years about the mountain of debt we racked up.
And I am sort of asking in part because of all the “winning” reported since Trump took office, cutting foreign aid, cutting UN spending, cutting EPA, reduced welfare spending, etc, etc. Just the other day there was a report that tax revenues in the new economy were up.
If that’s the case, and I think it is, why is the CBO report so out of bed? Again, just askin’.
“The cuts obviously meant more tax revenue so the problem is spending, not tax cuts. CUT SPENDING!”
You must do stand-up comedy in Washington D.C.
It seemed to help under Obama.
I remember about six months ago Stuart Varney was amazed and a little distraught that nobody, save Rand Paul, even talked about fiscal restraint. Out of control deficits and what it implications are for that - off the radar screen.
Everyone Mr. Varney interviewed said the same thing: cut spending or even suggest it and you’ll get bounced out of office. The electorate simply doesn’t want to hear it.
Bottom line is it will go parabolic until everything collapses. Maybe tomorrow, maybe 20 years from now.
Watch how suddenly the whole media establishment discovers the deficit and starts crowing about it.
You’re joking, right?
I wish I weren’t.
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