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Federal budget deficit leaps 77% so far for fiscal 2019
CBS/AP ^
| 3/5/2019
| AP
Posted on 03/05/2019 1:58:09 PM PST by semimojo
The federal government recorded a budget surplus in January. But so far for this fiscal year starting Oct. 1, the total deficit is 77 percent higher than it was for the same period a year ago.
The Treasury Department said Tuesday the deficit for the first four months of fiscal 2019 totaled $310.3 billion. That's up from $175.7 billion in the same period a year ago -- and that includes the January surplus of $8.7 billion.
(Excerpt) Read more at cbsnews.com ...
TOPICS: Breaking News; Business/Economy; Government; News/Current Events
KEYWORDS: betterraisetaxes; deficit; incometaxes; nevertrump; nevertrumper; nevertrumpers; taxcutsandjobsact; taxreform; tcja
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To: semimojo
Or maybe someone should have read the latest, and probably earlier, continuing resolutions more closely.
21
posted on
03/05/2019 2:44:23 PM PST
by
Ingtar
To: Sam Gamgee
I think the Laffer curve applies more to personal tax cuts and those were minimal.
agree
22
posted on
03/05/2019 2:45:06 PM PST
by
central_va
(I won't be reconstructed and I do not give a damn)
To: semimojo
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.
23
posted on
03/05/2019 2:46:02 PM PST
by
Ingtar
To: semimojo
Looks like maybe not all tax cuts increase revenues after all. The deficit figures say nothing about revenue year over year.
24
posted on
03/05/2019 2:46:49 PM PST
by
central_va
(I won't be reconstructed and I do not give a damn)
To: semimojo
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.
25
posted on
03/05/2019 2:51:53 PM PST
by
central_va
(I won't be reconstructed and I do not give a damn)
To: TwelveOfTwenty
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.
26
posted on
03/05/2019 2:52:40 PM PST
by
DannyTN
To: Buckeye McFrog; All
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.
To: 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.What are you talking about?
28
posted on
03/05/2019 3:01:03 PM PST
by
central_va
(I won't be reconstructed and I do not give a damn)
To: semimojo
They increase revenues, all right, but then spending skyrockets. The same thing happened to Reagan’s tax cut, and Dubya’s, too.
29
posted on
03/05/2019 3:10:04 PM PST
by
Eleutheria5
(If you are not prepared to use force to defend civilization, then be prepared to accept barbarism.)
To: semimojo
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.
30
posted on
03/05/2019 3:10:10 PM PST
by
Mariner
(War Criminal #18)
To: Sam Gamgee; SkyPilot
“I think the Laffer curve applies more to personal tax cuts and those were minimal.”
CORRECT!!!!!!!!!!
31
posted on
03/05/2019 3:12:05 PM PST
by
Mariner
(War Criminal #18)
To: Moonman62
“which increases the interest costs on Obamas debt”
What about Republican debt? Is it exempt?
32
posted on
03/05/2019 3:13:54 PM PST
by
Mariner
(War Criminal #18)
To: Leaning Right
“Yet the deficit continues to grow. Spending continues to outpace revenue. Im beginning to think that everyone in DC is lying to us. They really dont 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.
33
posted on
03/05/2019 3:18:10 PM PST
by
Mariner
(War Criminal #18)
To: Mariner
The debt piled up to keep the Obama economy afloat was beyond compare.
34
posted on
03/05/2019 3:26:01 PM PST
by
Moonman62
(Facts are racist.)
To: Mariner
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.
To: semimojo
Haven’t done my taxes yet. I’m sure I’m going to have to pay.
36
posted on
03/05/2019 3:28:10 PM PST
by
marajade
(Skywalker)
To: BlessedBeGod
Nice try, but numbers don’t lie.
Spending has gone parabolic, and even servicing that debt is becoming problematic.
It is common knowledge.
37
posted on
03/05/2019 3:46:07 PM PST
by
MichaelCorleone
(Jesus Christ is not a religion. He's the Truth.)
To: TwelveOfTwenty; All
“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! :)
38
posted on
03/05/2019 3:51:02 PM PST
by
Diana in Wisconsin
( "Why can't you be more like Lloyd Braun?")
To: DannyTN
Thank You, Danny! I agree.
(See Post #38)
39
posted on
03/05/2019 3:52:48 PM PST
by
Diana in Wisconsin
( "Why can't you be more like Lloyd Braun?")
To: Moonman62
“They dont but a big part of this deficit is due to the Fed raising interest rates which increases the interest costs on Obamas 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.
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