Posted on 07/30/2019 6:27:05 AM PDT by FewsOrange
The Treasury expects to sell over $1 trillion in debt this year; issue has little traction in 2020 race
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Borrowing by the federal government is set to top $1 trillion for the second year in a row as higher spending outpaces revenue growth and concern about budget deficits wanes in Washington and on Wall Street.
The Treasury Department said Monday it expects to issue $814 billion in net marketable debt in the second half of this calendar year, bringing total debt issuance to $1.23 trillion in 2019. That would represent a slight decline from borrowing in 2018, when the Treasury issued $1.34 trillion in debt—more than twice as much as the $546 billion it issued in 2017.
The budget gap for the fiscal year that ends Sept. 30 is on course to exceed $1 trillion, following the 2017 tax cuts that constrained federal revenue and a previous two-year budget deal that raised spending nearly $300 billion above spending caps Congress enacted in 2011.
The new budget agreement congressional leaders announced last week effectively pushed the issue of government spending off until after the 2020 election.
Concerns about rising deficits and debt have been absent from the presidential campaign trail, in contrast to previous election cycles. ...
(Excerpt) Read more at wsj.com ...
IMO since the WSJ is anti IMPORT tariff then they can’t be taken seriously about budgetary matters, especially the deficit.
This used to part of many candidate’s campaign pledge—which they all broke as soon as they moved into the White House.
At least they stopped lying about it. :-(
At some point in the future .gov will have to default on the debt owned by foreigners—you can take _that_ to the bank.
Liberals have to pay for all the entitlements for the vote.
The code has been broken.
Money is a Jedi mind trick. It has value so long as people BELIEVE it has value. Particularly since it is no longer tied to silver or gold or anything tangible.
It only loses value when people question the value. Which nobody on the planet is going to do because they have even more to lose in that scenario than we do.
They are going to crank the printing presses to 11, and get away with it for quite a long time.
In these days of an active economy we should be paying down the debt aggressively.
Germany has a small manageable annual budget deficit, the UK and France run annual budget surpluses. What do they all have in common? Hint: It start with a “T”.
The USA can’t “balance” the budget when all the countries it trades with are bleeding them dry. Also being the world’s “cop” is expensive.
so... why do we pay taxes at all? Let’s just ‘borrow’ ALL of it.
Socialism is Legal Plunder - Bastiat
Rules for changing a limited republican government into an unlimited hereditary one. - Philip Freneau
6. But the grand nostrum will be a public debt...
http://home.hiwaay.net/~becraft/FRENEAUbanking.html
tick, tick, tick, tick,....
List of grievances ALERT!
Why does debt not get paid down? It seems that while the annual deficit sometimes declines, we never get to an actual balance budget, or budget surplus in any given year.
There’s enough blame to go around, for both political parties, over the years, which got us to this point.
I stopped worrying about the debt when I realized it wasn’t going to be our country much longer.
Pay it back in pesos.
“Why does debt not get paid down?”
Because the Treasury department does not create dollars the Federal Reserve a private bank does. They lend the dollars to us at interest. You cannot pay off the interest on those dollars by borrowing more dollars from the Federal Reserve at interest. Until we get rid of the Federal Reserve the debt cannot be paid down.
From Trump’s aggressive tweet attacks on the Federal Reserve I am hoping he is preparing the American public to put the Treasury department back in charge in his second term.
Cut all government funding bigly except the military and security. Shutter half the government agencies. Don’t allow congress to get paychecks until every last dime of debt has been paid.
How can you take anyone in Congress or the Administration seriously on budgetary matters, especially the deficit?
Yeah, wake me when that happens.
And there you have it. The Reagan years, Part II.
I sure hope the Republicans get control of the House back next year, and start off with some serious fiscal restraint.
Too many Congress-critters scratching each other's back.
Of course, it will never happen but we all know it should
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