Posted on 10/17/2020 2:38:07 AM PDT by zeestephen
The final tally for the budget deficit in fiscal 2020 came to $3.13 trillion, more than triple last year’s shortfall of $984 billion and double the previous record of $1.4 trillion in 2009...Receipts for the year came to $3.42 trillion against outlays of $6.55 trillion, the biggest of which came during June when the government spent $1.1 trillion...
(Excerpt) Read more at cnbc.com ...
From CNBC:
“The cost to service all that debt for the year came to $522.8 billion, which actually was the lowest total since 2017. Low government bond yields, helped in part by the Federal Reserve, helped keep debt service costs lower.”
L8r
The problem is that those bonds will eventually come up for renewal and they may have to sell at a higher interest rate TK sell them.
No problem. Just cut down all the burned out trees in California and make paper out of them.
So if we hadn’t done these gigantic virus giveaways and if we hadn’t done these massive economic lockdown we’d have had a balanced year.
The Federal Reserve will always lend to the federal government at a low rate.
The big problem is that borrowing from the Federal Reserve is a fancy form of money printing, which means the dollar is on the way to wallpaper usage.
You’ll be needing a wheelbarrow in your future.
Joe Biden hasn’t promised free wheelbarrows yet.
Unfortunately, no.
For the first six months of FY 2020 (October-March), we collected record tax revenues, but we were still on a spending path to another $1 trillion deficit.
Before COVID hit, all three Trump budgets looked exactly the same...
Each one had record tax collections and record spending.
And, each one had, or was on its way to, a trillion dollar deficit.
One day the music will stop playing.
And when, precisely, did Congress present and pass a budget during President Trump’s tenure?
Last year. They passed several individual budgets, not a single omnibus version.
I think all three were based on continuing resolutions.
When is the last time any Congress presented and passed a budget?
Maybe the 1920s?
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