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Keyword: deficit

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  • Putting The National Debt Into Perspective We Can All Understand

    07/20/2024 5:08:15 PM PDT · by SeekAndFind · 22 replies
    Money Metals ^ | 07/20/2024 | Mike Maharrey
    The federal government ran another big deficit in June, as the national debt inches closer to $35 trillion.$35 trillion USD.Trillion with a 'T.' That's an unfathomable number. It's meaningless to most people. We simply can't comprehend a number that big.Let's try to put the $34.9 trillion national debt into perspective.According to the National Debt Clock, every American citizen would have to write a check for $103,565 to pay off the national debt. Of course, a lot of people don't pay taxes. That means the taxpayer burden is much higher. Every U.S. taxpayer would have to write a check for $266,953...
  • A Hail Mary Solution to the U.S. Debt Crisis

    06/25/2024 9:52:23 AM PDT · by SeekAndFind · 57 replies
    American Thinker ^ | 06/25/2024 | Barry Poulson
    Every U.S. citizen now owes roughly $100,000 in federal debt. That is the grim news from the most recent study by the Congressional Budget Office (CBO). CBO data show that federal debt has been growing at an unsustainable rate for decades and will continue to do so in coming years. At some point, the United States will hit a fiscal cliff, when lack of confidence in the ability of the federal government to repay the debt will result in sharply higher interest rates and default. We are in the final years of our debt crisis. Congress is simply unable to...
  • Social Security, Medicare, And Medicaid Are Cannibalizing The Entire Federal Budget

    06/24/2024 8:01:52 AM PDT · by E. Pluribus Unum · 46 replies
    The Federalist ^ | June 24, 2024 | Christopher Jacobs
    Just when you think things couldn’t get worse on the fiscal front, Washington once again manages to exceed expectations. One couldn’t help but get that impression from the latest update to the nation’s (poor) budget situation.The Congressional Budget Office (CBO) recently released revised estimates of the nation’s budget and economic outlook over the coming years. While the prior version of the document, released in February, didn’t exactly show a fiscally responsible federal government, the intervening four months saw lawmakers digging taxpayers — that’s you and me — into an even deeper hole.More Spending by Congress and BidenOverall, CBO increased the...
  • Federal Budget Deficit Forecast Jumps $400 Billion, Fueled by Student Debt Forgiveness

    06/23/2024 5:21:40 AM PDT · by george76 · 18 replies
    Reason ^ | 6.21.2024 | EMMA CAMP
    The Congressional Budget Office reports the 2024 budget deficit will near $2 trillion.. In 2024, the federal budget deficit is estimated to reach nearly $2 trillion, according to new projections released by the Congressional Budget Office (CBO) this week. In February, the agency predicted that the deficit would only be $1.58 trillion. However, spending increases have caused the projected deficit to increase by $400 billion, a staggering 27 percent hike. According to the CBO, 80 percent of the spike in the deficit can be blamed on four sources of government spending. The largest source, responsible for $145 billion of the...
  • YIKES! You Won't Believe How Much Biden's Student Loan 'Forgiveness' Adds to the Deficit

    06/21/2024 7:35:27 AM PDT · by SeekAndFind · 18 replies
    PJ Media ^ | 06/21/2024 | Matt Margolis
    The Congressional Budget Office revealed on Tuesday that the federal budget deficit for this fiscal year is expected to hit $1.9 trillion, marking a 27% increase of $400 billion from their earlier February estimate. "Most of the spike in the fiscal 2024 deficit stems from four factors that are expected to boost projected spending," CNN explains. "The largest is a $145 billion increase due to changes the Biden administration made to student loan repayment plans and a new, proposed forgiveness program that would waive some accrued interest for millions of borrowers. The latter has yet to be finalized but could...
  • CBO: Deficit projected to be 27% greater than previously expected, largely due to vote-buying loan ‘forgiveness’ and Zelensky’s allowance

    06/20/2024 10:05:23 AM PDT · by SeekAndFind · 11 replies
    American Thinker ^ | 06/20/2024 | Olivia Murray
    here’s a new report out by the Congressional Budget Office with an updated projection of the federal deficit for the 2024 fiscal year—in February, the office calculated we as a nation would be an additional $1.5 trillion in the red, but now that number has jumped 27% to $1.9 trillion, or a additional $400 billion.The CBO report identified several factors impacting this increase, with Cadaver Joe’s vote-buying student loan “forgiveness” scheme accounting for the “largest” portion of it. Here are the details, from a CNN report:Most of the spike in the fiscal 2024 deficit stems from four factors that are...
  • CBO Raises 2024 US Budget Deficit By $400BN To $1.9 Trillion (Will Biden Take Credit??)

    06/18/2024 2:31:50 PM PDT · by Kaiser8408a · 9 replies
    Confounded Interest ^ | 06/12/2024 | Anthony B. Sanders
    So much for Biden’s bragging that “he” cut the US budget deficit by half. Actually, Biden regularly confuses the national debt with the national deficit. Last week, the Treasury reported that in May, the US government collected $323.6 billion in tax receipts, it spent more than double that, or some $670 billion… … resulting in a May budget deficit of $347 billion – about $100 billion more than consensus expected – and the second biggest May deficit on record, with only the Covid crisis peak of May 2020 higher. As a result of the blowout May deficit, the cumulative fiscal...
  • Biden and Zelensky sign 10-year US-Ukraine security agreement

    06/13/2024 3:33:50 PM PDT · by rod5591 · 44 replies
    France 24 ^ | 6/13/2024 | none named
    President Joe Biden and Ukrainian leader Volodymyr Zelenskyy signed a 10-year security agreement Thursday that they hailed as a milestone in relations between their countries, but that alone was not enough to stop Zelenskyy from wondering how much longer he could count on America's support. Zelenskyy also said his country “urgently” needed additional air defense systems to protect Ukrainians and the nation's infrastructure from Russia's continued bombardment. The leaders signed the agreement on the sidelines of the annual Group of Seven summit, held this year in Italy, and Biden said the goal "is to strengthen Ukraine's defense and deterrence capabilities.”...
  • Too Much Debt! US Government And Consumers Are Debt Crazed (US Debt Hits $34.8 TRILLION, Consumer Debt Hits $17.69 TRILLION, Unfunded Liabilities Hits $216 TRILLION)

    06/11/2024 5:59:32 AM PDT · by Kaiser8408a · 17 replies
    Confounded Interest ^ | 06/11/2024 | Anthony B. Sanders
    Too much debt should be the theme song for the US! Both for consumers and the Feral government (not a typo!) Consumer credit increased by +$6.403 billion in April, much softer than consensus estimate of +$10 billion … more notable, however, was March data, given initial read of +$6.274 billion was revised down to -$1.099 billion. Not to mention $13 trillion in mortgage debt (1-4 unit housing), but at least that is backed by property. Unlike The Feral government who borrows/prints with only a promise. Consumer Debt Hits $17.69 TRILLION. US national debt stands at $34.8+ trillion. And growing awfully...
  • US borrowing nearly $5B a day as deficit hits $1.2T for first eight months of fiscal 2024

    06/11/2024 4:27:44 AM PDT · by george76 · 40 replies
    Just the News ^ | June 10, 2024 | Nicholas Ballasy
    "The first step is putting a stop to any new borrowing and working together to reduce the deficit. Our fiscal house is barreling down an unsustainable path and we must act fast before tomorrow's problems become today’s," said the head of the Committee for a Responsible Federal Budget... The U.S. government is borrowing $4.9 billion each day on average, driving the deficit for the first 8 months of this current fiscal year to $1.2 trillion, according to the latest data from the Congressional Budget Office. "With little surprise, our economic challenges have continued to mount with our debt only four...
  • IMF Calls on US to Get Its Gargantuan Debt Under Control

    06/08/2024 11:15:42 AM PDT · by marshmallow · 25 replies
    Sputnik News ^ | 6/8/24 | Ilya Tsyukanov
    Known for many decades after the Second World War as a key tool for putting economic pressure on developing nations and competitors of the US-led liberal rules-based order, the International Monetary Fund took a major step toward greater autonomy after successfully squashing a surprise plot by the Biden administration to oust its director in 2021.IMF deputy managing director Gita Gopinath has given Washington an unusually blunt warning about its debt and spending levels, demanding that the United States and other developed economies take steps to get debt under control. “For the US, we see ample ground for them to reduce...
  • Rand Paul sets standards Trump has to meet to earn endorsement

    06/04/2024 8:58:29 PM PDT · by mbrfl · 48 replies
    Washington Examiner ^ | June 4, 2024 | Luke Gentile
    Sen. Rand Paul (R-KY) listed a set of standards former President Donald Trump has to meet before he takes an active role and endorses the presumptive GOP nominee. “When we have agreed, I’ve been very supportive. When we have disagreed, I’ve also disagreed with him,” Paul said in an interview with Spectrum News. Before Paul can endorse Trump, the latter needs to be more outspoken on issues the Kentucky senator deems critical, he said. “I think that it’s important that if he wants to get my vote and my support, wants me to be more active in this, that he’s...
  • Scoop: Rand Paul's brewing fight with Trumpworld

    06/04/2024 3:35:50 AM PDT · by RandFan · 75 replies
    Axios ^ | June 4 | Stef W. Kight
    Sen. Rand Paul (R-Ky.) questioned former President Trump's commitment to slashing government spending in a heated exchange with top Trump ally Russell Vought during a recent closed-door meeting, Axios has learned. Why it matters: Paul is among a dwindling number of Republicans who've refused to publicly back the former president as the party's 2024 nominee. And those in Trump's orbit are getting antsy. "There's a growing sentiment in Trumpworld that Rand can't be trusted, and it's a great disappointment," Trump ally and consultant Alex Bruesewitz told Axios. Driving the news: Paul grilled Vought on May 22 over the Trump administration's...
  • Federal debt surges, Treasury depletes funds to mask record deficit during elections.

    05/30/2024 5:31:33 AM PDT · by davikkm · 28 replies
    It appears there’s growing concern over the management of federal debt and deficit amidst the backdrop of recent financial maneuvers. Janet Yellen’s decision to draw down $5.7 billion from the Treasury cash account raises eyebrows, seen by some as an attempt to obscure the true scale of the deficit ahead of upcoming elections. This move, while potentially reducing immediate debt figures, could inflate long-term debt obligations to record highs once the accounting is adjusted.
  • Pentagon Opens Ammunition Factory to Keep Arms Flowing to Ukraine

    05/29/2024 3:45:02 PM PDT · by MinorityRepublican · 37 replies
    The New York Times ^ | May 29, 2024 | JOHN ISMAY
    MESQUITE, Texas — In a warehouse off Lyndon B. Johnson Freeway in an industrial area outside Dallas, the future of American military ammunition production is coming online. Here, in the Pentagon’s first new major arms plant built since Russia invaded Ukraine, Turkish workers in orange hard hats are busy unpacking wood crates stenciled with the name Repkon, a defense company based in Istanbul, and assembling computer-controlled robots and lathes. The factory will soon turn out about 30,000 steel shells every month for the 155 mm howitzers that have become crucial to Ukraine’s war effort. Ukraine fired 4,000 to 7,000 such...
  • Fifty Years of Social Security [1935-1985: excerpts]

    05/29/2024 3:56:58 AM PDT · by daniel1212 · 20 replies
    United States government ^ | 1985 | website of the United States government
    The Social Security Act, enacted on August 14, 1935, provided a new federally administered system of social insurance for the aged financed through payroll taxes paid by employees and their employers. Under the system, which applied only to workers in commerce and industry, people would earn retirement benefit eligibility as they worked. With some exceptions, benefits would be related to workers' average covered earnings, and workers could not have earnings and still be eligible for benefits. No benefits were provided for spouses or children, and lump-sum refunds were provided to the estates of workers who died before age 65 or...
  • Some Americans live in a parallel economy where everything is terrible

    05/23/2024 9:44:28 PM PDT · by yesthatjallen · 66 replies
    Yahoo Finance ^ | 05 23 2024 | Rick Newman
    Is the economy booming or busting? Depends on whom you ask. The official data is buoyant — economic growth is solid, the job market is strong, and stocks keep hitting record highs. Yet many Americans think the economy stinks. The latest gloomy indicator is a Guardian-Harris survey in which 55% of respondents said they think the economy is shrinking and 56% think we’re in the midst of a recession. Economic output, adjusted for inflation, grew by a solid 3% during the most recent 12-month period. The unemployment rate is 3.9%. And the US economy created over 3.5 million jobs in...
  • US federal budget crosses grim milestone as interest payments overtake defense spending

    05/21/2024 8:15:36 PM PDT · by george76 · 38 replies
    MSN ^ | May 21, 2024 | Rick Newman
    The United States has long had the world’s biggest defense budget, with spending this year set to approach $900 billion. Yet this spending is rapidly being eclipsed by the fastest-growing portion of federal outflows: interest payments on the national debt. For the first seven months of fiscal year 2024, which began last October, net interest payments totaled $514 billion, outpacing defense by $20 billion. Budget analysts think that trend will continue, making 2024 the first year ever that the United States will spend more on interest payments than on national defense. ... Just two years ago, interest payments were the...
  • Slimy Gavin Newscum reneges on promise not to raise taxes to cover his state’s multi-billion dollar deficit

    05/20/2024 8:44:22 PM PDT · by SeekAndFind · 24 replies
    American Thinker ^ | 05/20/2024 | Olivia Murray
    The ease and “fortuitousness” by which birth names evolve into perfectly descriptive and denigrative monikers seems like a God-has-a-sense-of-humor moment—a slimy-looking man that screams “greasy salesman” just happens to have a last name that can easily accommodate the word “scum” into it? Providence, no? And, there are few things slimier and scummier than taking an oath of office to represent the people, making promises to act in their best interest, and then reneging on them—but that’s just who Gavin Newscum is. From Susannah Luthi report at The Washington Free Beacon:Earlier this month, the governor repeatedly pledged he would not raise...
  • Newsom Says Climate Change Partly to Blame for California Budget Deficit

    05/15/2024 6:06:25 AM PDT · by ChicagoConservative27 · 39 replies
    Breitbart ^ | 05/15/2024 | JOEL B. POLLAK
    California Gov. Gavin Newsom (D) has turned to climate change to explain how the state went from a $100 billion surplus two years ago to a $28 billion deficit, which would have been even higher prior to drastic actions last month. As CalMatters noted, deficit estimates ranged from $38 billion to $73 billion: That prompted Newsom and the Legislature to take “early action” last month to reduce the deficit by more than $17 billion ahead of the regular budget process. Their plan included some program cuts, but mostly relied on new revenue, internal borrowing and funding delays and shifts for...