Federal deficit estimated at $984B, highest in seven years

Federal deficit estimated at $984B, highest in seven years

https://thehill.com/policy/finance/464764-federal-deficit-estimated-at-984b-highest-in-seven-years

The federal budget deficit for 2019 is estimated at $984 billion, a hefty 4.7 percent of GDP and the highest since 2012, the Congressional Budget Office (CBO) said on Monday.

The difference between federal spending and revenues has only ever exceeded $1 trillion four times, in the period immediately following the global financial crisis.

The deficit, which has grown every year since 2015, is $205 billion higher than it was in 2018, a jump of 26 percent.

CBO has warned that the nation's debt is on an unsustainable path. Higher levels of debt increase borrowing costs, make it harder for the government to battle economic downturns, and increase the share of future spending devoted to paying off interest costs.

Since President Trump took office, the GOP passed a massive tax cut package that reduced revenues, while Democrats and Republicans agreed to increase spending year after year.

Damn Trump sucks.

The Republicans are fiscally insane.

Looks like we'll have to trim back farm welfare.

Do the Republicans still run on being fiscally responsible? That nonsense was trotted out during the Obama years but once Trump came in it seems like the myth of the Republican “budget hawk” has been exposed as a fraud, even by him.

Yeah, they're just planning on using it to cut more programs and funnel more money to the rich.

Every few months a representative, senator, or White House official tips his/her hat to this effort.

This doesn't matter unless a democrat is president

Yeah, let's cut payroll taxes and burn the social security trust fun so it runs dry in 5 years and not 15. These assholes won't care when it starts stunting GDP and ballooning the elderly poverty rate. They'll have gotten theirs or be 6 feet under by then.

They've been explicit about it since Reagan and no one should trust a Republican when they say they aren't going to touch entitlement programs.

well, if trump puts 200% tariffs on goods from china. that's more money for our country.

"Trump's deficit-funded spending have put the U.S. on a path that will see America rank below Italy, Mozambique and Burundi in terms of debt sustainability by 2023."

Oof

yup. i hope we're ready for $2T deficits when the next recession inevitably arrives...

Isn't the tax rate for the richest 400 now lower than for an average middle class family? I'm quite sure I read that somewhere last week.

Where is this from?

@horgen: lower than any other income bracket, for the first time in history.

Thanks GOP tax cuts!

@mattbbpl: The trickle down will start soon. You just need some faith.

@horgen: it might take another tax cut.

You might have a point. In America we keep doing the wrong thing until it's right, so you know, maybe this time.

Woooooo let's go for a trillion! No, TWO trillion.

Seriously when do we ever use numbers that high? Counting cells in the body? Stars in the sky? I mean holy shitballs TRILLION!

"Maybe this/next time" lol

weareplayingourselves.gif

@mrbojangles25: Those are rookie numbers kid. :P

Maybe. At least we know Trump can deliver those.

Yes they are. Repeal the stupid tax cut.

There was already a topic on this here, still on page 1. Since nothing has changed regarding this news, let's not have redundant topics.