US government is running out of money faster than expected, Mnuchin warns

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Avatar image for mattbbpl
#1 Posted by mattbbpl (17347 posts) -

Treasury Secretary Steven Mnuchin on Friday issued a warning Friday that the US government is at risk of running out of cash sooner than expected.

In a letter to Democratic House Speaker Nancy Pelosi, Mnuchin wrote that the US might default on its obligations as soon as early September, before Congress returns from its summer recess.

The US Treasury, which is facing a growing deficit thanks in part to President Donald Trump's 2017 tax cuts, had said it had enough cash to last until the fall.

https://cnn.com/cnn/2019/07/12/politics/mnuchin-congress-letter-debt-crisis/index.html

It looks like the budget deficit and debt ceiling will be issues again sooner than expected.

Avatar image for Nuck81
#2 Edited by Nuck81 (7710 posts) -

But the growth from those tax cuts were going to eliminate the debt!!

What happened????

Avatar image for LJS9502_basic
#3 Posted by LJS9502_basic (166867 posts) -

How can this be...…...trump made American great again.

Avatar image for watercrack445
#4 Posted by watercrack445 (1730 posts) -

We need a budget surplus!!!.....

Avatar image for HoolaHoopMan
#5 Edited by HoolaHoopMan (10880 posts) -

Holy shit! You mean cutting revenue drastically lead to budget problems! It's not like this is the 3rd time we've tried this and failed miserably.

Morons.

Avatar image for HoolaHoopMan
#6 Posted by HoolaHoopMan (10880 posts) -

Seriously, everything aside, remember when these assholes said the tax cuts would pay for themselves 1 year ago? How god damn stupid are the people that buy this? Watch them use this as an attempt cut payroll tax entitlements.

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#7 Posted by mattbbpl (17347 posts) -

It's funny that he's appealing to Pelosi. "Save us, Democrats! Doing this ourselves will hurt our fiscally conservative reputation!"

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#8 Edited by burntbyhellfire (451 posts) -

lmfao, and these people want to give everyone $1,000 a year for doing nothing, fantastic idea, can't even pay for all the unnecessary crap we have now

the issue isn't because of not enough taxes, its because of too much spending

Avatar image for nintendoboy16
#9 Edited by nintendoboy16 (36478 posts) -

This is the MAGA you wanted, Trumpies. Now you live with it while the rest of us try to...

*see Nancy and AOC try to kill each other*

...f***!

Avatar image for tocool340
#10 Edited by tocool340 (21381 posts) -

......I'm just here see what the usual defenders will say. Most likely that it's better than it looks or pull the "WHAT ABOUT OBAMA?!" card....

Avatar image for burntbyhellfire
#11 Posted by burntbyhellfire (451 posts) -

according to actual numbers, after the deficit/debt skyrocketed after 2008, its maintained its court since then up until 2018.. so no, tax cuts have had no noticeable effect on deficit, nor debt up to and including 2018

https://www.statista.com/statistics/203064/national-debt-of-the-united-states-per-capita/

https://www.statista.com/statistics/200410/surplus-or-deficit-of-the-us-governments-budget-since-2000/

not to mention the US government collected more in tax revenue in 2018 in recorded history.. that is POST TAX CUTS signed at the end of 2017.. so no, tax cuts arent adding to the deficit, they're working as predicted, its a spending problem, and the vast majority of the spending problem is attributed to waste and fraud

https://www.dailywire.com/news/43496/federal-government-collected-more-taxes-2018-ever-emily-zanotti

Avatar image for Nuck81
#12 Posted by Nuck81 (7710 posts) -

@burntbyhellfire: how many different accounts are you going to make?

Avatar image for joebones5000
#13 Posted by joebones5000 (2633 posts) -

Why do republicans keep falling for the same cons over and over?

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#14 Posted by joebones5000 (2633 posts) -

@burntbyhellfire said:

according to actual numbers, after the deficit/debt skyrocketed after 2008, its maintained its court since then up until 2018.. so no, tax cuts have had no noticeable effect on deficit, nor debt up to and including 2018

https://www.statista.com/statistics/203064/national-debt-of-the-united-states-per-capita/

https://www.statista.com/statistics/200410/surplus-or-deficit-of-the-us-governments-budget-since-2000/

not to mention the US government collected more in tax revenue in 2018 in recorded history.. that is POST TAX CUTS signed at the end of 2017.. so no, tax cuts arent adding to the deficit, they're working as predicted, its a spending problem, and the vast majority of the spending problem is attributed to waste and fraud

https://www.dailywire.com/news/43496/federal-government-collected-more-taxes-2018-ever-emily-zanotti

lol. Are you seriously trying to push that absurd argument that tax cuts increase revenue? Dude, have some self respect. I'm embarrassed for you.

https://www.cnbc.com/2019/02/13/us-posts-14-billion-budget-deficit-after-trump-tax-cuts.html

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#15 Posted by sonicare (56805 posts) -

Repeal the tax cuts.

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#16 Edited by Zaryia (9454 posts) -
@burntbyhellfire said:

lmfao, and these people want to give everyone $1,000 a year for doing nothing, fantastic idea, can't even pay for all the unnecessary crap we have now

the issue isn't because of not enough taxes, its because of too much spending

Christ this spin.

@joebones5000 said:
@burntbyhellfire said:

according to actual numbers, after the deficit/debt skyrocketed after 2008, its maintained its court since then up until 2018.. so no, tax cuts have had no noticeable effect on deficit, nor debt up to and including 2018

https://www.statista.com/statistics/203064/national-debt-of-the-united-states-per-capita/

https://www.statista.com/statistics/200410/surplus-or-deficit-of-the-us-governments-budget-since-2000/

not to mention the US government collected more in tax revenue in 2018 in recorded history.. that is POST TAX CUTS signed at the end of 2017.. so no, tax cuts arent adding to the deficit, they're working as predicted, its a spending problem, and the vast majority of the spending problem is attributed to waste and fraud

https://www.dailywire.com/news/43496/federal-government-collected-more-taxes-2018-ever-emily-zanotti

lol. Are you seriously trying to push that absurd argument that tax cuts increase revenue? Dude, have some self respect. I'm embarrassed for you.

https://www.cnbc.com/2019/02/13/us-posts-14-billion-budget-deficit-after-trump-tax-cuts.html

Owned.

Avatar image for burntbyhellfire
#17 Posted by burntbyhellfire (451 posts) -

@joebones5000 said:
@burntbyhellfire said:

according to actual numbers, after the deficit/debt skyrocketed after 2008, its maintained its court since then up until 2018.. so no, tax cuts have had no noticeable effect on deficit, nor debt up to and including 2018

https://www.statista.com/statistics/203064/national-debt-of-the-united-states-per-capita/

https://www.statista.com/statistics/200410/surplus-or-deficit-of-the-us-governments-budget-since-2000/

not to mention the US government collected more in tax revenue in 2018 in recorded history.. that is POST TAX CUTS signed at the end of 2017.. so no, tax cuts arent adding to the deficit, they're working as predicted, its a spending problem, and the vast majority of the spending problem is attributed to waste and fraud

https://www.dailywire.com/news/43496/federal-government-collected-more-taxes-2018-ever-emily-zanotti

lol. Are you seriously trying to push that absurd argument that tax cuts increase revenue? Dude, have some self respect. I'm embarrassed for you.

https://www.cnbc.com/2019/02/13/us-posts-14-billion-budget-deficit-after-trump-tax-cuts.html

when it results in higher employment meaning more people paying taxes and less collecting unemployment, yeah

Avatar image for Gaming-Planet
#18 Posted by Gaming-Planet (20006 posts) -

We can just print more money.

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#19 Edited by vl4d_l3nin (1921 posts) -
@sonicare said:

Repeal the tax cuts.

Repeal entitlements.

Avatar image for vl4d_l3nin
#20 Edited by vl4d_l3nin (1921 posts) -
@burntbyhellfire said:
@joebones5000 said:
@burntbyhellfire said:

according to actual numbers, after the deficit/debt skyrocketed after 2008, its maintained its court since then up until 2018.. so no, tax cuts have had no noticeable effect on deficit, nor debt up to and including 2018

https://www.statista.com/statistics/203064/national-debt-of-the-united-states-per-capita/

https://www.statista.com/statistics/200410/surplus-or-deficit-of-the-us-governments-budget-since-2000/

not to mention the US government collected more in tax revenue in 2018 in recorded history.. that is POST TAX CUTS signed at the end of 2017.. so no, tax cuts arent adding to the deficit, they're working as predicted, its a spending problem, and the vast majority of the spending problem is attributed to waste and fraud

https://www.dailywire.com/news/43496/federal-government-collected-more-taxes-2018-ever-emily-zanotti

lol. Are you seriously trying to push that absurd argument that tax cuts increase revenue? Dude, have some self respect. I'm embarrassed for you.

https://www.cnbc.com/2019/02/13/us-posts-14-billion-budget-deficit-after-trump-tax-cuts.html

when it results in higher employment meaning more people paying taxes and less collecting unemployment, yeah

Cutting taxes also tends to increase personal income, investment and GDP, which can in turn increase revenue.

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#21 Posted by R-Gamer (441 posts) -

@nintendoboy16: Stock market is killing it, economy is booming. Meanwhile Democrats want into give away more free shit.

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#22 Edited by Nuck81 (7710 posts) -

@vl4d_l3nin: but it hasn't.

It didn't last time.

Or the time before that.

It won't next time either after the next Democratic president gets us out of the upcoming recession

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#24 Posted by vl4d_l3nin (1921 posts) -

@Nuck81: By raising taxes and not touching entitlements, then the whole thing happens again in ten years.

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#25 Edited by burntbyhellfire (451 posts) -

@Nuck81 said:

@vl4d_l3nin: but it hasn't.

It didn't last time.

Or the time before that.

It won't next time either after the next Democratic president gets us out of the upcoming recession

actually, as outlined in the link i posted earlier, the US brought in more tax revenue than prior POST tax cuts for the reasons myself and others have stated.. more people working, more people paying income taxes, more people buying and paying sales taxes.. the fact remains the US is generating more revenue now, after tax cuts than it was prior.. so if you're truly concerned about waste and fraud, you would be wanting to cut out the wasteful and fraudulent spending.. but every time i hear someone like you open their mouths its about how we need to spend MORE.. more on education (even though we pay more per student than any other country), more on healthcare, and more on entitlement programs under the twisted delusion that you're just going to take all the earnings of rich people so gubment can take care of you

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#26 Posted by VFighter (5119 posts) -

@Rockman999: Is this a troll post or just an ungodly stupid one? Its hard to tell on this site.

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#27 Posted by burntbyhellfire (451 posts) -

@Rockman999 said:

As usual the Donor states will have to somehow bail out the country from MAGAstan's shit storm.

This country needs to split up already cause I'm tired of paying for the Fox News audience's welfare and food stamps.

Get a JOB! You lazy sister fuckers.

yes, we know you traitorous anti-americans want to see the country torn apart from within so you can force a twisted ideology of control and oppression onto innocent americans against their will away from the protection of the constitution

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#28 Posted by LJS9502_basic (166867 posts) -

@vl4d_l3nin said:
@sonicare said:

Repeal the tax cuts.

Repeal entitlements.

I hope you mean corporate wealth fare and loopholes for the very wealthy.

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#29 Edited by HoolaHoopMan (10880 posts) -

@vl4d_l3nin said:

Cutting taxes also tends to increase personal income, investment and GDP, which can in turn increase revenue.

Sure, if you tend to view the Laffer curve as approaching infinity when taxation reaches zero. However, reality shows us that this is never the case. All things being the same, revenue would increase simply due to inflationary policies (simply looking at revenue is useless anyways). We've been down this road before, what you're saying is bunk. The tax cuts were promised to pay for themselves and generate over 3% of additional GDP. It has failed spectacularly at that because it was always a lie.

Touting increased revenue year over year as proof these tax cuts generated 'income' is laughably stupid.

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#30 Posted by mattbbpl (17347 posts) -

@vl4d_l3nin: "Repeal entitlements."

****ing do it. I dare the GOP to do it.

Given rising inequality levels and the actions of the gop to give the rich ever more, I'd like to see the response.

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#31 Posted by HoolaHoopMan (10880 posts) -

@burntbyhellfire said:

actually, as outlined in the link i posted earlier, the US brought in more tax revenue than prior POST tax cuts for the reasons myself and others have stated.

This is dumb. The tax cuts LOWERED projected revenues by hundreds of billions. You can't claim it boosted revenue simply because the yearly point to point difference is positive. That's not how this works.

You need to do a baseline comparison on projected revenues WITH OUT the tax cuts implemented.

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#32 Posted by mattbbpl (17347 posts) -

@HoolaHoopMan: Math is hard!

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#33 Posted by HoolaHoopMan (10880 posts) -

@mattbbpl said:

@HoolaHoopMan: Math is hard!

I feel like I'm taking crazy pills.

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#34 Posted by burntbyhellfire (451 posts) -

@HoolaHoopMan said:
@burntbyhellfire said:

actually, as outlined in the link i posted earlier, the US brought in more tax revenue than prior POST tax cuts for the reasons myself and others have stated.

This is dumb. The tax cuts LOWERED projected revenues by hundreds of billions. You can't claim it boosted revenue simply because the yearly point to point difference is positive. That's not how this works.

You need to do a baseline comparison on projected revenues WITH OUT the tax cuts implemented.

thats your problem.. youre relying on PROJECTIONS.. political projections

and again, pay attention MORE PEOPLE PAYING TAXES, albeit less taxes, still equals more revenue.. math does seem to be hard for you.. do you not get the part that more people are working and getting more hours, earning more taxable income? april and june had the lowest unemployment rate this country has seen in almost 50 years

you can have a 100% income tax rate and it'd mean **** all if 0% of the population was working and paying it.. to break it down so even a 5 year old can understand it, what is the difference between 50 people giving you $10 each, and 100 people giving you $5 each?

critical thinking skills, math, and logic have never been hallmarks of the left

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#36 Posted by joebones5000 (2633 posts) -

@burntbyhellfire: ok, so when did the tax cuts result in higher employment? Employment has been moving at the same rate since 2010.

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#37 Posted by Kadin_Kai (514 posts) -

@mattbbpl: In theory, the tax cuts can swing both ways. It can boost spending, GDP, employment therefore more (income tax, corporation tax, value added tax). But the extra earned may not be higher than the actual tax cut, which will cause a net reduction in tax revenue for the government.

This coupled with Trump’s tariffs, which has hurt a host of companies in the US is a poor balancing act. China and other countries have imported less US goods, while the US continued to import around the same amount causing a larger trade deficit.

China, the EU, Japan, South Korea and others might cave in, but it seems they are raising tariffs on US imports in a tit-for-tat.

Trump has basically overdone it and used the US economy in a massive bet. In theory he could be right, but things could go terribly wrong. But it’s OK for him (he gave himself a huge and permanent tax cut).

It’s like if you have acid indigestion. Do you drink milk to raise your alkaline levels, or do you drink cola to push your acidity levels even higher to shock your body into producing the alkaline? Trump went for the Diet Coke! Three bottles of it!

The timing is also poor because there are wide expectations that the global economy is going to face another crisis and Trump has caused a hell of a lot of uncertainty in global markets.

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#38 Posted by SUD123456 (5320 posts) -

Even if you believe in tax cuts as an overall stimulation, the notion that you should do so in an already over heated economy with historically low unemployment and a roaring stock market.....well that is beyond stupid.

It is nothing more than political pandering.

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#39 Edited by HoolaHoopMan (10880 posts) -

@burntbyhellfire said:
@HoolaHoopMan said:
@burntbyhellfire said:

actually, as outlined in the link i posted earlier, the US brought in more tax revenue than prior POST tax cuts for the reasons myself and others have stated.

This is dumb. The tax cuts LOWERED projected revenues by hundreds of billions. You can't claim it boosted revenue simply because the yearly point to point difference is positive. That's not how this works.

You need to do a baseline comparison on projected revenues WITH OUT the tax cuts implemented.

thats your problem.. youre relying on PROJECTIONS.. political projections

Of course I'm relying on projections, that's what actuaries and budgeting officials do. But not only that, they have hard numbers that verify that our deficit is ballooning again. You're not even capable of wrapping your head around accurate baseline measurements for financial projections and you want to call other people idiots? I hope you never have to provide a cost benefit analysis in your career.

L O L

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#40 Posted by watercrack445 (1730 posts) -

@Rockman999 said:

As usual the Donor states will have to somehow bail out the country from MAGAstan's shit storm.

This country needs to split up already cause I'm tired of paying for the Fox News audience's welfare and food stamps.

Get a JOB! You lazy sister fuckers.

I think that is what most Republicans secretly want but it takes a lot planning and resources. Its much harder than you think. Also, what would be the point since America went to civil war to unite the country, just to break the country again.

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#41 Posted by burntbyhellfire (451 posts) -

@Rockman999 said:
@burntbyhellfire said:
@Rockman999 said:

As usual the Donor states will have to somehow bail out the country from MAGAstan's shit storm.

This country needs to split up already cause I'm tired of paying for the Fox News audience's welfare and food stamps.

Get a JOB! You lazy sister fuckers.

yes, we know you traitorous anti-americans want to see the country torn apart from within so you can force a twisted ideology of control and oppression onto innocent americans against their will away from the protection of the constitution

Listen here child, when you yokels start paying your own bills then we can talk about whats anti-american. This is our country, not yours, we pay your bills while you continue to wallow in filth and incest.

you're speaking to a bunch of millennials who want universal basic income and free everything paid for by americans that actually work, so they can sit on their asses and play video games all day.. and im willing to bet youre one of them

Avatar image for Nuck81
#43 Posted by Nuck81 (7710 posts) -

@br0kenrabbit: this is at least the third account he has had

Avatar image for br0kenrabbit
#44 Edited by br0kenrabbit (16137 posts) -

@Nuck81 said:

@br0kenrabbit: this is at least the third account he has had

Yeah I know, his posting style is rather...identifiable.

But back to ranting, I bet he's gonna come in and say "this is the internets not a thesis **** spelling". But that's missing my whole point: if you're properly educated, you don't have to THINK about writing properly (sans the occasional typo), it's simply how you normally write because you're properly educated.

If you have to put forth a real effort to write properly, I can't take you seriously as an educated individual. And if you're not educated enough to write properly, you sure as hell aren't educated enough to understand the dynamics of politics.

/rant

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#45 Posted by burntbyhellfire (451 posts) -

and here's pelosi demanding an even higher increase in spending while trump is proposing a 3 trillion in cuts to spending over 10 years, most of it being cut to federal bureaus, giving more programs over to the states to control, cutting war spending, and capping spending to the GDP.. dems will have none of it and are demanding increases to all programs

Avatar image for burntbyhellfire
#46 Posted by burntbyhellfire (451 posts) -

@br0kenrabbit said:
@Nuck81 said:

@br0kenrabbit: this is at least the third account he has had

Yeah I know, his posting style is rather...identifiable.

But back to ranting, I bet he's gonna come in and say "this is the internets not a thesis **** spelling". But that's missing my whole point: if you're properly educated, you don't have to THINK about writing properly (sans the occasional typo), it's simply how you normally write because you're properly educated.

If you have to put forth a real effort to write properly, I can't take you seriously as an educated individual. And if you're not educated enough to write properly, you sure as hell aren't educated enough to understand the dynamics of politics.

/rant

you lack the education to do basic mathematics, yet you want to discuss economics? good luck with that.. but hey, piss and moan about grammar, you lack any real argument anyway

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#47 Edited by DaVillain- (37531 posts) -

Cutting corporate taxes and taxes on the wealthy while increasing the military budget will tend to do that.

@LJS9502_basic said:

How can this be...…...trump made American great again.

He warned us that he would run the Government like one of his businesses and this is what happens when you give giant tax breaks to the riches.

Avatar image for br0kenrabbit
#48 Edited by br0kenrabbit (16137 posts) -

@burntbyhellfire said:
@br0kenrabbit said:
@Nuck81 said:

@br0kenrabbit: this is at least the third account he has had

Yeah I know, his posting style is rather...identifiable.

But back to ranting, I bet he's gonna come in and say "this is the internets not a thesis **** spelling". But that's missing my whole point: if you're properly educated, you don't have to THINK about writing properly (sans the occasional typo), it's simply how you normally write because you're properly educated.

If you have to put forth a real effort to write properly, I can't take you seriously as an educated individual. And if you're not educated enough to write properly, you sure as hell aren't educated enough to understand the dynamics of politics.

/rant

you lack the education to do basic mathematics, yet you want to discuss economics? good luck with that.. but hey, piss and moan about grammar, you lack any real argument anyway

I have not posited an argument. I have simply stated that you lack one.

Edit: And you don't want to challenge me in math. Trust me, math is my first language.

Avatar image for burntbyhellfire
#49 Posted by burntbyhellfire (451 posts) -

@br0kenrabbit said:
@burntbyhellfire said:
@br0kenrabbit said:
@Nuck81 said:

@br0kenrabbit: this is at least the third account he has had

Yeah I know, his posting style is rather...identifiable.

But back to ranting, I bet he's gonna come in and say "this is the internets not a thesis **** spelling". But that's missing my whole point: if you're properly educated, you don't have to THINK about writing properly (sans the occasional typo), it's simply how you normally write because you're properly educated.

If you have to put forth a real effort to write properly, I can't take you seriously as an educated individual. And if you're not educated enough to write properly, you sure as hell aren't educated enough to understand the dynamics of politics.

/rant

you lack the education to do basic mathematics, yet you want to discuss economics? good luck with that.. but hey, piss and moan about grammar, you lack any real argument anyway

I have not posited an argument. I have simply stated that you lack one.

Edit: And you don't want to challenge me in math. Trust me, math is my first language.

then it is a good thing you learned a second language

Avatar image for br0kenrabbit
#50 Posted by br0kenrabbit (16137 posts) -

@burntbyhellfire said:

then it is a good thing you learned a second language

Nah, you're just too short-sighted to see the whole view. If we want to cover what we ALREADY owe, we need a bigger tax base. The math just doesn't work ANY other way.