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Thread: Trump's budget: Oceans of red ink

  1. #71
    Southern Strategy Liberal OldGaffer's Avatar
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    Quote Originally Posted by Miller47 View Post
    I thought an infrastructure plan was a GOOD thing.

    Not when Trump does it?
    Not without a plan to pay for it, which is what the GOP always does. Don't try to tell me that tax cuts pay for themselves and trickle down is fantastic.
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  2. #72
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    Quote Originally Posted by OldGaffer View Post
    Not without a plan to pay for it, which is what the GOP always does. Don't try to tell me that tax cuts pay for themselves and trickle down is fantastic.
    They're fantastic.

  3. #73
    Shiny Purple Member namvet69's Avatar
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    Quote Originally Posted by Libertine View Post
    Obama inherited $10 trillion in debt and left $20 trillion in debt for Trump to inherit.
    What's not being said is that he had to infuse the failing economy with cash to stimulate growth and bring stability. At the time, Republicans complained that he didn't infuse enough. LOL
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  4. #74
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    Quote Originally Posted by HayJenn View Post
    The biggest single difference between President Donald Trump’s new budget and his first one nine months ago is this: The White House can no longer hide the immense deficits it would create, not after the tax cuts and military buildup Trump championed and secured.Documents released Monday show a pronounced drop in total government receipts from 2018 to 2022 when compared with the revenue numbers the White House presented for the same years last May. That includes about $740 billion less from corporate, estate and individual taxes in the same five years, a number that tracks with what the Joint Tax Committee had warned of in December.

    The result is to exacerbate the nation's already tenuous fiscal situation. Even if Trump were to get all the spending cuts he wants, plus his ambitious 3 percent growth, deficits over the next decade would total $7.1 trillion. That's twice what the Office of Management and Budget forecast last spring. Indeed, the level of red ink could be understated, since all these calculations rest on very favorable economic assumptions and do not include a full accounting of the recent spending increases and additional tax cuts enacted in recent weeks.

    Calculations by POLITICO show that the combination of tax cuts and spending increases approved in the last 60 days could increase government borrowing by over $900 billion through fiscal 2020, a nearly 50 percent increase from prior deficit estimates by the Congressional Budget Office. This being Washington, much has already been written about the hypocrisy of Republicans preaching balanced budgets and then running up huge deficits to try to save themselves in the midterm elections. But these numbers have real consequences, quite apart from politics. And the whole country has been pulled into a gamble that Treasury will continue to enjoy what’s been a very favorable run in low interest costs.

    https://www.politico.com/story/2018/...deficit-404588

    And

    The White House released a tax and spending plan Monday that would not eliminate the federal budget deficit after 10 years, its first public acknowledgment that large spending increases and the $1.5 trillion tax cut are putting severe pressure on the government’s debt. The proposal, titled “Efficient, Effective, Accountable: An American Budget,” sets forth President Trump’s priorities as Congress prepares to consider spending bills for the next fiscal year. It would continue to markedly increase military spending and set aside money for a wall along the U.S.-Mexico border. It seeks to authorize $4.4 trillion in spending for 2019, up 10 percent from the amount of money the government spent in 2017.

    The plan also calls for major cuts to Medicare, Medicaid, food stamps and other social programs, reductions that conservatives have long sought. But even with these reductions, which add up to more than $3 trillion in cuts over 10 years, the proposal would not bring the budget into balance because of the lost tax revenue and higher spending on other programs.

    The White House projects a large gap between government spending and tax revenue over the next decade, adding at least $7 trillion to the debt over that time. In 2019 and 2020 alone, the government would add a combined $2 trillion in debt under Trump’s plan. Even with upbeat economic forecasts and numerous proposed cuts to social programs, most of which will be dead on arrival in Congress, the Trump administration projects that it would run a deficit of $450 billion in 2027.

    https://www.washingtonpost.com/busin...=.08897cdd3c0f

    It was easy to see this was coming.
    Geez HAY, don't you know it ONLY COUNTS when Democrats create debt? Haven't you learned anything?

  5. #75
    Moderator HayJenn's Avatar
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    Director of National Intelligence Dan Coats used a Senate hearing Tuesday to do something unusual: take a swipe at both the Trump administration and Congress for allowing federal deficits and debt to spiral upward.

    Just one day after President Donald Trump submitted a budget that fails to balance spending and revenue in the next decade — and less than a week after Congress struck a spending deal that would drive up the national debt by more than $500 billion — the former Republican senator from Indiana said Washington’s lack of fiscal discipline undermines national security.

    "I'm concerned that our increasingly fractious political process, particularly with respect to federal spending, is threatening our ability to properly defend our nation, both in the short term and especially in the long term,” Coats said in his opening statement to the Senate Intelligence Committee.

    https://www.politico.com/story/2018/...07255?lo=ap_c2

  6. #76
    Moderator HayJenn's Avatar
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    U.S. borrowing is seen as tripling in FY 2018 after the recent budget deal and tax cuts



    U.S. Net Treasury Annual Debt Issuance

  7. #77
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    Quote Originally Posted by HayJenn View Post
    Except the bill he has proposed does nothing of the sort

    Do you not remember last week when this was signed?

    WASHINGTON — Senate leaders struck a far-reaching bipartisan agreement on Wednesday that would add hundreds of billions of dollars to military and domestic programs over the next two years while raising the federal debt limit, moving to end the cycle of fiscal showdowns that have roiled the Capitol.

    The accord between Senators Mitch McConnell of Kentucky, the majority leader, and Chuck Schumer of New York, his Democratic counterpart, would raise strict caps on military and domestic spending that were imposed in 2011 as part of a deal with President Barack Obama that was once seen as a key triumph for Republicans in Congress.

    The deal would raise the spending caps by about $300 billion over two years. The limit on military spending would be increased by $80 billion in the current fiscal year and $85 billion in the next year, which begins Oct. 1. The limit on nondefense spending would increase by $63 billion this year and $68 billion next year.

    https://www.nytimes.com/2018/02/07/u...eal-trump.html

    So add up what was added last week and now this new proposal

    So now, the GOP can no longer be considered the part of "fiscal responsibility" - even though they bitched about it all the time under the last administration.
    The GOP is definitely being fiscally irresponsible, but at least it is less debt than Obama put on.

  8. #78
    Wrinkly Member Dangermouse's Avatar
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    Obama didn't give a trillion to billionaires, then wait just six weeks to take away your medicare because it's "unaffordable" and hope you don't see a connection.
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  9. #79
    Southern Strategy Liberal OldGaffer's Avatar
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    Quote Originally Posted by Dangermouse View Post
    Obama didn't give a trillion to billionaires, then wait just six weeks to take away your medicare because it's "unaffordable" and hope you don't see a connection.
    Conservatives love a good bait and switch, you got a huge dose of that in the UK didn't you?
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  10. #80
    New Member Slartibartfast's Avatar
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    https://www.thebalance.com/us-debt-b...ercent-3306296

    USA Debt level

    1789 to 1913 - $2.9bn debt
    Woodrow Wilson added $21bn ($23.9bn)
    Warren G. Harding subtracted $2bn ($21.9db)
    Calvin Coolidge subtracted $5bn ($16.9bn)
    Herbert Hoover added $6bn ($22.9bn)
    Franklin D Roosevelt add $236bn ($258.9bn)
    Harry Truman added $7bn ($265.9bn)
    Dwight Eisenhower added $23bn ($288.9bn)
    John F Kennedy added $23bn ($311.9bn)
    Lyndon B Johnson added $42bn ($353.9bn)
    Richard Nixon added $121bn ($474.9bn)
    Gerald Ford added $224bn ($698.9bn)
    Jimmy Carter added $299bn ($997.9bn)
    Ronald Reagan added $1.86tr ($2.8579tr)
    George H.W. Bush added $1.554tr ($4.4119tr)
    Bill Clinton added $1.396tr ($5.8079tr)
    George W Bush added $5.849tr ($11.659tr)
    Barack Obama added $7.917tr ($19.5739849tr)

    According to this link and the usual with Politics with figures, there are ways and means to determine the figures you want to see to support your case/beliefs.

    So depending what you include or exclude, yes and no Obama added more than the last 43 presidents combined.

    The only way to solve it is to have official government figures and add them up, but again, people will agree and disagree with those no doubt.

    Suffice to say, Obama added the most. Like I've said before, I hope the left whinged about Obama and national debt as they're now doing with Trump, but of course, I doubt it.

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