Tax cuts, spending to raise deficit to $1 trillion by 2019

HayJenn

Moderator
Jul 2014
66,556
55,208
CA
#1
WASHINGTON — A new budget analysis says the combined effects of President Donald Trump's tax cuts and last month's budget-busting spending bill will send the government's budget deficit toward the $1 trillion mark.

That's the word from the Congressional Budget Office, which said in a report on Monday that the twin tax and spending bills will push the budget deficit to $804 billion this year and just under $1 trillion for the upcoming year.

CBO says economic growth from the tax cuts will add 0.7 percent on average to the nation's economic output over the coming decade. Those effects will only partially offset the deficit cost of the tax cuts. The administration had promised the cuts would pay for themselves.

The deficit would permanently breach the $1 trillion mark in 2020 unless Congress reins it back

https://www.nbcnews.com/politics/congress/tax-cuts-spending-raise-deficit-1-trillion-2019-n864041

Another big empty promise from this administration

Meanwhile anyone under the age of 40 is screwed.
 
Likes: 2 people

HayJenn

Moderator
Jul 2014
66,556
55,208
CA
#4
Last year's aggressive tax cuts are at the heart of a worsening budget situation that will see deficits surge in the years ahead, according to an op-ed by former Fed Chair Janet Yellen and others.

The essay, published in Sunday's Washington Post, rebuts a study from Stanford University's Hoover Institution that blamed entitlement spending for the nation's worsening financial picture. Economists expect the shortfall to surpass $1 trillion in 2019 and worsen. However, Yellen and a team of other economists reject the notion that Social Security, Medicare, Medicaid and veterans' benefits are the prime culprit. Instead, they insist, the main problem is that Congress passed a tax cut bill at precisely the wrong time.

"As we focus on the long-run fiscal situation, our goal should be to put the debt on a declining path as a share of the economy. That will require running smaller deficits in strong economic periods — such as the present — to offset the larger deficits that are needed in recessions to restore demand and avoid deeper crises," the group wrote. "Last year's Tax Cuts and Jobs Act turned that economic logic on its head."

The other authors are Martin Neil Baily, Jason Furman, Alan B. Krueger and Laura D'Andrea Tyson — all former chairs of the White House Council of Economic Advisors.

https://www.msn.com/en-us/money/markets/yellen-says-tax-cuts-are-blowing-up-the-budget/ar-AAvGcG4
 
Likes: 3 people
Jan 2016
52,377
48,754
Colorado
#5
Last year's aggressive tax cuts are at the heart of a worsening budget situation that will see deficits surge in the years ahead, according to an op-ed by former Fed Chair Janet Yellen and others.

The essay, published in Sunday's Washington Post, rebuts a study from Stanford University's Hoover Institution that blamed entitlement spending for the nation's worsening financial picture. Economists expect the shortfall to surpass $1 trillion in 2019 and worsen. However, Yellen and a team of other economists reject the notion that Social Security, Medicare, Medicaid and veterans' benefits are the prime culprit. Instead, they insist, the main problem is that Congress passed a tax cut bill at precisely the wrong time.

"As we focus on the long-run fiscal situation, our goal should be to put the debt on a declining path as a share of the economy. That will require running smaller deficits in strong economic periods — such as the present — to offset the larger deficits that are needed in recessions to restore demand and avoid deeper crises," the group wrote. "Last year's Tax Cuts and Jobs Act turned that economic logic on its head."

The other authors are Martin Neil Baily, Jason Furman, Alan B. Krueger and Laura D'Andrea Tyson — all former chairs of the White House Council of Economic Advisors.

https://www.msn.com/en-us/money/markets/yellen-says-tax-cuts-are-blowing-up-the-budget/ar-AAvGcG4
Janet Yellen couldn't really say things like that when she was Chairman of the Federal Reserve.

Now she can.

Good for her.

Say it, Janet!!
 
Likes: 1 person
Apr 2015
13,944
2,466
Katmandu
#6
WASHINGTON — A new budget analysis says the combined effects of President Donald Trump's tax cuts and last month's budget-busting spending bill will send the government's budget deficit toward the $1 trillion mark.

That's the word from the Congressional Budget Office, which said in a report on Monday that the twin tax and spending bills will push the budget deficit to $804 billion this year and just under $1 trillion for the upcoming year.

CBO says economic growth from the tax cuts will add 0.7 percent on average to the nation's economic output over the coming decade. Those effects will only partially offset the deficit cost of the tax cuts. The administration had promised the cuts would pay for themselves.

The deficit would permanently breach the $1 trillion mark in 2020 unless Congress reins it back

https://www.nbcnews.com/politics/congress/tax-cuts-spending-raise-deficit-1-trillion-2019-n864041

Another big empty promise from this administration

Meanwhile anyone under the age of 40 is screwed.
You should feel better, getting back to trillion dollar deficits will make Trump feel more like Barack Obama.
 
May 2012
67,373
13,204
By the wall
#7
WASHINGTON — A new budget analysis says the combined effects of President Donald Trump's tax cuts and last month's budget-busting spending bill will send the government's budget deficit toward the $1 trillion mark.

That's the word from the Congressional Budget Office, which said in a report on Monday that the twin tax and spending bills will push the budget deficit to $804 billion this year and just under $1 trillion for the upcoming year.

CBO says economic growth from the tax cuts will add 0.7 percent on average to the nation's economic output over the coming decade. Those effects will only partially offset the deficit cost of the tax cuts. The administration had promised the cuts would pay for themselves.

The deficit would permanently breach the $1 trillion mark in 2020 unless Congress reins it back

https://www.nbcnews.com/politics/congress/tax-cuts-spending-raise-deficit-1-trillion-2019-n864041

Another big empty promise from this administration

Meanwhile anyone under the age of 40 is screwed.
So what in the bill are you against exactly?

The billions to combat opioid abuse, pay raises for our military?

What really pisses you off about it?
 
Apr 2015
13,944
2,466
Katmandu
#8
Congress delivered up a spending bill with $300 more in spending than Trump wanted to appease (bribe) Congressional Dems.

He is looking for ways to claw it back.

https://www.rollcall.com/news/polit...ng-budget-gambit-avoid-spending-omnibus-funds

President Donald Trump and congressional Republican leaders, frustrated they had to work with Democrats to pass a fiscal 2018 omnibus spending measure, are mulling a way for their party to effectively cut some of the funds they just approved.

The idea would be to deploy lesser-used provisions of the 1974 budget law to roll back spending by impounding some of the appropriated funds.

The Congressional Budget and Impoundment Control Act of 1974 — more frequently referred to as the Budget Act, the sections of the law that are more commonly used — provides an expedited process for the president to propose and Congress to review a rescission resolution identifying appropriations that the administration does not want to spend.
 

HayJenn

Moderator
Jul 2014
66,556
55,208
CA
#10
So what in the bill are you against exactly?

The billions to combat opioid abuse, pay raises for our military?

What really pisses you off about it?
Oh you know, the huge tax breaks for corps that are permanent , used mostly for buy backs and because GOP donors demanded those cuts passed or they would stop donating.
 
Likes: 1 person