The federal deficit ballooned at start of new fiscal year, up 77 percent from a year before

HayJenn

Moderator
Jul 2014
61,964
50,229
CA
#1
The federal budget deficit ballooned rapidly in the first four months of the fiscal year amid falling tax revenue and higher spending, the Treasury Department said Tuesday, posing a new challenge for the White House and Congress and they prepare for a number of budget battles. The deficit grew 77 percent in the first four months of fiscal year 2019 compared with the same period one year before, Treasury said. The total deficit for the four month period was $310 billion, Treasury said, up from $176 billion for the same period one year earlier.

“It’s big tax cuts combined with big increases in spending when they already had big deficits,” said former Senate Budget Committee Chairman Kent Conrad (D-N.D.). “So guess what, it’s craziness!”

When Republicans seized control of the House of Representatives during the Obama administration, lawmakers and White House officials embarked on a number of strained negotiations to try and reduce the gap between spending and tax revenue. During the Trump administration, there have not been any similar discussions, and Trump has largely pushed for an agenda of tax cuts and spending increases that had grown the deficit markedly.

Tax revenue for October 2018 through January 2019 fell $19 billion, or 2 percent, Treasury said. It noted a major reduction in corporate tax payments over the first four months of the fiscal year, falling close to 25 percent, or $17 billion.

https://www.washingtonpost.com/busi...01ffb5bd5e6_story.html?utm_term=.123301f84635

Yeah, so much "winning" right?

I guess the Trump party does not care about deficits anymore.
 
Jun 2014
44,883
44,280
United States
#3
The federal budget deficit ballooned rapidly in the first four months of the fiscal year amid falling tax revenue and higher spending, the Treasury Department said Tuesday, posing a new challenge for the White House and Congress and they prepare for a number of budget battles. The deficit grew 77 percent in the first four months of fiscal year 2019 compared with the same period one year before, Treasury said. The total deficit for the four month period was $310 billion, Treasury said, up from $176 billion for the same period one year earlier.

“It’s big tax cuts combined with big increases in spending when they already had big deficits,” said former Senate Budget Committee Chairman Kent Conrad (D-N.D.). “So guess what, it’s craziness!”

When Republicans seized control of the House of Representatives during the Obama administration, lawmakers and White House officials embarked on a number of strained negotiations to try and reduce the gap between spending and tax revenue. During the Trump administration, there have not been any similar discussions, and Trump has largely pushed for an agenda of tax cuts and spending increases that had grown the deficit markedly.

Tax revenue for October 2018 through January 2019 fell $19 billion, or 2 percent, Treasury said. It noted a major reduction in corporate tax payments over the first four months of the fiscal year, falling close to 25 percent, or $17 billion.

https://www.washingtonpost.com/busi...01ffb5bd5e6_story.html?utm_term=.123301f84635

Yeah, so much "winning" right?

I guess the Trump party does not care about deficits anymore.

Reagan proved that deficits don't matter.
 
Jan 2016
46,390
42,325
Colorado
#9
Or declare bankruptcy. That is the only experience he has relevant to his presidency, and he has that in spades.
We could repudiate our national debt.

Pat Robertson, the famous TV evangelist, wanted us to do exactly that, when he was running for the GOP nomination for President in 1988. And he put a bit of a scare into the GOP establishment, too, when he won the Iowa caucuses. But then George H.W. Bush went on to win the New Hampshire primary, and order was restored in the GOP Universe.

Repudiating our national debt would simply mean thumbing our noses at the entire world, and declaring that we simply have NO INTENTION of ever paying back all the money the U.S. government has ever borrowed.

It would send financial markets into a tizzy for the ages.

And that, my friends, is a monumental understatement.
 
Sep 2012
13,833
17,403
SoCal
#10
The federal budget deficit ballooned rapidly in the first four months of the fiscal year amid falling tax revenue and higher spending, the Treasury Department said Tuesday, posing a new challenge for the White House and Congress and they prepare for a number of budget battles. The deficit grew 77 percent in the first four months of fiscal year 2019 compared with the same period one year before, Treasury said. The total deficit for the four month period was $310 billion, Treasury said, up from $176 billion for the same period one year earlier.

“It’s big tax cuts combined with big increases in spending when they already had big deficits,” said former Senate Budget Committee Chairman Kent Conrad (D-N.D.). “So guess what, it’s craziness!”

When Republicans seized control of the House of Representatives during the Obama administration, lawmakers and White House officials embarked on a number of strained negotiations to try and reduce the gap between spending and tax revenue. During the Trump administration, there have not been any similar discussions, and Trump has largely pushed for an agenda of tax cuts and spending increases that had grown the deficit markedly.

Tax revenue for October 2018 through January 2019 fell $19 billion, or 2 percent, Treasury said. It noted a major reduction in corporate tax payments over the first four months of the fiscal year, falling close to 25 percent, or $17 billion.

https://www.washingtonpost.com/busi...01ffb5bd5e6_story.html?utm_term=.123301f84635

Yeah, so much "winning" right?

I guess the Trump party does not care about deficits anymore.
Trump Says He Doesn’t Care About the Debt Because He’ll Be Gone When It Blows Up
The “King of debt” strikes again.

In spite of his promise to wipe out the national debt, President Trump just outed Republicans for their actual lack of concern about the national debt when they are in power, reportedly telling aides he doesn’t care about the national debt in part because when it really blows up, he’ll be out of office.

Reporting in The Daily Beast, Asawin Suebsaeng and Lachlan Markay wrote that sources close to Trump say he has “repeatedly shrugged it off, implying that he doesn’t have to worry about the money owed to America’s creditors—currently about $21 trillion—because he won’t be around to shoulder the blame when it becomes even more untenable.”

…MORE...
 

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