Treasury will again borrow $1 trillion to pay for tax cuts, spending

RNG

Moderator
Jan 2015
13,894
9,714
Left coast
#1

HayJenn

Moderator
Jul 2014
66,661
55,335
CA
#2
This is the second year in a row. All that winning.

For the second straight year, the Treasury Department will have to borrow $1 trillion to pay for the government's growing budget deficit, a consequence of juiced government spending and smaller revenues as a result of the late 2017 tax cuts, Bloomberg reports.​

Treasury will borrow $1 trillion for 2nd straight year to pay for Trump's tax cuts, spending
And this for sure does not help the situation


The longest-ever government shutdown cost the American economy $11 billion, although about $8 billion in that will be made up in additional economic activity as back-pay goes out to federal workers, the Congressional Budget Office said in a report on Monday. The shutdown is projected to lower America’s gross domestic product by $3 billion in the fourth quarter of 2018, as well as by $8 billion for the first quarter in 2019, the CBO said. But the economy will grow about $8 billion faster in the next two quarters than it would have without the shutdown, muting much of the long-run impact of the shutdown.

As a percentage of the overall economy, the impact of the shutdown is small -- just 0.2 percent of GDP for the first quarter of 2019. But, CBO notes, “Underlying those effects on the overall economy are much more significant effects on individuals businesses and workers.” The slowdown in economic activity is the result of billions less in government spending and less spending by hundreds of thousands of government workers during the shutdown, said CBO Budget Director Keith Hall.


We think there will be a fairly quick recovery from that,” Hall said. “But there is a permanent loss. You lose the government output for five weeks, and that’s never made up.”

The CBO also projected Monday that the American economy would grow by 2.3 percent in 2019, as the temporary boost from the Republican tax law and other new federal spending begins to fade. The U.S. economy expanded by 3.1 percent in 2018, in part because of the tax cut and increase in federal spending passed by Congress that year. But the impact of the tax cut will be more muted in 2019, according to the CBO, which also projected gross domestic product will only grow by an average of 1.7 percent through 2023.



https://www.washingtonpost.com/us-p...-slowdown-fears-mount/?utm_term=.db25dc010b2b

Yeah, trillions more in debt to pass on to our kids. I thought the GOP was the party of fiscal responsibility?

No, I'm kidding. They are now the Trump party and his total enabler.
 
Jul 2013
53,994
57,865
Nashville, TN
#4
#Trumpcult has no interst in discussing the deficit or the debt, that was only important when Obama was president, it is now meaningless. The important thing now is the wall and keeping billionaire's fortunes sacred.