U.S. Budget Deficit Already Exceeds Last Year’s Total Figure

HayJenn

Former Staff
Jul 2014
72,697
64,089
CA
The U.S. fiscal deficit has already exceeded the full-year figure for last year, as spending growth outpaces revenue.

The gap grew to $866.8 billion in the first 10 months of the fiscal year, up 27% from the same period a year earlier, the Treasury Department said in an emailed statement on Monday. That’s wider than last fiscal year’s shortfall of $779 billion -- which was the largest federal deficit since 2012.

So far in the fiscal year that began Oct. 1, a revenue increase of 3% hasn’t kept pace with a 8% rise in spending. While still a modest source of income, tariffs imposed by the Trump administration helped almost double customs duties to $57 billion in the period.

Republican tax cuts, increased federal spending and an aging population have contributed to the fiscal strains, though the GOP says tax reform enacted last year will spur economic growth and lift government revenue. Corporate income-tax receipts rose 3% between October and July, while individual income taxes gained 1%, according to Treasury data.

Bloomberg - Are you a robot?

And it's only August. Yeah, so much for "fiscal" conservatism right?

And who is going to be saddled with this?

That's right, your kids and mine.

smh.
 

Libertine

Moderator
Apr 2015
16,538
3,281
Katmandu
The U.S. fiscal deficit has already exceeded the full-year figure for last year, as spending growth outpaces revenue.

The gap grew to $866.8 billion in the first 10 months of the fiscal year, up 27% from the same period a year earlier, the Treasury Department said in an emailed statement on Monday. That’s wider than last fiscal year’s shortfall of $779 billion -- which was the largest federal deficit since 2012.

So far in the fiscal year that began Oct. 1, a revenue increase of 3% hasn’t kept pace with a 8% rise in spending. While still a modest source of income, tariffs imposed by the Trump administration helped almost double customs duties to $57 billion in the period.

Republican tax cuts, increased federal spending and an aging population have contributed to the fiscal strains, though the GOP says tax reform enacted last year will spur economic growth and lift government revenue. Corporate income-tax receipts rose 3% between October and July, while individual income taxes gained 1%, according to Treasury data.

Bloomberg - Are you a robot?

And it's only August. Yeah, so much for "fiscal" conservatism right?

And who is going to be saddled with this?

That's right, your kids and mine.

smh.
With 6 weeks to go in FY2019 we have added $720 billion to the debt. That is less than same period last year and a lot less than the $1,400 billion Obama added in FY2016.

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1565644812430.png


Debt to the Penny (Daily History Search Application)
 

Jets

Moderator
Feb 2011
23,897
14,887
New York
When all is said and done, fiscal conservatism is specious campaign rhetoric used by the minority to excoriate the party in power. It’s fascinating to watch “deficit” hawks clip their own wings when they get control of the purse strings.

The America Express No Limit Credit Card continues unabated...
 
Dec 2014
18,043
6,604
The Milky Way
Can the OP show us her posts of concern when Øbama was running up the debt during his eight years? Hmmm? Or is it just, you know, TDS Fueled©. IOW, she really doesn't care except 'Trump'.

As if the budget deficit would be better under a Hillary, or any of the Dims.
 

HayJenn

Former Staff
Jul 2014
72,697
64,089
CA
Can the OP show us her posts of concern when Øbama was running up the debt during his eight years? Hmmm? Or is it just, you know, TDS Fueled©. IOW, she really doesn't care except 'Trump'.

As if the budget deficit would be better under a Hillary, or any of the Dims.
A) Like it needs to be explained over and over that Obama inherited a terrible recession

B) 27% in less than ONE year?

C) Looks like the average person didn't get really much from the Tax Cut - while those at the top and the big corps did

D) Did you see the stock market today?


Stocks fell as a wave of selling that analysts attributed to mounting doubts about a trade deal pulled lower shares of everything from banks to technology companies.Worries about the path of U.S.-China trade negotiations and the global economy have kept stocks and bond yields under pressure.

Goldman Sachs analysts said the outlook for trade talks had “collapsed,” and they believe Washington and Beijing won’t reach a pact before the 2020 elections. Growing uncertainty has contributed to the markets’ volatility in recent weeks. At midafternoon, selling pressure unexpectedly picked up, dragging the Dow Jones Industrial Average down as many as 462 points before it pared losses. Analysts said there were no obvious catalysts for the move.

The Dow industrials ended down 389.73 points, or 1.5%, at 25897.71. The S&P 500 declined 35.56 points, or 1.2%, to 2883.09, and the Nasdaq Composite fell 95.73 points, or 1.2%, to 7863.41.

Few believe the U.S. is headed toward a downturn just yet. But many worry that the gloomy outlook reflected in bond markets, where yields across the globe have dropped, could soon be reflected in stocks, too.

U.S. Stocks Decline Amid Trade Woes

And who is responsible for the trade wars we are currently having?

But yeah, sure thing you are a member of the party of "fiscal responsibility". Complain about it all the time under Obama. Under Trump, nada, nothing, zippo.
 
Jan 2016
57,388
54,210
Colorado
The U.S. fiscal deficit has already exceeded the full-year figure for last year, as spending growth outpaces revenue.

The gap grew to $866.8 billion in the first 10 months of the fiscal year, up 27% from the same period a year earlier, the Treasury Department said in an emailed statement on Monday. That’s wider than last fiscal year’s shortfall of $779 billion -- which was the largest federal deficit since 2012.

So far in the fiscal year that began Oct. 1, a revenue increase of 3% hasn’t kept pace with a 8% rise in spending. While still a modest source of income, tariffs imposed by the Trump administration helped almost double customs duties to $57 billion in the period.

Republican tax cuts, increased federal spending and an aging population have contributed to the fiscal strains, though the GOP says tax reform enacted last year will spur economic growth and lift government revenue. Corporate income-tax receipts rose 3% between October and July, while individual income taxes gained 1%, according to Treasury data.

Bloomberg - Are you a robot?

And it's only August. Yeah, so much for "fiscal" conservatism right?

And who is going to be saddled with this?

That's right, your kids and mine.

smh.
Herbert Hoover: "Blessed are the young, for they shall inherit the national debt."



Herbert Hoover had a fine sense of humor.
 
Jan 2016
57,388
54,210
Colorado
Can the OP show us her posts of concern when Øbama was running up the debt during his eight years? Hmmm? Or is it just, you know, TDS Fueled©. IOW, she really doesn't care except 'Trump'.

As if the budget deficit would be better under a Hillary, or any of the Dims.
The budget deficit would unquestionably be better, had Hillary Clinton been elected. I know of NO serious budget analyst who would disagree with that. You can check with the Committee for a Responsible Federal Budget, for example. Indeed, she was the only candidate in 2016, from either party, who had a remotely sensible fiscal plan. And I can say that even though I was no big fan of Hillary Clinton. Shrug.
 
Feb 2011
19,336
14,343
The formerly great golden state
Oh, what a difference less than a year makes:

Trump vows to pay down exploding debt
BY NIV ELIS - 10/31/18 04:12 PM EDT



© White House
President Trump on Wednesday said the U.S. would begin paying down the national debt, which has increased roughly $1.7 trillion since he took office.
Speaking at an event on workplace development that included multiple CEOs, Trump said that the nation has "a lot" of debt.
As a candidate, Trump promised to completely eliminate the debt over two terms in office. It is now approaching $21.7 trillion.
 

HayJenn

Former Staff
Jul 2014
72,697
64,089
CA
Higher deficits have forced the government to ramp up borrowing since early 2018, due in part to slumping revenue following the tax cut and a 2018 budget deal that lifted domestic and military spending for two years.


Over the 12 months that ended in July, the deficit totaled $961.8 billion, or 4.5% as a share of gross domestic product. Revenues over the previous 12 months rose 2.4%, while federal spending was up 6.3%.

The Treasury said last month it expects to borrow more than $1 trillion this calendar year for the second year in a row, as the annual budget gap is on track to exceed $1 trillion for fiscal year 2019, which ends Sept. 30.

A recently enacted budget deal, which President Trump signed earlier this month, will maintain the current government spending trajectory and add further to federal deficits over the next two years.

U.S. Budget Gap Widens 27% in First 10 Months of Fiscal Year
 
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