The U.S. government is set to borrow nearly $1 trillion this year, an 84 percent jump from last year
The U.S. government is set to borrow nearly $1 trillion this year, an 84 percent jump from last year
It was another crazy news week, so it's understandable if you missed a small but important announcement from the Treasury Department: The federal government is on track to borrow nearly $1 trillion this fiscal year — Trump's first full year in charge of the budget.
That's almost double what the government borrowed in fiscal year 2017.
Here are the exact figures: The U.S. Treasury expects to borrow $955 billion this fiscal year, according to a documents released Wednesday. It's the highest amount of borrowing in six years, and a big jump from the $519 billion the federal government borrowed last year.
Treasury mainly attributed the increase to the “fiscal outlook.” The Congressional Budget Office was more blunt. In a report this week, the CBO said tax receipts are going to be lower because of the new tax law .
The uptick in borrowing is yet another complication in the heated debates in Congress over whether to spend more money on infrastructure, the military, disaster relief and other domestic programs. The deficit is already up significantly, even before Congress allots more money to any of these areas.
“We're addicted to debt,” says Marc Goldwein, senior policy director at Committee for a Responsible Federal Budget. He blames both parties for the situation.
What's particularly jarring is this is the first time borrowing has jumped this much (as a share of GDP) in a non-recession time since Ronald Reagan was president, says Ernie Tedeschi, a former senior adviser to the U.S. Treasury who is now head of fiscal analysis at Evercore ISI. Under Reagan, borrowing spiked because of a buildup in the military , something Trump is advocating again.
"Well, SURPRISE SURPRISE SURPRISE" - Gohmer Pyle...
This happen every time the damn gop gets control of government. No wonder the stock market is crashing...
Can you spell B U B B L E?
Is this why Ryan and the rest of the Russian snorkmeisters are eyeing Social Security, Medicare, Education and FEMA?
Yep...
what a buncha dix
You were too generous. The grand old party is a bunch of greedy olde putzes...
Shocking. /s
Not really but I get your sarcasm. It isn't like we, Democrats, did not see this coming, again...
Enjoy a pittance of a tax cut but be prepared to get the bill which always comes due due to gop fiscal incompetence...
LOL
Funny how when the Democrats are in office, the GOP doesn't have any money for AYTHING and will turn purple and yell about "balanced budgets" and all that, but when the GOP is in office the well of money has no bottom.
Sadly, if it all goes down it won't be just trump and/or the GOP paying for it, and they'll blame the Democrats for it while the next Democrats will be trying to do damage control. Again. (sigh.)
Remember Cheney's infamous words - deficits don't matter.
The money Obama spent is on them too. It was necessary spending Obama had to do to save the economy that Dubya destroyed. The idea that they are more fiscally responsible than the Democrats is, perhaps, the most ridiculous lie they try to peddle.
how can one even quangtify "ridiculousness" at this point...
sorry JBB for off topic, but 2 quick points
Why does the old guy trying to recover from Brain Cancer, make SO MUCH MORE SENSE
than say 99% of the rest of the GOP and 100% more than Trump, &
what exactly do Trump, and his friends and supporters named Brady & Belchacheck, have in common, besides ALL being CHEATERS
GO FRCKN EAGLES !
Don't worry, Iggy, Flatballs Brady can't grip a properly inflated football with his girly hands!
GO EAGLES!!
Well, it is not like any of our resident goppers want to argue basic math today...
"Economics is just math", - Bill Clinton - Someone please explain that to the gop.
Guess What? When the gop slashes taxes and spends like drunken sailors deficits GO UP...
Trumpp and the GOP, Stormy & (Jack) Daniels, Viagra/Cialis perfect together to keep it up
but
they;re still going down like aging Asian Caucasian Hookers, Trumping on Trump's
Big Trouble
in Little hands N dick Chinatown
reachin
for a reach around
What is that giant flushing sound? The gop's economic promises going down the flusher...
If you wanted something to compare our times with consider the Peron era in Argentina.
There might be an outliner quarter due to tax cut corporate windfalls but they won't endure trillion dollar deficits...
Disturbed, Simon & Garfunkel or your own porcelain throne....
I guess your FatOrangeNixon® also missed that. He only predicted 3.2% and missed it by .9%.
You know that is a REGIONAL prediction right? RIGHT?
Sheesh.
If you could set that to music, it might really catch on. It would be fun. The GOP and trump would go crazy and demand the shutdown of all non alt-conservative radio stations, but I'm sure a few of them would suffer heart attacks and strokes and such in the meantime. But I'm sure they all have the best health insurance your tax money can buy.
I missed my calling
as
a Bitchin Basteurd catcher
When have the left wing nut jobs ever cared about debt and deficits?
Democrats have always cared about fiscal responsibility. I don't know about any liberal nut jobs...
Of course rightwingers are expected to ignore the fact (and facts in general) that Clinton had us on course to a completely public-debt-free budget when he left office after four consecutive budget surpluses. That was quickly blown to bits by BushJR's tax cuts and massive spending (patterned on the Reagan model for how to blow the debt sky high and higher).
If it was not so pathetic I would find this amusing.
If memory serves me correctly, I spent 2008 through 2016 listening to the GOP constantly wringing their hands and gnashing their teeth almost on a daily basis over deficit spending and the National debt. A state of near weepiness over the economic burdens that were being placed on their children and future generations. Don't they care for their children any longer?