Budget Deficit on Path to Surpass $1 Trillion Under Trump

[Eugene]

Source: New York Times

Budget Deficit on Path to Surpass $1 Trillion Under Trump

By Jim Tankersley and Emily Cochrane
Aug. 21, 2019
Updated 7:07 p.m. ET

WASHINGTON — The federal budget deficit is growing faster than expected as President Trump’s spending and tax cut policies force the United States to borrow increasing sums of money.

The deficit — the gap between what the government takes in through taxes and other sources of revenue and what it spends — will reach $960 billion for the 2019 fiscal year, which ends Sept. 30. That gap will widen to $1 trillion for the 2020 fiscal year, the Congressional Budget Office said in updated forecasts released on Wednesday.

The updated projections show deficits rising — and damage from Mr. Trump’s tariffs mounting — faster than the office had previously predicted. In May, the budget office said it expected a deficit of $896 billion for 2019 and $892 billion for 2020.

That damage would be even higher if not for lower-than-expected interest rates, which are reducing the amount of money the government has to pay to its borrowers. Still, the 2019 deficit is projected to be 25 percent larger than it was in 2018, and the budget office predicts it will continue to rise every year through 2023.

-snip-

Read more: https://www.nytimes.com/2019/08/21/us/politics/deficit-will-reach-1-trillion-next-year-budget-office-predicts.html

[at140]

1. That is treasonous!

To give 84% of tax cut dollars to the rich, and pile on the debt on shoulders of the other 90%.

[Farmer-Rick]

2. But, but, but that's capitalism

Those born with even small amounts of capital rule over those born into families with little or no capital.

But geez, wow, that is a huge amount of debt. I use to think the US debt was just another scam bankers and the filthy rich used to prevent the US from progressing. But damn, that amount of debt in such a short time is bound to have repurcussions on the rest of us left holding the bag......

[at140]

3. National debt is not just a number..

The US Treasury pays out Billions in interest for the debt every year.
Money which would be better used to help the needy or build roads & bridges & infrastructure.

States/counties/cities have no money printing press. The Feds have it and abuse it.
Families can't spend more than their assets or they go bankrupt.

If we don't restrain the Feds with a balanced budget amendment, long term future looks disastrous.