Budget Deficit on Path to Surpass $1 Trillion Under Trump
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.
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.
This has happened under prior administrations. From 2009 through 2012 The deficit average was 1.27 trillion with 2009 being the highest at 1.4 Trillion.
In 2001 after the 9/11 attacks, we nearly doubled military spending since then with the "War on Terror", and every year since then has seen an increase that spending. This one area of extra spending includes defense department budgets, emergency spending, and increases to the Department of Vet Affairs. Spending has been off the rails since WAY before Trump took office. He's only guilty of adding funding for Homeland security and the National Nuclear Security Admin (which are seen as essential).
The tax cut policies have been viewed BOTH negatively and positively. The Committee on Taxation says in the long run the cuts will spur growth at 0.7 percent annually, which will add revenue, and in turn offset some of the negative side effects of the cuts. In the end, it "should" come out as "a wash" in a perfect world, but the world's not perfect, so we'll take getting close.
Lastly, there's a thing called "Mandatory Spending", which includes: Medicaid, Housing Assistance, TANF, SNAP (Food stamps), Medicare, and Unemployment/ Disability Payouts. And as more people are brought into this world, and more people unwilling to work, the cost of these programs rises.
Oh, and don't want to forget the money that goes to all the Retired Politicians/ Fireman/ Police and the like (Pensions), which needs to be eliminated (you did your civic duty, now go onto something else, we aren't going to pay you for doing nothing the rest of your life). These pensions fall under the Mandatory Spending category.
Trump is so Crazy, He jumped on an already out of control freight train (called the US Government) with the intention of correcting it before it comes off the tracks.
Good job trying to make YOUR PRESIDENT look bad though. Better luck next time.
Trump vowed to cut the national debt ‘very quickly.’ It just hit a record $22 trillion.
Donald Trump promised his supporters he would reduce the national debt from $18 trillion, if elected president.
Just another BROKEN TRUMPO LIE!
So we cut all programs to balance the books
Great plan
More excuses for a man CLEARLY unqualified.
Better luck next time.
Last edited by bsm2; 08-22-2019 at 04:50 PM.
It seems to be a constant with liberals, if they can win an intellectual argument- then YELL- if all else fails resort to name calling.
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