Tag Archives: budget deficit

Budget Deficit Spikes $342B In First Two FY20 Months

Fox Business reports: The U.S. government deficit spiked 12 percent to $342 billion during the first two months of fiscal year 2020, according to data from the Congressional Budget Office. The CBO says the U.S. budget deficit will average $1.2 trillion a year from 2020 to 2029, amounting to 4.4 percent to 4.8 percent of gross domestic product. The federal …

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2019 Budget Deficit Near $1 Trillion, Seven Year High

CNBC reports: The U.S. Treasury on Friday said that the federal deficit for fiscal 2019 was $984 billion, a 26% increase from 2018 but still short of the $1 trillion mark. The gap between revenues and spending was the widest it’s been in seven years. The government said corporate tax revenues totaled $230 billion, up 12%, thanks to a rebound …

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Deficit To Top $1T Two Years Sooner Than Forecast

Bloomberg reports: The federal budget deficit is growing faster than expected, even as President Trump openly considers more tax cuts and other ideas that would add to government debt. The deficit will reach $960 billion for the 2019 fiscal year, which ends Sept. 30, and $1 trillion for the 2020 fiscal year, the Congressional Budget Office said in updated forecasts …

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WINNING: Federal Budget Deficit Up 27% Over 2018

Axios reports: The U.S. budget deficit has already surpassed last year’s total figure, growing to $866.8 billion in just the first 10 months of the fiscal year, according to Treasury Department data reported by Bloomberg. By the numbers: The deficit is up 27% from the same period last fiscal year, which begins in October. Spending has continued to outpace revenue, …

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Senate Votes To Lift Debt Ceiling For Next Two Years

CNBC reports: The Senate on Thursday passed a bill to raise the U.S. budget and lift the debt ceiling for the next two years. The spending deal now heads to the Oval Office to be signed by President Donald Trump. The legislation passed 67-28, with 23 Republicans and five Democrats voting against the bill. Its passage in Congress — shortly …

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White House Projects $1 Trillion+ 2019 Federal Deficit

Reuters reports: The White House projects that the federal deficit will surpass $1 trillion this year, the only time in the nation’s history the deficit has exceeded that level, excluding the four-year period following the Great Recession. “The 2019 deficit has been revised to a projected $1.0 trillion,” the White House Office of Management and Budget (OMB) wrote in its …

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Treasury Dept Reports 2019 Deficit To Top $1 Trillion

Reuters reports: The federal government reported a $146.9 billion deficit in March, causing annual debt to rise 15% for the first half of the budget year compared to the same period in 2018. The Treasury Department said Wednesday in its monthly report that the fiscal year deficit has so far totaled $691 billion, up from nearly $600 billion in 2018. …

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Federal Spending Hits Highest Level In 10 Years

The right wing CNS News reports: The federal government spent $1,822,712,000,000 in the first five months of fiscal 2019, the most it has spent in the first five months of any fiscal year since 2009, which was the fiscal year that outgoing President George W. Bush signed a $700-billion law to bailout the banking industry and incoming President Barack Obama …

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Feds Post Largest Monthly Budget Deficit In US History

The Washington Post reports: The U.S. government posted the largest monthly budget deficit in American history in February, hitting a dramatic milestone as tax revenue lag and spending levels continue to skyrocket. The government spent $234 billion more than it brought in through tax receipts last month, much more than the deficit levels hit during the global financial crisis. Senior …

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Paul Ryan Leaves Behind Ballooning Federal Debt

Bloomberg reports: When Paul Ryan became speaker of the House in 2015, the federal budget deficit was $438 billion. He blamed the “failed policies of President Obama” for budget deficits that had exploded to $1.4 trillion in 2009, the year after the Great Recession, though shortfalls began shrinking in the following years and were continuing to fall as Ryan took …

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Budget Office: 2018 Deficit Soars 32% To $895 Billion

MarketWatch reports: The U.S. budget deficit in August was $211 billion, nearly double the gap during the year-ago month, the Congressional Budget Office estimated late Monday. In the first 11 months of the fiscal year, the deficit was $895 billion, which is $222 billion more than the previous year. Corporate taxes have plummeted by 30% this fiscal year, both because …

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Trump Economic Advisor Larry Kudlow Lies About Deficit, Claims It’s “Coming Down Rapidly” [VIDEO]

The Hill reports: President Trump’s top economic advisor Larry Kudlow on Friday said the federal deficit is falling, even though the latest data shows it is expanding since the tax-cut law went into effect. “As the economy gears up, more people working, better jobs and careers, those revenues come rolling in and the deficit, which was one of the other …

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GOP Tax Law Projected To Raise Deficit By $1.9 Trillion

The Associated Press reports: The GOP’s signature tax law is projected to increase the national debt by $1.9 trillion between 2018 and 2028, according to a new report by the Congressional Budget Office. According to the report, the tax law would cost the government $2.3 trillion in revenues, but economic growth would offset that figure by about $461 billion. The …

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House GOP To Seek Balanced Budget Amendment

The Hill reports: House Republicans will push for a balanced budget amendment after they return from recess. The report follows the passage of the $1.3 trillion omnibus package to fund the government through September. That bill was ripped by conservatives in the House and Senate, and President Trump vowed to never approve a similar bill again. Calls for a balanced-budget …

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Trump Unveils Budget With Trillion Dollar Deficit

The Associated Press reports: President Donald Trump unveiled a $4.4 trillion budget for next year that heralds an era of $1 trillion-plus federal deficits and — unlike the plan he released last year — never comes close to promising a balanced ledger even after 10 years. The growing deficits reflect, in great part, the impact of last year’s tax overhaul, …

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Chaffetz: The GOP Spending Bill Show Republicans Have Lost All Credibility On Debts And Deficits [VIDEO]

“Republicans have lost every single bit of credibility on the idea that they care at all about debts and deficits. They can talk all they want, but when they had the chance to do it, they caved and they spent so much money it’s stunning.” – Former GOP House rep turned Fox bloviator Jason Chaffetz, ranting this morning on Fox …

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House Approves Spending Bill

CNN reports: Congress narrowly averted a government shutdown that was slated to take effect at midnight. The House approved a $1.1 trillion spending bill that keeps the government open through September. The Senate agreed to a two-day extension of current funding levels to give itself time to approve the House bill. After a tumultuous day, the House passed the spending …

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Senate Passes Fiscal Cliff Compromise

While the rest of us celebrated the New Year, the Senate passed a “compromise” fiscal cliff bill at about 2AM this morning.  Eight Senators voted against the bill and three did not vote. The Senate approved a bipartisan agreement early Tuesday morning to let income taxes rise sharply for the first time in two decades, fulfilling President Obama’s promise to …

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Dollars & G-Strings

Congress is once again considering doing away with the dollar bill, an issue that comes up and is promptly shot down every few years.  Yesterday the New York Daily News went directly to the people for their opinion. The proposal won a hearty endorsement Friday night from workers who handle bills as part of their daily grind. At Sapphire New …

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Krugman: Paul Ryan Is A Con Man

“The fact is that Ryan is and always was a fraud. His plan never added up; it was never, contrary to what people who should know better asserted, ‘scored’ by the CBO. What he actually offered was a plan to hurt the poor and reward the rich, actually increasing the deficit along the way, plus magic asterisks that supposedly reduced …

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