Federal deficit jumps 20 percent after tax cuts, spending bill

saltwn · #1 (**permalink**) 08-09-2018, 11:39 PM

http://thehill.com/policy/finance/40...-spending-bill

I haven't heard much on this. Anyone else seen or read about it

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The federal deficit jumped 20 percent in the first 10 months of the 2018 fiscal year, the Congressional Budget Office (CBO) reported Wednesday.

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Spending outpaced revenue between the beginning of the fiscal year, on Oct. 1, and July by $682 billion, $116 billion more than over the same period in the last fiscal year.

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The rising deficit is largely the result of the tax cuts President Trump signed into law at the end of last year, as well as a bipartisan agreement to boost spending, according to CBO.

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Tax revenues from individuals rose, even as revenues from corporate taxes dropped.

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The Trump administration has argued that the tax cuts would bring down the deficit, as economic growth led to higher tax revenue. The economy did expand in the second quarter by 4.1 percent.

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But economists have argued the growth would have to be much larger to reduce the deficit.

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The CBO projects that the deficit will reach $793 billion by the end of the year and approach $1 trillion next year. White House estimates have the deficit surpassing $1 trillion in 2019.

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Budget watchers have warned that interest payments — the amount the Treasury has to pay just to service the debt — are slated to become the fastest-growing annual expenditure.

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The CBO projects that in 30 years, the government will spend more on servicing debt than on Social Security or defense.

Republicans used to worry about this.

Obama worked hard at bringing it down as much as one could in the real economy of the time period.

cnredd · #2 (**permalink**) 08-10-2018, 12:07 AM

From earlier this year...

Trump signs $1.3 trillion spending bill, despite earlier threat to veto

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Originally Posted by cnredd

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Originally Posted by cnredd

HATE this spending bill...

When Dems are in control, the Republicans go on and on about how we need to reign in spending but those darn majority Democrats have the power...

...then When the Repubs are in control, they say they've just looooove to reign in spending, but they don't have a filibuster-proof majority, so those darn minority Dems have the power...

saltwn · #3 (**permalink**) 08-10-2018, 12:10 AM

Quote:

Originally Posted by cnredd

From earlier this year...

Trump signs $1.3 trillion spending bill, despite earlier threat to veto

are you trying to say it's democrats fault trump and mitch made this tax bill?

Manitou · #4 (**permalink**) 08-10-2018, 03:24 AM

A tax cut means pigs need to cut out a lot of lard. The money isn't there, you see. It's not rocket science. Get rid of the damned lard bucket programs, people.

With apologies to real swine.

AZRWinger · #5 (**permalink**) 08-11-2018, 09:37 AM

Quote:

Originally Posted by saltwn

are you trying to say it's democrats fault trump and mitch made this tax bill?

Don't forget Paul Ryan is also to blame. All spending bills are supposed to originate in the House. Ryan cast his lot with go along, get along Republicans terrified of confronting the Democrat minority by copying Boehner's style of giving into Democrat demands for continuing the spending orgy.

Trump deserves criticism for signing off on the massive CR but at least he offered a plausible explanation, it had the funding needed to begin rebuilding a military ravaged by the previous administration's budget cuts.

Sadly it appears the Republican Congressional leadership is intent on saddling President Trump with a choice between shutting down the government on the eve of the midterm elections or signing another protest CR.

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