U.S. Budget Deficit Widens 77 Percent

[enhanced_deficit]

This dispite MAGA big gov shutdown/America-First spending cuts is bit shocking.

U.S. Budget Deficit Widens 77 Percent

Katia Dmitrieva
March 5, 2019

(Bloomberg) -- The U.S. budget deficit widened to $310 billion in the first four months of the fiscal year, underscoring the revenue hit from Republican tax cuts and an increase in government spending.
The budget gap widened 77 percent compared with the same October-January period a year earlier, according to the Treasury monthly budget report released on Tuesday, which was delayed by the government shutdown. Receipts fell by 2 percent to $1.1 trillion, while spending rose 9 percent to $1.4 trillion.
The budget received a bump in customs duties, which almost doubled to about $25 billion, reflecting the Trump administration’s tariffs on Chinese imports, steel and other goods.
The financial shortfall is set to widen further in the coming years as the Republican tax cut package, which costs about $1.5 trillion over a decade, and increased spending for defense and other priorities boost government outlays. Some policy makers and economists are flagging concern about the growing debt burden, saying it risks America’s credit quality among borrowers, while other economists see more room to run.
Tax receipts fell for both corporations and individuals, the Treasury data showed.

https://finance.yahoo.com/news/u-budget-deficit-widens-77-190217899.html

[phill4paul]

So TDS has sNEWz organs talking about the deficit? Hmmm....

[Zippyjuan]

Trump loves debt. He prefers to let other people pay for things- not him.

https://www.cnbc.com/2016/08/11/king-of-debt-donald-trump-now-is-the-time-to-borrow.html


'King of debt' Donald Trump: 'Now is the time to borrow'

The U.S. is nearly $20 trillion in debt, a number that has almost doubled under President Barack Obama. If Donald Trump is elected president, the nation's massive pile of IOUs will keep on growing and then some.

Already the self-proclaimed "king of debt" — a declaration the Republican nominee made on CNBC in May — Trump promised Thursday to use the low-interest environment as a means to rebuild the national infrastructure.

"This is a time to borrow and borrow long term," he told CNBC during a discussion on how he would finance the many projects he wants to undertake, such as rebuilding airports and bridges and upgrading the military.




"Normally you would say you want to reduce your debt, and I like to reduce debt as much as anybody," he said. "The problem is, you have a military problem, you have an infrastructure problem — a tremendous infrastructure problem — and you have other problems. The asset is your rates are so low."
During his "king of debt" discussion, Trump said he likely would replace current Fed Chair Janet Yellen, whose term runs to 2018, a year after Trump would take office.

However, judging by his pro-debt comments, he would be likely to appoint someone just as dovish when it comes to rates.

"What's going to happen when the rates eventually go up and you can't borrow, you absolutely can't borrow, because it's too expensive?" he said. "It would destroy our balance sheet, totally destroy the balance sheet."

At the time he was also talking about spending $2 trillion on infrastructure- which he has since dropped. Deficit could hit $1 trillion a year starting next year- between higher spending and lower taxes.

He later said tariffs would pay off our debt. He also suggested "renegotiating" our debt. Whatever that means.

1026076959980302336



DT: I think, look. I've borrowed knowing that you can pay back with discounts. And I've done very well with debt. Now of course I was swashbuckling, and it did well for me, and it was good for me and all of that. And you know debt was always sort of interesting to me. Now we're in a different situation with a country, but I would borrow knowing that if the economy crashed you could make a deal. And if the economy was good it was good so therefore you can't lose. It's like you make a deal before you go into a poker game. And your odds are much better.

https://www.npr.org/2016/05/09/477350889/donald-trumps-messy-ideas-for-handling-the-national-debt-explained

[AZJoe]

U.S. budget deficit hits $691 billion in first half of FY 2019 (http://economiccollapsenews.com/2019/04/13/u-s-budget-deficit-hits-691-billion-in-first-half-of-fy-2019/)

This week, the Treasury Department released new fiscal data (https://www.fiscal.treasury.gov/files/reports-statements/mts/mts0319.pdf) and found that the budget gap widened to $691 billion in the first half of fiscal 2019. ...