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Thread: Deficit surpasses $1 trillion: CBO

  1. #1

    Deficit surpasses $1 trillion: CBO

    Trump said he could get rid of the debt in eight years. But deficits are getting larger- increasing the debt faster. To get rid of debt, you need to run a surplus- take in more in taxes than you spend. To get rid of a $20 trillion debt in eight years, you need a $2.5 trillion average annual surplus.

    https://thehill.com/policy/finance/4...1-trillion-cbo

    The federal deficit surpassed $1 trillion in the first 11 months of fiscal 2019, the Congressional Budget Office (CBO) said Monday.

    The deficit presently stands at $1.068 trillion, though it is likely to be reduced in September as quarterly tax payments are paid.

    "In its most recent baseline projections, CBO estimated that the 2019 budget deficit would be $960 billion," the CBO noted. That amount would be $181 billion higher than last year's deficit.

    The deficit as of Monday was running $168 billion ahead of the deficit in the last fiscal year at this time.

    While mandatory spending such as Social Security and Medicare drive the deficit, it has shot up under President Trump's watch following the GOP tax cut bill and a series of bipartisan agreements to raise spending on both defense and domestic priorities.

    The CBO has called the nation's fiscal path "unsustainable," noting that payments on interest alone were on track to overtake both defense and domestic spending by 2046.

    Recent concerns over a possible economic downturn or recession have further exacerbated concerns about the nation's fiscal situation, which tends to worsen when the economy slides.




    The deficit for Obama's final budget was $503 billion.
    Last edited by Zippyjuan; 09-09-2019 at 05:43 PM.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.



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  3. #2
    Rush Limbaugh on deficits:

    https://www.mediamatters.org/rush-li...deficits-never

    CALLER: Republicans can nominate a young, potentially two-term president, one that believes in fiscal conservatism. We’re gonna have-- In 2019, there’s gonna be a $1 trillion dollar deficit. Trump doesn’t really care about that. He’s not really a fiscal conservative. We don't, we have to acknowledge that Trump has been cruelly used.

    RUSH LIMBAUGH (HOST): Nobody is a fiscal conservative anymore. All this talk about concern for the deficit and the budget has been bogus for as long as it’s been around.
    (that was not his opinion prior to Trump taking office)
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.

  4. #3
    Quote Originally Posted by Zippyjuan View Post
    Rush Limbaugh on deficits:

    https://www.mediamatters.org/rush-li...deficits-never



    (that was not his opinion prior to Trump taking office)
    Rush seems like he may be onto something there . I guess when bernie gets his turn he can triple it in no time .
    Do something Danke

  5. #4
    Quote Originally Posted by oyarde View Post
    Rush seems like he may be onto something there . I guess when bernie gets his turn he can triple it in no time .
    Bernie could turn Merca' into Haiti in 3 days, with our future looking bleaker.

  6. #5
    why do they talk about it. IT's not possible to pay back 21 trillion. it's all a facade to fleece the sheeple.

  7. #6

    Deficit surpasses $1 trillion

    The federal deficit surpassed $1 trillion in the first 11 months of fiscal 2019, the Congressional Budget Office (CBO) said Monday.

    The deficit presently stands at $1.068 trillion, though it is likely to be reduced in September as quarterly tax payments are paid.

    "In its most recent baseline projections, CBO estimated that the 2019 budget deficit would be $960 billion," the CBO noted. That amount would be $181 billion higher than last year's deficit.

    The deficit as of Monday was running $168 billion ahead of the deficit in the last fiscal year at this time.
    https://thehill.com/policy/finance/4...1-trillion-cbo
    "The one permanent emotion of the inferior man is fear - fear of the unknown, the complex, the inexplicable. What he wants above everything else is safety."
    H. L. Mencken


    I don't hate you. You're just some person on the internet who believes in things that aren't real.

  8. #7
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  9. #8
    It's ok. Something something he's the best we've got and we HAVE to vote for him because something something the movement
    *******

    I didn't start out thinking that anti-vax people were fools or impervious to reason, it's from my experience here that I now think that.
    - AmyPi 2014 (RIP)

    Anti-vaxxers, responsible for a 30 percent uptick in totally preventable diseases in the world, have blood on their hands. They shouldn't be considered civilized members of society. If they refuse to listen to a century of scientific studies confirming time and time again that vaccination is an unquestionable good for humanity, then it's time for us to start treating anti-vaxxers as what they are: dangerous and worthy of shame and condemnation. If we can't convince anti-vaxxers to change their minds, we must attach enough social stigma to the delusion that agnostics cease to join them.



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  11. #9
    I dont think people care about the deficit . What presidents do you think will lower it once elected ?
    Do something Danke

  12. #10
    Quote Originally Posted by kfarnan View Post
    why do they talk about it. IT's not possible to pay back 21 trillion. it's all a facade to fleece the sheeple.
    Does not seem realistic to me as well . They are pulling in record tax revenue now and adding a trillion . Of course nobody can top Obama until the next Dem freebie giveaway starts .....
    Do something Danke

  13. #11
    Quote Originally Posted by Stratovarious View Post
    Bernie could turn Merca' into Haiti in 3 days, with our future looking bleaker.
    Yep
    Do something Danke

  14. #12
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  15. #13
    I'm going to need you to translate from delusional Boomer to English on that one.
    "The one permanent emotion of the inferior man is fear - fear of the unknown, the complex, the inexplicable. What he wants above everything else is safety."
    H. L. Mencken


    I don't hate you. You're just some person on the internet who believes in things that aren't real.

  16. #14
    But it was ok under Obama, right Zippy?
    Danke Awarded Top Rated Influencer

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    The Federalist Papers, No. 15:

    Except as to the rule of appointment, the United States have an indefinite discretion to make requisitions for men and money; but they have no authority to raise either by regulations extending to the individual citizens of America.

  17. #15
    Quote Originally Posted by Zippyjuan View Post
    Rush Limbaugh on deficits:

    https://www.mediamatters.org/rush-li...deficits-never



    (that was not his opinion prior to Trump taking office)
    Nor was it yours.
    “The nationalist not only does not disapprove of atrocities committed by his own side, but he has a remarkable capacity for not even hearing about them.” --George Orwell

    Quote Originally Posted by AuH20 View Post
    In terms of a full spectrum candidate, Rand is leaps and bounds above Trump. I'm not disputing that.
    Who else in public life has called for a pre-emptive strike on North Korea?--Donald Trump

  18. #16
    Quote Originally Posted by kcchiefs6465 View Post
    Nor was it yours.
    Link?
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.



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