U.S. expects to hit $1 trillion deficit earlier than planned

[McRocket]

'The U.S. deficit grew by $222 billion from this time last year — reaching a total of $895 billion, according to the nonpartisan Congressional Budget Office.

Why it matters: This increase was due mostly to the new Republican tax law and Congress' routine decision to increase spending, which grew by 7% compared to revenue growth of only 1%. The CBO now says the deficit will approach $1 trillion by the end of this fiscal year, but in April the agency didn’t expect the deficit to reach $1 trillion until 2020.'

U.S. expects to hit $1 trillion deficit earlier than planned


This is absolutely ridiculous. I don't care who is in power - there is no excuse WHATSOEVER for running up such a gigantic deficit during peacetime...NONE.

When you pass a big tax cut, you then pass a big spending cut to match. And IF the economy grows to raise revenues, then (and only then) do you raise spending back up to pre-tax cut levels. It's friggin' common sense.

Only a moron cuts taxes without cutting spending to match during peacetime.

 

[Harpy Eagle]

'The U.S. deficit grew by $222 billion from this time last year — reaching a total of $895 billion, according to the nonpartisan Congressional Budget Office.

Why it matters: This increase was due mostly to the new Republican tax law and Congress' routine decision to increase spending, which grew by 7% compared to revenue growth of only 1%. The CBO now says the deficit will approach $1 trillion by the end of this fiscal year, but in April the agency didn’t expect the deficit to reach $1 trillion until 2020.'

U.S. expects to hit $1 trillion deficit earlier than planned


This is absolutely ridiculous. I don't care who is in power - there is no excuse WHATSOEVER for running up such a gigantic deficit during peacetime...NONE.

At least GWB/Obama had the excuse the last time the deficit grew to $1 trillion due mainly to the Great Recession - not that that is good enough, but it is something.

But this? The economy is (statistically) doing fine.

And I blame both sides. Sure Trump and the Reps deserve most of the blame (they control the WH and the House/Senate). But I don't hear remotely enough from the Dems about this.
And judging by all the latter's talk of free this and free that if they take back power - I doubt the deficit would look much better under a Democratic government.

The Reps are supposed to be the party of small government. What a load of shit.

This is why I utterly despise both parties...they are both COMPLETELY pathetic at fiscal responsibility.

We have already blown past it for the FY and are banging on the door for the CY.

The Debt on 1 Oct 2017, start of the FY...$20,244,900,016,053...debt as of today...$21,459,790,397,306. We are at 1.2 trillion and counting with 18 days left to spend money


Debt to the Penny (Daily History Search Application)

 

[Aldo Raine]

'The U.S. deficit grew by $222 billion from this time last year — reaching a total of $895 billion, according to the nonpartisan Congressional Budget Office.

Why it matters: This increase was due mostly to the new Republican tax law and Congress' routine decision to increase spending, which grew by 7% compared to revenue growth of only 1%. The CBO now says the deficit will approach $1 trillion by the end of this fiscal year, but in April the agency didn’t expect the deficit to reach $1 trillion until 2020.'

U.S. expects to hit $1 trillion deficit earlier than planned


This is absolutely ridiculous. I don't care who is in power - there is no excuse WHATSOEVER for running up such a gigantic deficit during peacetime...NONE.

At least GWB/Obama had the excuse the last time the deficit grew to $1 trillion due mainly to the Great Recession - not that that is good enough, but it is something.

But this? The economy is (statistically) doing fine.

And I blame both sides. Sure Trump and the Reps deserve most of the blame (they control the WH and the House/Senate). But I don't hear remotely enough from the Dems about this.
And judging by all the latter's talk of free this and free that if they take back power - I doubt the deficit would look much better under a Democratic government.

The Reps are supposed to be the party of small government. What a load of shit.

This is why I utterly despise both parties...they are both COMPLETELY pathetic at fiscal responsibility.

We have already blown past it for the FY and are banging on the door for the CY.

The Debt on 1 Oct 2017, start of the FY...$20,244,900,016,053...debt as of today...$21,459,790,397,306. We are at 1.2 trillion and counting with 18 days left to spend money

Lol, MAGA AMIRITE!

 

[BlackFlag]

'The U.S. deficit grew by $222 billion from this time last year — reaching a total of $895 billion, according to the nonpartisan Congressional Budget Office.

Why it matters: This increase was due mostly to the new Republican tax law and Congress' routine decision to increase spending, which grew by 7% compared to revenue growth of only 1%. The CBO now says the deficit will approach $1 trillion by the end of this fiscal year, but in April the agency didn’t expect the deficit to reach $1 trillion until 2020.'

U.S. expects to hit $1 trillion deficit earlier than planned


This is absolutely ridiculous. I don't care who is in power - there is no excuse WHATSOEVER for running up such a gigantic deficit during peacetime...NONE.

When you pass a big tax cut, you then pass a big spending cut to match. And IF the economy grows to raise revenues, then (and only then) do you raise spending back up to pre-tax cut levels. It's friggin' common sense.

Only a moron cuts taxes without cutting spending to match.

Very exciting

 

[LA RAM FAN]

'The U.S. deficit grew by $222 billion from this time last year — reaching a total of $895 billion, according to the nonpartisan Congressional Budget Office.

Why it matters: This increase was due mostly to the new Republican tax law and Congress' routine decision to increase spending, which grew by 7% compared to revenue growth of only 1%. The CBO now says the deficit will approach $1 trillion by the end of this fiscal year, but in April the agency didn’t expect the deficit to reach $1 trillion until 2020.'

U.S. expects to hit $1 trillion deficit earlier than planned


This is absolutely ridiculous. I don't care who is in power - there is no excuse WHATSOEVER for running up such a gigantic deficit during peacetime...NONE.

When you pass a big tax cut, you then pass a big spending cut to match. And IF the economy grows to raise revenues, then (and only then) do you raise spending back up to pre-tax cut levels. It's friggin' common sense.

Only a moron cuts taxes without cutting spending to match during peacetime.

yep.