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- Oct 23, 2018
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Be afraid. Be very afraid.
The $ 1 trillion deficit is happening without the wall and without the infrastructure spending Trump promised.
Donald Trump also pilfered money out of FEMA which means that there may have to be new allocations for the damage caused by hurricane Dorian.
If a recession coincides with a trade war it could be very hard times indeed with manufacturing declining even further instead of growing.
This is casino economics with the house losing, without a plan A let alone plan B and others. The whole future rests on the roll of the dice.
Deficit surpasses $1 trillion: CBO
The $ 1 trillion deficit is happening without the wall and without the infrastructure spending Trump promised.
Donald Trump also pilfered money out of FEMA which means that there may have to be new allocations for the damage caused by hurricane Dorian.
If a recession coincides with a trade war it could be very hard times indeed with manufacturing declining even further instead of growing.
This is casino economics with the house losing, without a plan A let alone plan B and others. The whole future rests on the roll of the dice.
Deficit surpasses $1 trillion: CBO
Deficit surpasses $1 trillion: CBO
BY NIV ELIS - 09/09/19 06:17 PM EDT 0
The federal deficit surpassed $1 trillion in the first 11 months of the 2019 fiscal year, 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 budget office 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.
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 over the nation's fiscal situation, which tends to worsen when the economy slides ...