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The US deficit topped $1 trillion. The year's not even over yet

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  • The US deficit topped $1 trillion. The year's not even over yet



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    The US deficit topped $1 trillion. The year's not even over yet

    Washington (CNN Business) — The US budget deficit widened to $1.067 trillion for the first 11 months of the fiscal year, an increase of 19% over this time last year, the Treasury Department reported Thursday.

    The current shortfall exceeds the full-year deficit for fiscal 2018, which was $898 billion.

    President Donald Trump, who promised during the 2016 campaign to eliminate the federal debt, has instead overseen a dramatic increase in deficits.

    The White House's Office of Management and Budget has predicted that the deficit will exceed $1 trillion for the entire fiscal year, which ends on September 30. On Monday, the nonpartisan Congressional Budget Office said the federal deficit had surpassed $1 trillion in the first 11 months of fiscal 2019, according to its budget review.
    The last time the gap was that big was in 2012, in the aftermath of the financial crisis.

    A number of factors are driving the US deficit increase, including the $1.5 trillion tax cuts signed into law by Trump in 2017 along with a massive spending package passed by Congress.

    The deficit is expected to swell to $960 billion in fiscal 2019, according to the CBO's latest report, and average $1.2 trillion in each of the next 10 years. The CBO raised its forecast for this year's deficit by $63 billion after Trump signed into law a bipartisan two-year budget deal over the summer.

    In August, Congress agreed to a deal that would raise spending by an additional $320 billion over the next two years and suspended the debt ceiling through mid-2021.

    The Committee for a Responsible Federal Budget estimates that the 2017 tax cuts combined with new spending by Congress will add more than $4.1 trillion to the federal debt by 2029.

  • #2
    Lol, it’s comical at this point.... let cut taxes and spend more money.... brilliant....

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    • #3
      You can rest assured that the deficit will become one of the GOP's biggest issues if and when a Dem POTUS takes over in 2020!

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      • #4
        Bitch or buy gold. Where is the gold is going to crash crowd anyway?

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        • #5
          Originally posted by TonyR View Post
          You can rest assured that the deficit will become one of the GOP's biggest issues if and when a Dem POTUS takes over in 2020!
          Yup, like clock work. No complaints right now, but rest assured, if Dems win the White House in 2020, it will be brought up here over and over again.

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          • #6
            Both parties are an absolute disaster at managing this country.. Time to elect a 3rd party that is run by a bunch of “conservative” accountants and not liberal lawyers. When I mean conservatives I mean adults that actually run the country like republicans talk about doing but never actually do.

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            • #7
              Originally posted by TonyR View Post
              You can rest assured that the deficit will become one of the GOP's biggest issues if and when a Dem POTUS takes over in 2020!
              They are all talk with the exception of Rand Paul for like a day and a half the GOP is just nonsense. I would burn their party to the ground if I could.

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              • #8
                Deficits were projected to rise again at the end of 2015. They began to rise during Obama’s last year. They would have continued to rise if Hillary was elected.

                http://www.crfb.org/papers/fy-2015-d...continues-rise

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                • #9
                  Originally posted by rmsanger View Post
                  Both parties are an absolute disaster at managing this country.. Time to elect a 3rd party that is run by a bunch of “conservative” accountants and not liberal lawyers. When I mean conservatives I mean adults that actually run the country like republicans talk about doing but never actually do.
                  Lol how are you going to do that with this electorate? What are you going to do when the left accuses you of being a misogynist who wants to take women’s (51% of the electorate) rights away by cutting welfare?

                  Give me a how and I’m on board.

                  Until then America is the Titanic. The only real thing to do is build yourself and your loved ones a lifeboat for when the ship goes down. Once it goes down if you survive then try to rebuild it with the right electorate (net taxpayers).

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                  • #10
                    Originally posted by Meck77 View Post
                    Bitch or buy gold. Where is the gold is going to crash crowd anyway?
                    I wouldn’t buy gold it’s too valuable. Stock up on weapons, ammo, non perishables and silver. And build a little community of like minded people that’ll help defend you.

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                    • #11
                      Originally posted by Arkie View Post
                      Deficits were projected to rise again at the end of 2015. They began to rise during Obama’s last year. They would have continued to rise if Hillary was elected.

                      http://www.crfb.org/papers/fy-2015-d...continues-rise
                      Sure, but they would have risen a considerably lesser amount without the tax cuts.

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                      • #12
                        Originally posted by ZONA View Post

                        Yup, like clock work. No complaints right now, but rest assured, if Dems win the White House in 2020, it will be brought up here over and over again.
                        Yep, just like the left didn’t care until now.

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                        • #13
                          Originally posted by TonyR View Post

                          Sure, but they would have risen a considerably lesser amount without the tax cuts.
                          Why are tax cuts such a big deficit issue for you people yet spending isn’t? Unless it’s military spending.

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                          • #14
                            Originally posted by spdirty View Post

                            I wouldn’t buy gold it’s too valuable. Stock up on weapons, ammo, non perishables and silver. And build a little community of like minded people that’ll help defend you.
                            Silver puts a bigger target on your back. Think about it. Just one ounce of gold is worth over five pounds of silver. It would be much harder to protect the same value of silver.

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                            • #15
                              Originally posted by Arkie View Post

                              Silver puts a bigger target on your back. Think about it. Just one ounce of gold is worth over five pounds of silver. It would be much harder to protect the same value of silver.
                              But how would you trade gold for items you need in a barter economy? If you need some food or water, you can’t bring an ounce of gold to trade for it.

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