U.S. Deficit Increases to $587 Billion, Ending Downward Trend

New York Times ^ | Oct. 14, 2016 | Jackie Calmes

[Olog-hai]

The Obama administration confirmed on Friday that a six-year run of declining annual budget deficits had halted: The shortfall for the fiscal year that ended Sept. 30 was $587 billion, an increase over last year in dollars and as a percentage of the economy.

The uptick, which had been projected last winter by government analysts, largely reflected the revenue loss from expiring tax breaks for businesses and individuals that Congress extended in December. President Obama had proposed to pair the tax cuts with some tax increases on wealthy Americans, to avoid adding to the deficit, but Congress refused.

The $587 billion deficit for fiscal year 2016 is equivalent to 3.2 percent of the gross domestic product, the measure of the overall output of the economy. The previous year’s deficit was $438 billion, or 2.5 percent of G.D.P. — a reduction of three-quarters from the level amid the recession at the end of the George W. Bush administration. …

[Olog-hai]

Even eight years later, the Slimes still brings up Bush.

[PGalt]

“While the tax cuts were the immediate cause of the return to rising annual deficits, budget shortfalls long had been forecast to climb unsustainably...”

Socialism is unsustainable.

DEPOPULATE criminals, conmen, collectivists, Clintons, liars, looters, scumbags, socialists, tyrants, totalitarians from the body politic.

DEFUND their collectives, foreign and domestic.

live - free - republic

[Attention Surplus Disorder]

Denninger say the actual deficit is 1.4 trillion.

https://market-ticker.org/

[Rashputin]

Um, we're in a hole, a deep hole.

"Downward Trending", downward trending, . . . .

That's not the same thing as, "Stop digging !!!", is it?

[Vineyard]

ASD is correct, and anyone can verify by going to the US Treasury web site (google “DEBT TO THE PENNY”)- and look at the debt on 9/30/2015 - end of Fiscal Year 2015, then look at the debt on 9/30/2016 - end of FY 2016 - subtract numbers...and you will find the debt has gone up OVER $1.4 Trillion. [This way...no one can complain the data comes from a Right Wing Web Site that makes things up.]

[AnthonySoprano]

-
The Deficit is a trick. It's a way to avoid speaking of the DEBT.

The Debt is the Iceberg ahead.

[Bernard]

The previous year’s deficit was $438 billion, or 2.5 percent of G.D.P.

And about 35% of Federal revenues. If there was a Sarbanes-Oxley reporting law surrounding the federal government that was actually enforced, half or more of the career politicians would be in jail.