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Keyword: deficit

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  • Feds Collect Record Individual Income Taxes Through June; Still Run $607B Deficit

    07/13/2018 10:42:22 AM PDT · by Red Badger · 16 replies
    www.cnsnews.com ^ | July 12, 2018 | 10:48 PM EDT | By Terence P. Jeffrey
    The federal government collected a record $1,305,490,000,000 in individual income taxes through the first nine months of fiscal 2018 (October 2017 through June 2018), according to the Monthly Treasury Statement released today. Despite the record individual income tax collections, the federal government still ran a deficit of $607,099,000,000 over those same nine months, according to the Treasury statement. The approximately $1,305,490,000,000 in individual income taxes that the Treasury collected in October through June of this fiscal year was $71,815,310,000 more (in constant June 2018 dollars) than the $1,233,674,690,000 (in constant June 2018 dollars) in individual income taxes that the Treasury...
  • Chinese hotel bumps up rates for Americans by 25 per cent amid trade war (Shenzhen, China)

    07/13/2018 1:59:55 AM PDT · by cba123 · 63 replies
    Business Times ^ | Fri, Jul 13, 2018 - 3:44 PM
    [BEIJING] A hotel in the Chinese city of Shenzhen plans to charge its US guests an extra 25 per cent amid a trade war between Beijing and Washington, according to the Global Times, a tabloid published by the ruling Communist Party's People's Daily. The Modern Classic Hotel Group had put up a notice at its hotel informing guests of the extra charge on American guests, the paper said in a report dated Thursday. "We put up the notice last Friday. Our boss was really angry about the endless tariffs the US planned to impose on China, so we decided to...
  • As Trade War Persists, Mnuchin Says China Talks Have 'Broken Down'

    07/12/2018 8:44:38 PM PDT · by cba123 · 7 replies
    New York Times ^ | 7/12/2018 | By Alan Rappeport and Jim Tankersley
    WASHINGTON — The trade war between the United States and China showed no signs of yielding on Thursday, as Steven Mnuchin, the Treasury secretary, told lawmakers there was no clear path to resolution and Beijing blasted the administration over its approach. (whaah) Trump is doing great. The first US President, who I dare say that about.
  • China 'shocked' by $200 billion tariffs (Youtube of CNBC clip)

    07/11/2018 5:15:03 PM PDT · by cba123 · 32 replies
    Youtube / CNBC ^ | June 11, 2018 | Eunice Yoon
    This is a video clip. From CNBC. With yet more whining from China, about our great president. :D Donald is turning into a great, great, president. Best ever.
  • U.S. Trade Deficit Hits 19-Month Low Due to Record-High Exports

    07/06/2018 4:08:12 PM PDT · by Jim Robinson · 50 replies
    Breitbart ^ | July 6, 2018 | by Joshua Caplan
    The United States trade deficit dropped in May to the lowest level in 19 months as exports rose to a record level. The Department of Commerce announced the May trade deficit — the difference between what America sells and what it buys in foreign markets — decreased 6.6 percent to $43.1 billion — the smallest imbalance since October 2016. Exports climbed 1.9 percent to a record $215.3 billion. Imports were up a smaller 0.4 percent to $258.4 billion. The Trump administration followed through with imposing tariffs on $34 billion in Chinese products on Friday. China retaliated in kind, starting what...
  • Fact Check: Is the Deficit 'Coming Down Rapidly' as Larry Kudlow Claimed?

    06/30/2018 8:25:26 PM PDT · by SeekAndFind · 13 replies
    Weekly Standard ^ | 06/30 | HOLMES LYBRAND
    On Fox Business Channel Friday morning director of the United States National Economic Council Larry Kudlow claimed that the deficit “is coming down, and it’s coming down rapidly.” He said: "As the economy gears up, more people working, better jobs and careers, those revenues come rolling in. And the deficit—which is one of the other criticisms—is coming down, and it’s coming down rapidly. Growth solves a lot of problems. You’ve heard me say this for a very long time." While job growth continues to show strong numbers and revenues have increased from last year, is it inaccurate to suggest that...
  • A Spending Embarrassment

    06/24/2018 11:46:50 AM PDT · by Tolerance Sucks Rocks · 7 replies
    The Wall Street Journal ^ | June 24, 2018 | WSJ Editorial Board
    Republicans have had a rough week, mostly of their own making, and on Wednesday they added to their self-punishment with a spending fiasco in the Senate. Two GOP Senators blocked the Trump Administration’s rescissions package that would claw back $15 billion, much of which wasn’t even likely to be spent under current policy. A Senate procedural vote to move the rescissions package failed 48-50 after defections from Susan Collins of Maine and Richard Burr of North Carolina. From what we’ve heard Ms. Collins wanted to keep the money on ice so if it isn’t spent as part of its current...
  • China Offers to Buy Nearly $70 Billion of U.S. Products to Fend Off Trade Tariffs

    06/05/2018 9:14:18 PM PDT · by Beave Meister · 35 replies
    The Wall Street Journal ^ | 6/5/2018 | Lingling Wei in Beijing and Bob Davis in Washington
    China offered to purchase nearly $70 billion of U.S. farm, manufacturing and energy products if the Trump administration abandons threatened tariffs, according to people briefed on the latest negotiations with American trade officials. In weekend talks in Beijing, Chinese negotiators led by Liu He, President Xi Jinping’s economic envoy, presented a U.S. team headed by Commerce Secretary Wilbur Ross a package that includes Chinese companies buying more U.S. soybeans, corn, natural gas, crude oil, coal and manufactured goods. Chinese and U.S. officials estimated the value of the package at nearly $70 billion in the first year. President Donald Trump has...
  • Pelosi: ‘When There’s a Democratic President, the Deficit Goes Down’

    05/24/2018 9:16:52 PM PDT · by Olog-hai · 68 replies
    Cybercast News Service ^ | May 24, 2018 | 12:51 PM EDT | CNSNews.com Staff
    House Minority Leader Nancy Pelosi said during a “town hall meeting” on CNN on Wednesday night that when there is a Democratic president the federal deficit goes down. “It’s counterintuitive in people’s minds that the Democrats are the deficit reduction folks,” said Pelosi. “But the fact is, you look, when there’s a Democratic president, that the deficit goes down, when the Republicans are in power, they give tax cuts at the high end, all kinds of other things, and the deficit, the debt, the national debt goes up.” The historical data published by the White House Office of Management and...
  • The Trillion-Dollar Myth

    04/17/2018 6:23:52 AM PDT · by Kaslin · 6 replies
    Townhall.com ^ | April 17, 2018 | Stephen Moore
    There is an old saying that you can't teach an old dog new tricks, and we've learned that again with the Congressional Budget Office and its latest highly misleading fiscal forecast. For years, we've been trying to get the CBO to use real-world scoring that reflects how businesses, workers and financial markets react to changes in tax rates. But no go. This is why the left is having a field day with the CBO's forecast that deficits under President Trump will average a trillion dollars a year for the next decade. This is supposed to be a result of Trump's...
  • Ryan: Trillion-dollar deficits were inevitable

    04/15/2018 1:05:07 PM PDT · by yesthatjallen · 73 replies
    The Hill ^ | 04/15/18 | Alexander Bolton
    Speaker Paul Ryan (R-Wis.) says that trillion-dollar deficits could not have been avoided by the GOP-controlled Congress, responding to critics within his party who say that leaders have behaved irresponsibly. “That was going to happen. The baby boomers retiring was going to do that,” Ryan said on NBC’s “Meet the Press” of projections that the country will start running trillion-dollar deficits as soon as 2020. Etc...
  • Trade deficit with China costs 2 mn jobs to US: White House

    03/24/2018 6:30:02 PM PDT · by cba123 · 8 replies
    Tribune India ^ | 03/23/2018 | Posted at: Mar 23, 2018, 8:24 PM; last updated: Mar 23, 2018, 8:24 PM (IST)
    America’s massive trade deficit with China is estimated to have resulted in about two million job losses in the US, the White House has said, defending President Donald Trump’s decision to initiate strong actions against China’s “unfair” trade practices. (please see link, for full article)
  • Ronald Reagan State of the Union (on Budgets and Deficits, 1988)

    03/23/2018 3:19:34 PM PDT · by Hostage · 2 replies
    Joint Session before Congress ^ | January 25, 1988 | Ronald Reagan
    And let's begin by discussing how to maintain economic growth by controlling and eventually eliminating the problem of Federal deficits. We have had a balanced budget only eight times in the last 57 years. For the first time in 14 years, the Federal Government spent less in real terms last year than the year before. We took $73 billion off last year's deficit compared to the year before. The deficit itself has moved from 6.3 percent of the gross national product to only 3.4 percent. And perhaps the most important sign of progress has been the change in our view...
  • Chuck-You Celebrates: The Era of Austerity Is Over

    03/22/2018 2:14:37 PM PDT · by Kaslin · 13 replies
    Rush Limbaugh.com ^ | March 22, 2018 | Rush Limbaugh
    RUSH: Here’s Chuck You Schumer. This is in Washington today on the Senate floor. Audio sound bite No. 24. SCHUMER: Overall, we Democrats are very happy with what we’ve been able to accomplish on a number of very important priorities to the middle class in America: infrastructure, education, opioid treatment, mental health, child care. This spending agreement brings that era of austerity to an unceremonious end and represents one of the most significant investments in the middle class in decades. RUSH: I don’t know, folks. I just want to puke when I hear this stuff. I just want to vomit....
  • Treasury Dept.: The real deficit is twice as big – and getting worse

    02/23/2018 10:03:09 AM PST · by huldah1776 · 23 replies
    Conservative Review ^ | Feb 23, 2018 | Daniel Horowitz
    The largest financial institution in the world – the U.S. government – issued its financial statement just a few days ago, and nobody in Washington seems to care that the deficit is almost twice as large as they once thought. snip In substance-free Washington, the release of the annual financial statements of the U.S. government isn’t a big deal, but it should be. The statements demonstrate that we have gone backward, not forward, with Republicans in charge of all branches of government. According to the annual financial report of the U.S. government published by the Treasury Department, the real deficit...
  • Obama's Real Debt and Deficit Legacy

    02/20/2018 5:55:06 AM PST · by Kaslin · 15 replies
    Townhall.com ^ | February 20, 2018 | Stephen Moore
    Congressional Republicans have been raked over the coals in the last two weeks for slamming through budget caps and inflating government spending and debt by another $300 billion. The criticisms are well-deserved. It's a historical truism that Republicans are much more fiscally conscientious when they are in the minority than when they run Congress. And Republicans tend to be much bigger fiscal hawks when there is a Democratic president than a Republican president -- as we are now witnessing. The only time in half a century that the budget has been balanced was in the late 1990s, when Bill Clinton...
  • A million dollars a minute

    02/18/2018 11:26:07 AM PST · by Tolerance Sucks Rocks · 4 replies
    The Washington Times ^ | February 14, 2018 | Andrew P. Napolitano
    Imagine you open the faucet of your kitchen sink expecting water and instead out comes cash. Now imagine that it comes out at the rate of $1 million a minute. You call your plumber, who thinks you’re crazy. To get you off the phone, he opines that it is your sink and therefore must be your money. So you spend it wildly. Then you realize that the money wasn’t yours and you owe it back. Now imagine that this happens every minute of every day for the next three years. At the end of the three years, you owe back...
  • Drowning in Debt

    02/13/2018 10:37:13 AM PST · by Kaslin · 11 replies
    Townhall.com ^ | February 13, 2018 | Cal Thomas
    In "Hamlet," Shakespeare pens one of the most familiar lines -- and best advice -- ever written. Before Laertes leaves for Paris, his father, Polonius, tells him: "Neither a borrower nor a lender be..." We have ignored that advice for far too long, which is why the U.S. national debt is $20 trillion with more to come, thanks to the Republican Congress, which has passed a two-year spending bill that calls for $300 billion in new spending and removes caps applied by the Budget Control Act of 2011. It's being sold to the public with the highest and purist motives....
  • Trump signs sweeping two-year budget deal

    02/09/2018 6:48:10 AM PST · by COUNTrecount · 147 replies
    NY POST ^ | February 9, 2018 | AP
    <p>Trump tweeted, “Just signed Bill. Our Military will now be stronger than ever before. We love and need our Military and gave them everything — and more. First time this has happened in a long time. Also means JOBS, JOBS, JOBS!”</p>
  • What fueled the budget deal? Cold, hard cash

    02/09/2018 7:03:57 AM PST · by Oldeconomybuyer · 11 replies
    NBC "News" ^ | February 9, 2018 | by JONATHAN ALLEN
    WASHINGTON — Just add cash. That was the ingredient Republican and Democratic leaders on Capitol Hill needed to strike and pass a long-term budget deal after months of bitter fighting across and within party lines about how to spend funds that had been limited by budget caps. An $89 billion injection "changes a lot of votes," explained North Carolina Rep. Mark Meadows, the chairman of Republicans' arch-conservative Freedom Caucus and an opponent of the bill, hours before it passed. And that figure, an important factor in securing the support of lawmakers from the Republican-heavy states of Texas and Florida, only...