Posted on 01/28/2019 1:09:52 PM PST by Liberty7732
The Congressional Budget Office projected Monday that the federal deficit will rise to $897 billion in fiscal year 2019 and then will swell to over $1 trillion per year starting in three years.
Those projections represent an improvement over recent ones from the budget office, which is Congress' official nonpartisan agency for budget and economic figures. The picture improved primarily because of a drop in emergency relief spending, which was outsized in 2017 because of several hurricanes and other natural disasters. Interest costs on the debt in 2018 were also lower than previously expected.
Nevertheless, annual deficits will send the federal debt, which represents accumulated deficits, to the highest level as a share of the economy since World War II, according to the projections released on Monday.
Deficits are rising in part because entitlement spending will increase as the population ages, as will the amount of interest the U.S. must pay on its already sizable debt, according to the nonpartisan office. Revenues from taxes are also down following the 2017 tax overhaul.
(Excerpt) Read more at washingtonexaminer.com ...
This was not a problem when Obama was president.
The democrats have learned they can spend any amount of money they want on anything they want— all they have to do is threaten a shutdown.
I think they are lying. The last line states that revenues are down because of the 2017 tax overhaul.
Tax cuts almost always increase revenue. Especially when they kick the economy into high gear like we’ve been running
Yeah, he ran up 1.25 trillion per year but that was ok.
The debate over Trump’s limited wall should demonstrate that politics is nearly all theater, and who gets to sit in some of the seats in Washington.
Otherwise, the US government is flying on auto-pilot, fueled by massive amounts of debt and printed, fiat money. This won’t change, and is beyond any public debate. This can also be considered a key aspect of the term “deep state.”
The debate over Trump’s limited wall should demonstrate that politics is nearly all theater, and who gets to sit in some of the seats in Washington.
Otherwise, the US government is flying on auto-pilot, fueled by massive amounts of debt and printed, fiat money. This won’t change, and is beyond any public debate. This can also be considered a key aspect of the term “deep state.”
obumber was running trillion dollar deficits. How is $897B highest since WWII?
Yet with the economy in high gear we're still running a $900 billion deficit. And climbing. What happens when the economy enters a downturn?
Yay! We’re back to:
“Unexpected!” *DRINK* ;)
“Projections” is the key word here.
5.56mm
Magic you-know-what.
I know, I know ... We'll just print more money, and wonder how the U.S. became Venezuela. Or Greece, if we're lucky.
$897 bil deficit has been reached before, but 21 trillion plus debt compared to the state of our economy is reaching ww2 'levels'.
Here are recent deficits.
Bush
2001 $128 surplus
2002 $158
2003 $378
2004 $413
2005 $318
2006 $248
2007 $161
2008 $458
Obama
2009 $1,413
2010 $1,294
2011 $1,295
2012 $1,087
2013 $679
2014 $485
2015 $438
2016 $585
Trump
2017 $665
2018 $779
How much of the debt is due to illegal immigrants?
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