looking good for the gawd emperor's first full fiscal year. original estimates didn't have us touching 13 figures until 2020.
U.S. Budget Deficit Swells to $898 Billion, Topping Forecast
The U.S. budget deficit widened to $898 billion in the 11 months through August, exceeding the Congressional Budget Office’s forecast for the first full fiscal year under the Trump presidency.
The budget deficit rose by a third in the October to August period from $674 billion in the same timeframe a year earlier, the Treasury Department said in a statement on Thursday. Spending rose by 7 percent to $3.88 trillion, outpacing revenue gains of 1 percent to $2.99 trillion. Revenue from corporations fell to $163 billion, down by $71 billion from a year ago.
The U.S. fiscal gap has continued to balloon under President Donald Trump, raising concerns the country’s debt load, now at $21.5 trillion, is growing out of control. A combination of Republican tax cuts enacted this year -- that will add up to about $1.5 trillion over a decade -- and increased government spending are adding to budget strains.
The White House says the tax cuts will pay for themselves by creating more revenue through faster economic growth. The International Monetary Fund has warned the tax reductions risk putting the nation’s debt on an unsustainable path and could cause the economy to overheat.
The 2017 fiscal gap was $666 billion, up from $586 billion a year earlier, according to the Treasury department. The CBO, a non-partisan congressional research body, estimated in April that the budget deficit for the entire fiscal year would increase to $804 billion, before widening to $981 billion in fiscal 2019 and topping $1 trillion in 2020.
Before the CBO incorporated tax cuts and spending hikes into its projections, the group forecast the U.S. deficit would exceed $1 trillion by 2022.
Revenue is still up despite the tax cut so don't see how it's related. Still a spending issue...not a tax cut issue. Giving more money to the government isn't a good thing. Allowing business and individuals to keep it is always better.
The deficit still existed under Obama so I don't really see how that's a positive. Going down or not...it's still a deficit...and it's growing.There are graphs showing the debt increasing shit tons under Obama. The "percent of GDP" is really a BS number.
Anyway, mainstream keynesian economists say that deficit spending promotes economic growth. Just following their advice.
I agree that the deficit and debt are a really big problem. I wish the democrats would spend 1/100th of their focus on it and how they'll fix it long term instead of racism, sexism, virtue signalling, etc
Always has me rollin' when these leftists complain about deficit/debt while begging for bigger government. The federal gov't stole $3.32 trillion in 2017 and it is estimated it will steal even more in 2018 and 2019 under Trump's tax plan
There is no such thing as a "fiscal conservative." The Republican presidents that we actually get do two things that make that impossible by on the one hand cutting taxes and on the other hand increasing military spending. You can do one or the other but not both. Any politician that pretends you can spend all of this money while cutting taxes is just a liar. Can't have it both and people are fools to believe that they can.
Unfortunately, most of them that label themselves as such are dirty ****ing liars.
The spending is a non partisan issue despite the fact that clowns on both sides point the finger at the other.
This country is going to collapse because of its debt and I literally can’t wait. We will never have a balanced budget until THE PEOPLE change their minds on what the role of government actually should be. And that’s not going to happen... so...