Budget deficit smashes $1 trillion mark

Discussion in 'Politics' started by Tony Stark, Sep 13, 2019 at 1:49 PM.

  1. Tony Stark

    Tony Stark

    https://www.cnbc.com/amp/2019/09/12...trillion-mark-the-highest-in-seven-years.html


    Budget deficit smashes $1 trillion mark, the highest in seven years

    The U.S. government's red ink for fiscal 2019 swelled past the $1 trillion mark in August, the first time that level has been eclipsed in seven years, the Treasury Department reported Thursday.

    The total shortfall rose to nearly $1.07 trillion, thanks to a difference between revenue and expenses of more than $214.1 billion in August. The government last saw that large of a fiscal deficit in 2012, when the gap was nearly $1.1 trillion.

    During his presidential campaign, President Donald Trump promised economic growth that would easily take care of the tax cuts and new spending he planned. His 2017 tax break for corporations and individuals has helped contribute to a deficit that has grown from $584.6 billion in 2016.

    Revenue has accelerated slightly in 2019 to about $280 billion a month, but so have expenditures, which are averaging $377 billion a month, or about $25 billion a month more than in 2018. Last year closed with a $779 billion deficit.

    As the deficit has grown so has the national debt, which is now at $22.5 trillion, up 13% since Trump took office.

    However, the deficit as a percentage of GDP has contracted significantly over the past several years, from a peak of 9.8% in 2009 to about 5% now.
     
  2. Tony Stark

    Tony Stark

    Obama reduced Bushes 1.2 trillion dollar deficit to 585 billion.
     
  3. Buy1Sell2

    Buy1Sell2

    We'd all like to see the deficit go away, but thank you for showing this article that outlines that the tax cuts have created growth in the GDP and in revenue, yet Congreff continues to spend. Also, thanks for showing that the percentage of GDP that corresponds to deficit is lower due to Trump growth. ----You are a useful idiot.
     
  4. Tony Stark

    Tony Stark


    TRUMP INCREASED OBAMAS 585 BILLION DOLLAR DEFICIT TO 1 TRILLION!!!!!!!
     
  5. Buy1Sell2

    Buy1Sell2

    Reader----Congreff spends money, not the president.
     
  6. Tony Stark

    Tony Stark


    Than stop voting for republican presidents.Bush turned Clintons 200 billion dollar surplus to a 1.2 trillion dollar deficit.Trump increased Obamas 585 billion dollar deficit to a 1 trillion dollar deficit.
     
  7. Tony Stark

    Tony Stark

    A republican Congress gave Trump what he asked for.Trump could vetoed spending or had his own sequestration like Obama did.
     
  8. Tony Stark

    Tony Stark


    Like the 3 billion Trump stole for a small part of his wall?
     
  9. Buy1Sell2

    Buy1Sell2

    He couldn't. Obama had severely gutted our military and made us much less safe. Obama's sequestration lowered the deficit while undermining America's safety and position in the world. What needs to happen is to stop raising spending and lower overall spending by 1 percent per year. In 5 years, the budget will balance. Defense spending of course can increase, but cuts in other areas need to be made to bring overall spending down.
     
  10. Buy1Sell2

    Buy1Sell2

    Money was appropriated by Congreff. As Commander in Chief , Mr Trump has the legal right to use those funds for threats to our country like illegal immigration and drug trafficking. It's already been proven in court.