US Politics in Trump era Public date: 03.10.2019 13:07:34

22 Aug 2019

U.S. deficit to expand by more than $800 billion over 10 years than previously expected, CBO says

America’s federal deficit will expand by about $800 billion more than previously expected over 10 years due primarily to two legislative packages approved this year, pushing the nation further into levels of debt unseen since the end of World War II, the Congressional Budget Office said Wednesday. The CBO also said that the impact of higher trade barriers, primarily President Trump’s trade war, could hurt economic growth amid widespread fears of a recession.
America’s federal deficit will expand by about $800 billion more than previously expected over 10 years due primarily...
20 Aug 2019

Alaska shows why budget-cutting conservatives are destined to fail

National conservative leaders are pushing for President Trump to take an ax to federal spending if he is reelected. This year’s ongoing Alaska budget crisis shows how politically unpopular that would be. Alaska has been spending beyond its means for years. The state levies no statewide personal income or sales tax and instead relies mainly on revenue from oil production to finance its state government.
National conservative leaders are pushing for President Trump to take an ax to federal spending if he is reelected. This...
10 Jul 2019

Treasury could breach debt ceiling in first half of September, much sooner than previously thought

The U.S. government could run out of money to pay all of its bills by early September if Congress doesn’t rush to raise the debt ceiling, a think tank said Monday, a time frame that could force lawmakers to act much sooner than planned. The Bipartisan Policy Center said that the Treasury Department could breach the borrowing limit in two months because the government has brought in far less tax revenue this year than was projected.
The U.S. government could run out of money to pay all of its bills by early September if Congress doesn’t rush to...
4 Jul 2019

Radical Republican Tax Cuts are Bankrupting the Nation

Thanks to Donald “I’m the King of Debt” Trump, our federal government’s debt is rising much faster than under President Barack Obama despite Trump’s frequent assertions that the economy is much better now that he is in the White House. And that $300 per month of added debt you owe via our Uncle Sam is scheduled to grow and grow.
Thanks to Donald “I’m the King of Debt” Trump, our federal government’s debt is rising much faster than under...
23 Mar 2019

US budget deficit hits record $234 billion in February, national debt

The US posted a record budget deficit in the month of February, according to a new report form the Treasury Department. The budget deficit for February came in at $234 billion, according to the Treasury, higher than the previous monthly record of $231.7 billion set in 2012. The deficit was also 8.7% higher than the $215.2 billion deficit posted in February 2018.
The US posted a record budget deficit in the month of February, according to a new report form the Treasury Department....
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7 Mar 2019

U.S. posted record-breaking $891 billion goods trade deficit in 2018, despite Trump’s ‘America First’ policies

The Commerce Department said Wednesday that — despite more than two years of President Trump’s “America First” policies — the United States last year posted a $891.2 billion merchandise trade deficit, the largest in the nation’s 243-year history.
The Commerce Department said Wednesday that — despite more than two years of President Trump’s “America First”...

Publisher: Vox

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11 Dec 2018

Speaker Paul Ryan retires: his legacy is debt and disappointment

House Speaker Paul Ryan’s legacy can be summed up in just one number: $343 billion. That’s the increase between the deficit for fiscal year 2015 and fiscal year 2018 — that is, the difference between the fiscal year before Ryan became speaker of the House and the fiscal year in which he retired. If the economy had fallen into recession between 2015 and 2018, Ryan’s record would be understandable. But it didn’t. I
House Speaker Paul Ryan’s legacy can be summed up in just one number: $343 billion. That’s the increase between the...
26 Nov 2018

Trump demands action to reduce deficit, pushes new deficit spending

President Trump is demanding top advisers craft a plan to reduce the country’s ballooning budget deficits, but the president has flummoxed his own aides by repeatedly seeking new spending while ruling out measures needed to address the country’s unbalanced budget.
President Trump is demanding top advisers craft a plan to reduce the country’s ballooning budget deficits, but the...

Publisher: Bloomberg

Author:

15 Nov 2018

US Budget Deficit 2018: $100.5B In Oct, 60% Increase Over 2017

The U.S. recorded a $100.5 billion budget deficit in October, an increase of about 60 percent from a year earlier, as spending grew twice as fast as revenue. The deficit widened from $63.2 billion in the same month last year, the department said in an emailed statement on Tuesday. October marks the start of the U.S. fiscal year.
The U.S. recorded a $100.5 billion budget deficit in October, an increase of about 60 percent from a year earlier, as...

Publisher: Newsweek

Author:

17 Oct 2018

Mitch McConnell Calls for Social Security, Medicare, Medicaid Cuts After Passing Tax Cuts, Massive Defense Spending

After instituting a $1.5 trillion tax cut, the Senate majority leader said Tuesday that the only way to lower the record-high federal deficit would be to cut entitlement programs.
After instituting a $1.5 trillion tax cut, the Senate majority leader said Tuesday that the only way to lower the...

Publisher: NYTimes

Author:

17 Oct 2018

No, Trump’s Tax Cut Isn’t Paying for Itself (at Least Not Yet)

The Treasury Department released figures on Monday showing the federal budget deficit widened by 17 percent in the 2018 fiscal year, to $779 billion. That’s an unusual jump for a year in which unemployment hit a five-decade low and the economy experienced a significant economic expansion. But the increase demonstrates that the tax cuts President Trump signed into law late last year have reduced federal revenues considerably, even against the backdrop of a booming economy.
The Treasury Department released figures on Monday showing the federal budget deficit widened by 17 percent in the 2018...
26 Sep 2018

As Debt Rises, the Government Will Soon Spend More on Interest Than on the Military

The federal government could soon pay more in interest on its debt than it spends on the military, Medicaid or children’s programs. The run-up in borrowing costs is a one-two punch brought on by the need to finance a fast-growing budget deficit, worsened by tax cuts and steadily rising interest rates that will make the debt more expensive.
The federal government could soon pay more in interest on its debt than it spends on the military, Medicaid or...

Publisher: Forbes

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12 Aug 2018

Trump’s Economic Scorecard: Higher Inflation, Flat Wages And A Ballooning Federal Deficit

In the past few days, new economic reports have come out that don’t paint a very rosy picture for a number of economic items. While GDP hit 4.1% for the June quarter, but only 2.9% year over year, and the unemployment rate is hovering at all-time lows, inflation continues to increase, real wages are stagnant and the federal budget deficit is ballooning
In the past few days, new economic reports have come out that don’t paint a very rosy picture for a number of economic...
26 Jul 2018

When Paul Ryan leaves government, the federal deficit will be $1.2 trillion higher than when he arrived

The House speaker is a deficit hawk, you see, because of his long-standing crusade for lower federal budget deficits. It has been the cause with which the Wisconsin Republican has been associated for most of his career since getting to Capitol Hill in 1999 — cutting spending and bringing the budget under control. However, under Ryan’s tenure as speaker, the deficit will have more than doubled.
The House speaker is a deficit hawk, you see, because of his long-standing crusade for lower federal budget deficits. It...

Publisher: NYTimes

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25 Jul 2018

How the Trump Tax Cut Is Helping to Push the Federal Deficit to $1 Trillion

The amount of corporate taxes collected by the federal government has plunged to historically low levels in the  first six months of the year, pushing up the federal budget deficit much faster than economists had predicted. The reason is President Trump’s tax cuts. The law introduced a standard corporate rate of 21 percent, down from a high of 35 percent, and  allowed companies to immediately deduct many new investments.
The amount of corporate taxes collected by the federal government has plunged to historically low levels...
30 Jun 2018

Trump’s top economics adviser lies about ‘rapidly’ falling budget deficit

Larry Kudlow, the director of the National Economic Council, said that the deficit is “coming down rapidly” in a Friday morning appearance on Fox Business.The problem for President Trump’s top economic adviser is that the deficit is actually rising.
Larry Kudlow, the director of the National Economic Council, said that the deficit is “coming down rapidly” in a...
6 Jun 2018

A crucial Medicare trust fund will run out three years earlier than predicted

The financial future of the part of Medicare that pays older Americans’  hospital bills has deteriorated significantly, according to an annual government report that forecasts that the trust fund will be depleted by 2026 — three years sooner than expected a year ago. According to the report, less money will be flowing into the hospital-care trust fund in part because the tax law passed this year will cause the government to collect less in income taxes.
The financial future of the part of Medicare that pays older Americans’  hospital bills has...

Publisher: Forbes

Author:

21 May 2018

Trump May Be The Most Fiscally Reckless President In American History

ُThink about why Trump is asking for rapid action on the 2019 appropriations: He wants even more spending. Even though his policies have spiked the annual budget deficit to a new normal of a $1 trillion (with $2 trillion  definitely within view) and interest rates are now starting to go up in large part because of his out-of-sync-with-the-economy stimulative fiscal policy, Trump is demanding that federal spending and the government's red ink be increased even further.
ُThink about why Trump is asking for rapid action on the 2019 appropriations: He wants even more spending....

Publisher: Forbes

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16 Apr 2018

On The Deficit, GOP Has Been Playing Us All For Suckers

Think about this. The same congressional Republicans who over the previous eight years wanted everyone to believe they were fiscal conservatives hell-bent on balancing the budget and not increasing the national debt, sponsored, passed and then danced around the fire because of legislation that will result in a permanent $1 trillion deficit and a debt that will soar to close to 100 percent of GDP by 2028.
Think about this. The same congressional Republicans who over the previous eight years wanted everyone to believe...

Publisher: NYTimes

Author:

10 Apr 2018

Federal Budget Deficit Projected to Soar to Over $1 Trillion in 2020

The national debt, which has exceeded $21 trillion, will soar to more than $33 trillion in 2028, according to the budget office. By then, debt held by the public will almost match the size of the nation’s economy, reaching 96 percent of gross domestic product, a higher level than any point since just after World War II and well past the level that economists say could court a crisis.
The national debt, which has exceeded $21 trillion, will soar to more than $33 trillion in 2028, according...
12 Feb 2018

White House Proposes $4.4 Trillion Budget That Adds $7 Trillion to Deficits

President Trump on Monday sent Congress a $4.4 trillion budget with steep cuts in domestic programs and entitlements, including Medicare, and large increases for the military, envisioning deficits totaling at least $7.1 trillion over the next decade. The blueprint, which has little to no chance of being enacted as written, amounts to a vision statement by Mr. Trump, whose plan discards longtime  Republican orthodoxy about balancing the budget, instead embracing last year’s $1.5 trillion tax cut and new spending on a major infrastructure initiative.
President Trump on Monday sent Congress a $4.4 trillion budget with steep cuts in domestic programs and...

Publisher: NYTimes

Author:

11 Feb 2018

Liberals Wanted Fiscal Stimulus. Conservatives Delivered It.

Left-leaning economists hate the timing and the composition. But the expansionary fiscal policy they sought is on the way. The fiscal austerity that drove the budget deficit from around 9 percent of G.D.P. in 2010 to 3 percent in 2016 has, for practical purposes, been abandoned. First, Republicans passed a $1.5 trillion tax bill in December that sharply cut rates on businesses. Then last week they made a deal to undo budget caps demanded by the Republican House in 2011. President Trump signed that bill on Friday.
Left-leaning economists hate the timing and the composition. But the expansionary fiscal policy they sought is on the...
9 Feb 2018

Republicans are completely reversing themselves on the deficit

Republican lawmakers in 2011 brought the U.S. government to the brink of default, refused to raise the debt ceiling,  demanded huge spending cuts, and insisted on a constitutional amendment to balance the budget. On Wednesday, they  formally broke free from those fiscal principles and announced a plan that would add $500 billion in new spending over two years and suspend the debt ceiling until 2019.
Republican lawmakers in 2011 brought the U.S. government to the brink of default, refused to raise the debt...

Publisher: CNBC

Author:

5 Feb 2018

Treasury set to borrow nearly a trillion in 2018 and more beyond

Last week, in a development first reported by The Washington Post, the Treasury Department quietly released data estimating its 2018 borrowing needs would check in at $955 billion, then top $1 trillion in the next two fiscal years.  Those sums are considerably higher than last year's $519 billion in debt issued, and an upward revision to estimates released by the Treasury in late 2017.
Last week, in a development first reported by The Washington Post, the Treasury Department quietly released data...

Publisher: NYTimes

Author:

5 Dec 2017

Republicans Sought to Undercut an Unfavorable Analysis of the Tax Plan

In 2015, Republicans changed the budget rules in Congress so that official scorekeepers would be required to analyze the potential economic impact of major legislation when determining how it would affect federal revenues. But on Thursday, hours before they were set to vote on the largest tax cut Congress has considered in years, Senate Republicans opened an assault on that scorekeeper, the Joint Committee on Taxation, and its analysis, which showed the Senate plan would not, as lawmakers contended, pay for itself but would add $1 trillion to the federal budget deficit.
In 2015, Republicans changed the budget rules in Congress so that official scorekeepers would be required to...

Publisher: Vox

Author:

3 Dec 2017

Republican tax bill shows the GOP’s debt panic was a fraud

There is a long-running, almost metaphysical, argument about the GOP’s deficit hawkery. One school of thought holds that it has always been pure cynicism. Republicans passed the Bush tax cuts without offsets and paid for neither Medicare Part D nor the Iraq War. When they began decrying the deficit and debt during President Obama’s administration, under this theory, it was nothing but opportunistic political attacks, and it was obvious they would be abandoned as soon as Republicans regained power.
There is a long-running, almost metaphysical, argument about the GOP’s deficit hawkery. One school of thought holds...

Publisher: NYTimes

Author:

2 Dec 2017

Senate Republicans Pass Sweeping Tax Bill

Speaking on the Senate floor ahead of the vote, Senator Chuck Schumer, Democrat of New York and the minority leader, called the Republican approach “a process and a product that no one can be proud of and everyone should be ashamed of.” He went on to warn that changes made to the bill “under the cover of darkness” would “stuff even more money into the pockets of the wealthy and the biggest corporations while raising taxes on millions in the middle class.”
Speaking on the Senate floor ahead of the vote, Senator Chuck Schumer, Democrat of New York and the minority leader,...

Publisher: The Intercept

Author:

17 Oct 2017

Koch Brothers’ Internal Strategy Memo on Selling Tax Cuts: Ignore The Deficit

The billionaire brothers Charles and David Koch spent much of the eight years of the Obama presidency stoking fears about the budget deficit. Now that Republicans control all levers of power in Washington and the Koch brothers are poised to reap a windfall of billions of dollars through tax cuts, they have a new message: Don’t worry about the deficit.
The billionaire brothers Charles and David Koch spent much of the eight years of the Obama presidency...
12 May 2017

Donald Trump Tries to Explain Economics to The Economist. Hilarity Ensues.

Donald Trump has now spent enough time listening to Republican economic advisers that he can give an interview to The Economist in which he attempts to regurgitate the ideas that have been fed him. At various points in the interview, Trump tries and fails to think of the word “reciprocity.” (“We need reciprocality in terms of our trade deals,” he asserts.) Asked to flesh out his vision for a fair NAFTA in more detail, he can only come up with synonyms for “big”:
Donald Trump has now spent enough time listening to Republican economic advisers that he can give an interview to...
14 Mar 2017

Health Bill Would Add 24 Million Uninsured but Save $337 Billion, Report Says

The judgment by the Congressional Budget Office did not back up the president’s promise of providing health care for everyone but may help bring in rebellious conservatives. The House Republican plan to replace the Affordable Care Act would increase the number of people without health insurance by 24 million by 2026, while slicing $337 billion off federal budget deficits over that time, the nonpartisan Congressional Budget Office said Monday.
The judgment by the Congressional Budget Office did not back up the president’s promise of providing health care for...

Publisher: NYTimes

Author:

24 Jan 2017

Federal Debt Projected to Grow by Nearly $10 Trillion Over Next Decade

After seven years of fitful declines, the federal budget  deficit is projected to begin swelling again, adding nearly $10 trillion to the federal debt over the next 10 years, according to projections from the nonpartisan Congressional Budget Office that reveal the strain that government debt will have on the economy as  President Trump embarks on plans to slash taxes and ramp up spending.
After seven years of fitful declines, the federal budget  deficit is projected to begin swelling again, adding...
14 Jan 2017

Hypocrite Republicans Vote To Add $10 Trillion Onto US National Debt

In a stunning move, the Republican-led U.S. Senate has just passed a  concurrent budget resolution that will increase the federal debt by a whopping 10 trillion dollars. Under the questionable leadership of Senate Majority Leader Mitch McConnell, the Senate voted to authorize a national debt of over $29 trillion over the next years.
In a stunning move, the Republican-led U.S. Senate has just passed a  concurrent budget resolution that will...

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