On Thursday morning the CBO released a surprisingly upbeat assessment of Donald Trump's proposed budget, calculating that it would cut the cumulative US deficit by 30% over the next decade, preventing the US debt from spiraling out of control (even further).
That however. may be an overly optimistic assessment, especially following the release of the latest monthly budget data, which showed that not only did the US deficit surge to $90 billion, far above the $38 billion consensus estimate, and a "NM" compared to the $6.3 billion budget surplus in June of last year, but the US also saw the biggest one month outlay on record, at $429 billion, 33% higher than the $323 billion in outlays one years ago.
What prompted this massive surge in outlays?
The biggest reason for the outlier print is that according to Stone McCarthy, outlays increased by roughly $60 billion in "other" items relative to baseline because the Treasury revised up its estimates of the subsidy cost of student loans, and to a lesser extent housing, it guarantees.
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That was thanks to Obama. he should have left the loan business to the banks and not the government.
ReplyDeletepeople that are on the dole...and that is seniors, disability for those who are faking it, welfare, food stamps, etc... medicaid... would never want to help the country by doing better and not taking these hand-outs... eventually the collapse of the US will occur--it's only a matter of time.... then the ones who are the takers will really understand what it's like--there will be no money for them...
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