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Wednesday, February 07, 2018

Government set to borrow nearly $1 trillion this year, an 84 percent jump from last year

It was another crazy news week, so it's understandable if you missed a small but important announcement from the Treasury Department: The federal government is on track to borrow nearly $1 trillion this fiscal year — President Donald Trump's first full year in charge of the budget.

That's almost double what the government borrowed in fiscal year 2017.

Here are the exact figures: The U.S. Treasury expects to borrow $955 billion this fiscal year, according to a documents released Wednesday. It's the highest amount of borrowing in six years, and a big jump from the $519 billion the federal government borrowed last year.

Treasury mainly attributed the increase to the "fiscal outlook." The Congressional Budget Office was more blunt. In a report this week, the CBO said tax receipts are going to be lower because of the new tax law.



Phronesis said...

Let's trim $985 billion from programs. Don't say that it can't be done.

Anonymous said...

When it comes to spending Trump is not a true conservative. One issue I had with voting for him. This is one of our top issues as a country. The interest is bleeding the books. Unfortunately the majority who also voted for Trump do not understand true conservatism. The political spectrum is changing across the board.

Anonymous said...

That would be easy to do in the defense dept.

Anonymous said...

Start with the military.

Anonymous said...

So we stimulate an economy with a tax cut, heat up inflation and interest rates and put the government in deeper debt which creates more interest payments at a higher rate. So please remind me why we needed a tax cut for the wealthy again??? And to increase the spending caps???
Is this Trumps version of fiscal conservatism?

Anonymous said...

Here is what CAN’T be done:

Borrowing a Trillion US Dollars.
Can’t do it

They will have to counterfeit the US Dollar (debase) just as they have been doing since 1971.

Anonymous said...

60 million people do not understand? Have you talked to them? Liberals say people voted for trump are racist! Apparently we are deplorable also. Whatever!

Anonymous said...

The majority of trump voters seem to only understand bumper stickers and partisan red meat slogans. It should be clear now they dont understand that lolicy decisions should be based on a strong umderstanding of the facts.

Anonymous said...

The debt doesn't matter because everyone in the world realizes none of that debt will ever be paid back. The current US debt will continue to increase ad infinitum until the whole world economy collapses. It's not like it is real money backed by a tangible asset. The only thing backing our money is the good faith of the US government. HaHaHaHaHa (think Dr. Evil in the Austin Powers movies).

Anonymous said...

I agree completely.
The Fed Families want us to think of money printing as "borrowing money" FROM THEM!

Clue: They are printing money out of thin air and buying US Bonds with fiat currency backed by nothing.
They have already destroyed our economy and the economy of the entire world.

This is the real lesson of the evil Richard Nixon. He was a tool of the international bankers.
Ending Bretton Woods was the end of sound money.
But the US had no choice really. They had already counterfeited the currency and the European Countries wanted their gold back.

Steve said...

Lower taxes making us even internationally, offer tax incentives to bring businesses back to US soil, Americans get employed, more people working and less people on welfare = more taxes paid into the US pot.

It doesn't happen overnight, and the transition is painful, but it's a lot less painful than a total economic collapse, which is the only alternative.

Let's all get together and help push this bus instead of stabbing the tires all day long.

superstardebater said...

Historically, when taxes are cut gov't revenue goes up, and vice versa. as JFK, Reagan, and George W. Bush understood, reducing taxes has a stimulative effect on economic activity which leads to an increase in government receipts. You can't argue with history!

So, this article from the Washington Post is simply wrong. No real surprise there since it is the Washington Post.

Anonymous said...

That was the Chicago Tribune