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DonViejo

(60,536 posts)
Tue Jun 26, 2018, 03:35 PM Jun 2018

U.S. cruises toward record-breaking debt on Trump's watch

Source: Politico



By SARAH FERRIS 06/26/2018 11:01 AM EDT

The nation’s fiscal outlook looks ever bleaker, thanks in part to deficit spending during President Donald Trump’s first term, Congress’ nonpartisan budget scorekeeper projected Tuesday.

Within 16 years, the federal deficit is expected to be the largest in history, outpacing even the fiscal shortfalls that followed World War II, according to Congressional Budget Office estimates.

Congress’ recent tax and spending laws — along with ballooning costs of programs like Social Security and Medicare — also are driving up the amount the government pays in interest on money borrowed to make up for the gap in cash coming in and going out.

Indeed, those interest payments will exceed the cost of all Social Security spending within decades, CBO predicts. Interest costs also will be higher than discretionary spending, which amounts to all federal dollars Congress controls.



Read more: https://www.politico.com/story/2018/06/26/cbo-federal-deficit-break-records-651929

22 replies = new reply since forum marked as read
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U.S. cruises toward record-breaking debt on Trump's watch (Original Post) DonViejo Jun 2018 OP
So much winning! jpak Jun 2018 #1
And The Wealthy Need More Tax Cuts!!! PaulX2 Jun 2018 #8
Donald J TRUMP, bankruptcy king of New York, now bankrupting the entire USA! Still In Wisconsin Jun 2018 #2
The excuse to cut social security, Medicare, Medicaid.. beachbum bob Jun 2018 #3
This hibbing Jun 2018 #17
I heard a lot about the debt a few years ago IronLionZion Jun 2018 #4
Remember the "Debt Commission"? 7962 Jun 2018 #12
That's for sure. Ohioboy Jun 2018 #18
$21 trillion now - $30 trillion by 2025 unless Cheeto's top-bracket giveaway is repealed. sandensea Jun 2018 #5
That is Trump's MO BlueJac Jun 2018 #6
This will justify his social service cuts janterry Jun 2018 #7
Puttie Wootie is quite happy as the US' stature in the world goes down and down. iluvtennis Jun 2018 #9
Please Mr President. No more winning. We're so tired of winning. world wide wally Jun 2018 #10
Fuck all this winning. ancianita Jun 2018 #11
Message auto-removed Name removed Jun 2018 #13
Time for another Great Republican Recession OMGWTF Jun 2018 #14
Not to Worry--Pretty Soon the Money Will Come Trickling Down, ... DoctorJoJo Jun 2018 #15
This will be the burden of the next generation BigmanPigman Jun 2018 #16
all Repubs & wealthy kids want to be "Massas" and there's not enough massa positions Sunlei Jun 2018 #22
I'm waiting for budget-wonk, conservative Paul Ryan, to step in any minute to save the day. ffr Jun 2018 #19
Well who WOULD HAVE KNOWN....that Dotard was going to skim every dollar he could find onecent Jun 2018 #20
USA on track-add couple million people to Repubs FOR PROFIT concentration camps Sunlei Jun 2018 #21
 

Still In Wisconsin

(4,450 posts)
2. Donald J TRUMP, bankruptcy king of New York, now bankrupting the entire USA!
Tue Jun 26, 2018, 03:42 PM
Jun 2018

I'm so sick of all the winning!

 

beachbum bob

(10,437 posts)
3. The excuse to cut social security, Medicare, Medicaid..
Tue Jun 26, 2018, 03:44 PM
Jun 2018

Trump tax cuts, bush/Cheney tax cuts and finally cut he programs we pay for...

November 6th looms large

IronLionZion

(45,680 posts)
4. I heard a lot about the debt a few years ago
Tue Jun 26, 2018, 03:47 PM
Jun 2018

while a different administration was lifting this country out of a bad recession. But haven't heard much recently since fat cats have been lapping up their tax cuts while cutting spending on social programs.

Expect draconian austerity measures soon when the Trump recession hits and there's no money to help.

 

7962

(11,841 posts)
12. Remember the "Debt Commission"?
Tue Jun 26, 2018, 05:28 PM
Jun 2018

Came out with a detailed list of options to deal with the debt. And all were promptly ignored. Because they're tough choices to be made and no one wants to do it.

Ohioboy

(3,250 posts)
18. That's for sure.
Tue Jun 26, 2018, 06:01 PM
Jun 2018

They're getting theirs who cares. A lot of the credit Trump is now getting now for the economy is due to trends under Obama, low employment etc. Trump will destroy any and all progress made however, just give him time. He'll blame it on everyone else as usual.

sandensea

(21,738 posts)
5. $21 trillion now - $30 trillion by 2025 unless Cheeto's top-bracket giveaway is repealed.
Tue Jun 26, 2018, 03:48 PM
Jun 2018

It's alright as long as interest rates remain low - but if they climb, that's trouble.

BlueJac

(7,838 posts)
6. That is Trump's MO
Tue Jun 26, 2018, 03:50 PM
Jun 2018

Bankrupt what ever he is running and walk away! I can't hope for anything with Democratic leaders asking for civil actions against the first Dictator in American history! Unfucking real!

 

janterry

(4,429 posts)
7. This will justify his social service cuts
Tue Jun 26, 2018, 04:03 PM
Jun 2018

If Mueller doesn't come through......well. I have lost hope

Response to DonViejo (Original post)

BigmanPigman

(51,675 posts)
16. This will be the burden of the next generation
Tue Jun 26, 2018, 05:45 PM
Jun 2018

like Climate Change. The GOP doesn't care about any generation except for their own of course. Selfish, greedy hypocrites!

Sunlei

(22,651 posts)
22. all Repubs & wealthy kids want to be "Massas" and there's not enough massa positions
Wed Jun 27, 2018, 05:21 AM
Jun 2018



people have to vote like their lives depends on it...because the vote does!

ffr

(22,683 posts)
19. I'm waiting for budget-wonk, conservative Paul Ryan, to step in any minute to save the day.
Tue Jun 26, 2018, 06:05 PM
Jun 2018

Conservatives and balanced budget have never, I repeat, never have gone hand in hand.



Thanks MAGA and anti-democracy voters!

onecent

(6,096 posts)
20. Well who WOULD HAVE KNOWN....that Dotard was going to skim every dollar he could find
Tue Jun 26, 2018, 06:30 PM
Jun 2018

somewhere.....and it's gone now....

I am 73, was hoping our grandkids, and great grandkids could get out of debt someday

NOT IN THE NEXT 50 YEARS..

Sunlei

(22,651 posts)
21. USA on track-add couple million people to Repubs FOR PROFIT concentration camps
Wed Jun 27, 2018, 05:14 AM
Jun 2018

won't be any STATE OR FEDERAL taxpayer money left for use by "The People" if Republican party continues to stuff the pockets of the Corporations that run the profitable USA concentration camps

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