U.S. cruises toward record-breaking debt on Trump's watch
Source: Politico
By SARAH FERRIS 06/26/2018 11:01 AM EDT
The nations fiscal outlook looks ever bleaker, thanks in part to deficit spending during President Donald Trumps 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
jpak
(41,761 posts)PaulX2
(2,032 posts)Coming soon!
Still In Wisconsin
(4,450 posts)I'm so sick of all the winning!
beachbum bob
(10,437 posts)Trump tax cuts, bush/Cheney tax cuts and finally cut he programs we pay for...
November 6th looms large
hibbing
(10,117 posts)Now comes the hang wringing about debt and deficits.
Peace
IronLionZion
(45,680 posts)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)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)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)It's alright as long as interest rates remain low - but if they climb, that's trouble.
BlueJac
(7,838 posts)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)If Mueller doesn't come through......well. I have lost hope
iluvtennis
(19,913 posts)world wide wally
(21,762 posts)Making promises. Keeping promises.
ancianita
(36,245 posts)Response to DonViejo (Original post)
Name removed Message auto-removed
OMGWTF
(3,994 posts)DoctorJoJo
(1,134 posts)... just like it did in Kansas!
BigmanPigman
(51,675 posts)like Climate Change. The GOP doesn't care about any generation except for their own of course. Selfish, greedy hypocrites!
Sunlei
(22,651 posts)people have to vote like their lives depends on it...because the vote does!
ffr
(22,683 posts)Conservatives and balanced budget have never, I repeat, never have gone hand in hand.
Thanks MAGA and anti-democracy voters!
onecent
(6,096 posts)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)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