Breaking News: The federal budget deficit is growing faster than expected and will top $1 trillion next year, as President Trump considers more spending.
Growing forecasts for the federal debt come as President Trump is mulling new initiatives that would widen the deficit even further.Emily Cochrane Aug. 21, 2019, 11:11 a.m. ET WASHINGTON — The federal budget deficit is growing faster than expected, even as President Trump openly considers more tax cuts and other ideas that would add to government debt. The deficit will reach $960 billion for the 2019 fiscal year, which ends Sept. 30, and $1 trillion for the 2020 fiscal year, the Congressional Budget Office said in updated forecasts released on Wednesday. Previously, it had projected an $896 billion deficit for 2019 and $892 billion for 2020. Those numbers would be even higher, if not for lower-than-expected interest rates, which are reducing the cost of servicing the national debt. Rising deficit projections are the result of sluggish growth in federal revenue after Mr. Trump’s 2017 tax cuts went into effect, and several bipartisan agreements to raise military and nondefense domestic discretionary spending, which Mr. Trump signed into law. Typically, the budget deficit shrinks when unemployment is low. Mr. Trump’s administration has defied that trend. He has not pushed Congress to enact any of the major cuts to federal spending that he lays out each year in his official budget proposal. His tax cuts have not come close to paying for themselves via faster economic growth, as Republicans promised they would. The budget office said on Wednesday that it expects growth of 2.6 percent this year and 2.1 percent in 2020, well below the more than 3 percent growth the Trump administration has promised for those years. Mr. Trump’s indifference to deficits has shattered his campaign promise to not only balance the budget, but to pay off the entire national debt. And it has left his fellow Republicans, who won deficit-reduction measures under President Barack Obama at a cost to what was still a fragile economic recovery, in a bind. Congressional Republicans have largely gone along with Mr. Trump’s moves to add more debt, even as they insist they will return to shrinking the deficit if Mr. Trump wins a second term in office. The president has mused in recent days about moving to unilaterally reduce capital gains taxes, a move that is estimated to add $100 billion to deficits over the next decade, and to cut payroll taxes, which could reduce revenues by $75 billion a year for every percentage point cut in payroll tax rates. Related Coverage Read more: The New York Times
It's costing less than Hillary's war would have Trump the bankruptcy commander and chief Now that’s what I call a great business man😱. A President that continues to increase the USA debt over a trillion $’s to build up his ego! Borrow borrow borrow the n declare bankruptcy. Find an angel to bail you out. All part of the regular Trumpian business plan that he’s practiced all his life. Except after he’s bankrupted the country there will be no bank or daddy to bail him out. impeachmentnow
You know trump is noted for bankruptcies I somehow think this is a hoax and another attempt at stopping Trumps success ..🤔 you folks all work in cahoots and offer little real information that would benefit America unless it’s divisive, homosexual stuff or an accusation hurled at the President that proves to be lies 🤔
How come he’s not ousted ? How much more damage does he have to do ? What’s happening to our Country ? Just look at this jerk! He supposedly has a very fair amount of money (of course his wife has had an unbelievable amount of work). realDonaldTrump Why doesn’t he do some of those things that would be easing to our eyes a bit!
ChrisCuomo Jim Comey May have been investigating some case details but . Patrick makes NO SENSE! He doesn’t stray to one side or the other! ChrisCuomo CNN Cuomo: this Patrick guy seems to be trying to find the “right” words. Not a good story teller at all! No 3 sentences make any sense. Personally, he sounds like a trump ‘idea maker’ to , well, I don’t know! Then there’s the Don Jr. piece! I don’t trust anything he says!
Surge in corporate debt with negative yields poses risk 'unlike anything' investors have ever seenCorporate debt recently passed the $1 trillion mark in a continuing sign of global financial displacement. if people are dumb enough to buy it, they deserve what they get.. This is where consumers need to watch Lynette Zang Videos. She explains it out. Banks cam hide Bonds, losses, and debt off the books NOW, due to new accounting laws passed. Thus, QE, to banks- to corp- back to banks at bonds 'hidden' Kick da can Donald is happy, American business is heading for his planed recession.
MAGA!!! 😒 The golfing president.. Oh America.... what the fuck He’s bankrupted plenty of his businesses. Next ... Q the dems after 8 years of not caring. Under Republicans control! Congress allocated money. The president isn’t spending anything that they don’t budget. We need to cut spending but implying Trump dictates what money is spent is dishonest
Mark my word, Trump will turn the conversation over to how he's going to reduce the deficit. The old adage, you have to spend money to make money is at play. China and the UN nations will pay for the deficit, and Mexico will pay for the wall. The Big Givive Away. As long as it to the wealthy Workers get in line. Poor need not apply
Big guvmint and deficits are only a problem for the Republicans when Republicans don’t hold power, and for the Democrats only when the Democrats do. Paygo
Norway's $1 trillion sovereign wealth fund grows despite a volatile quarter for marketsThe wealth fund which is capitalized using proceeds from sales of oil is buying more stocks to invest in its portfolio.
I look forward to your headline applauding massive spending cuts after the election. ...and democrats still wanted to spend more. It doesn’t matter how big the deficits go, since the maniac Trump will be dead when all the stuff hits the fan. Future generations don’t matter, only today. The Dems spend just as much , 30 mil for Collusion that didn't exist.
Like in his own business.Digging deeper and deeper. He never paid any taxes as he declared so much losses. Maybe he'll file bankruptcy Fiscal conservative Republicans say what? I can’t hear you, RandPaul! The GOP is a joke. This dude is about to bankrupt the country like he did with his casinos and the Republican party is like:
Sigh So... Why didn't it matter to you sycophants when Obama's numbers were crushing Bush's? Hmmm? You're nothing but a Democrat hack medium and everyone knows it! Your credibility is ZERO. Can't figure out why the American public Can't figure out that republicans are the worst thing in the world for this country's debt
Federal Deficits to Rise More Than Expected Over Next Decade, CBO SaysFederal deficits are projected to grow much more than expected over the next decade thanks to the two-year budget agreement lawmakers and the White House struck last month, the Congressional Budget Office said. Imagine if we did not have to pay for lazy parasites from fecalhole nations. Deficits? Who cares about that Another broken promise from Trump
Trump is delusional.... BlueWave2020 Every president does this Remember when conservatives said deficits and debt were bad, apparently not Republicans suddenly don’t care about deficits. Sure..... That’s absurd! Donald who? Demorats concerned about the National Debt LMAO, LMAO, LMAO, LMAO, LMAO! The FREE EVERYTHING for EVERYBODY Party LMAO, LMAO, LMAO, LMAO, LMAO!
True financial genius. Will someone please teach this guy how to count change? Laurie_Garrett Maybe 45s son, junior, can get us a good loan deal from russia or deutch bank.
Kristina Schulman Explains Why She Kept Blake Horstmann on BiPKristina Schulman confused a lot of fans watching BachelorInParadise, but her explanation for keeping Blake Horstmann is simple. Hey Kristina.. So the other 3 guys that got sent home don’t deserve love? No.. kristinaschulma was Witchy and mean and wanted to see horts suffer watching Hannah and Dylan. She even said 'created his own Hell '
Can we remember how many business he ran into the ground? Hopefully this will lay to rest forever the myth that liberals are spend happy. In the US & in Canada, its Conservatives who raise deficits. Gosh, Republicans are so fiscally responsible. They're all about small government and not spending more than you're making.
Why build up someone else 's house when your own house is falling down,? Everybody in America is breaking The Ten Commandments and committing all the seven deadly sins daily. Well he DID warn you he was the “King of Debt”.... worked out so well for his businesses... Next step: he prints money. May be time to update the breaking news...
What a great President you have GreenlandIsNotForSale realDonaldTrump Rising deficit projections are the result of sluggish growth in federal revenue after President Trump’s 2017 tax cuts went into effect, and several bipartisan agreements to raise military and nondefense domestic discretionary spending
Germany sells nearly $1 billion of 30-year negative yielding bondsGermany sold 30-year bonds at a negative yield for the first time, in another sign of how investors’ desperation for safe assets is inflating their value. To who Who is buying this shit? petrodebt Germ_any
I thought the House controls the purse strings, no That's all you reported during the shutdown. Are THEY not doing their job? Also, what will be the deficit when we have medicare for all, free college,...... KamalaHarris ewarren JulianCastro POTUS SenateGOP RepDebHaaland HouseGOP That’s bc he’s so good with “money” and “deals”, so why not buy Greenland or start a war🤬🤬🤬🤬
Don’t you all know federal deficit doesn’t matter if the President is not Black?!! Incompetent President!!! PegWithEyesOpen Fiscal conservatism is dead. How many times did his companies go bankrupt? Sorry NYT we've heard the tape with your HATE & RACISM narrative planed for the next year so don't believe anything you say!
Nearly 2 years into early retirement, here’s all that I’ve gotten wrongNow the only thing I feel comfortable predicting with confidence is that my future will end up differently than I would have predicted, writes Chris Mamula.
Keep America In Debt. New red hat logo. Only cost you 1 Trillion dollars Guaranteed if Dems win in 2020 you will never see a similar article even as they implode the economy giving free things to everyone Will be his seventh bankruptcy...yeah... One more bankruptcy and he will have 'hit for the cycle'. DanielSerwer Der Psychopath Tramp. Hoffentlich wird noch schlimmer, um seiner Wähler und Anhänger Augen zu öffnen, damit die wissen was für eine misststück Sie gewählt haben!
Where is the outrage from the TeaParty ? Because it was about the deficit and spending, right...? Right? What faster than expected? He will bankrupt this country like everything else he has ever been involved in. But somehow he and his buddies will come out richer. Our taxes will pay. Best its ever been😂🤣🤣🤣😆🤡🤥🤥🤥🤥
The comments from libs to this story are hilarious. We were 10 trillion in debt when Obama took office. We were 21 trillion in debt when he left. Thats 11 trillion in 8 years. Trump has raised the debt 1 trillion in 3 years & you dumbasses think the sky's falling.
Oxymorons: Jumbo shrimp Fiscally responsible politician They are all too spineless to stop any spending or programs, they just keep spending more. Where are SenateGOP and HouseGOP on managing the federal deficit? They have completely abandoned all pretense of fiscal conservatism by bankrolling POTUS and his failed presidency. These greedy and irresponsible clowns all need to be removed from office in 2020.
GOP = fiscal responsibility? Naaaaaaaah.... But sure let’s buy Greenland Can’t believe anything you print you are biased President O’Rourke and the Democratic Congress will have to fix a another Economic Mess created by the Republicans! Will we be able to deflate the amount and or file bankruptcy?!! Hhhhhhmmmm. Oh wait, don’t think so.
usa ppl elected Trump And they suffer his presidency How much of that deficit has gone to DFT account?
Yeap......sounds about right, but hey, at least we get to drink liberal tears right? Goody Fake news. Tax cuts pay for themselves. We clearly must have a budget surplus by now. King of debt doing what he knows best. It's scary how accurate The Simpsons were...... I’m confused by after than expected... pretty sure there were economists predicting this before tax cuts passed.
Congress is responsible for creating the federal government's annual budget Bankruptcy! Half of that is from the costs of his golf trips. (It’s sarcasm, no need to fact check that stat)
The New York Times decides to report on spending after Obama doubled the deficit in two terms on failed green projects, crony capital to his banker buddies and wars in Libya, Syria and Yemen. Good job. In other news, water is wet! Obama left it at 660 billion...trump is nearly doubling the deficit Thanks Obama Obamacare WednesdayThoughts FederalReserve
Gee, I wonder who he’s going to blame for that one? So much winning! Oh wait, this all bigly failed, again, for the millionth time. Conservatism says it’s time to slash social security! Need more tax cuts for billionaires. That will fix everything. Infotainment Todd will prove it on Sunday. Do you think he really care? He said American gov. Just print out the money if the country really needed more money! It costs 2 trillion to get the rich getting richer! And Dow is still not stable! And tax cut for middle class enough for bottle of water!
Conservatives are a joke. Running up a huge deficit. Obama got it down now Trump is blowing it up. Republicans can not be trusted with the economy Civics 101. The Congress writes approves, appropriates and authorizes spending, not the President.
Yeah but no but yeah but no but yeah but no but yeah but Obama Depression here we come Wake up people. He is bankrupting us! Is the tea party waiting for the next Democratic President to be angry about deficits again? The NYT cares about the debt again This is only one of the stories that tRUmp is distracting from today
I’ll eliminate the deficit in eight years. Jk. I’ll rack up huge bills and leave someone else holding the bag. Hey, It’s what I do. Shameful!! What about future generations? Boi bye VoteBlueToEndThisNightmare The Left should love this!!! They’ve never met a tax or a government expenditure they didn’t love!!! The left is all about spending money that isn’t theirs!!!!
realDonaldTrump GOP RandPaul whatever happened to fiscal responsibility. I will never vote Republican again. NEVER! I will work as hard as I can to help elect every single democratic candidate running. Your days in office are numbered. That’s the real reason he’s deflecting with the Denmark saga. How much more will Greenland set us back?
I'm 53 and I've seen this play out before. Republicans spend like crazy trying to sure up an economy they wreck using credit cards and then a Democrat needs to fix it. Our current president is a douche bag, racist, and a huckster. Good going white voters Fiscal conservatism is dead in American politics.
Fiscal Conservatives my foot. Thinking of more tax breaks, wow the future generations really screwed. What happened to republicans being fiscally conservative? And he wants to buy an Island ...... CHANGE IN 2020 !!!!!!!!!! It's all Obama's fault. But the tax cuts to the wealthy were going to pay for themselves! And Mexico is going to pay for the wall! And China pays the tariffs! TrumpLies And my favorite oldie but goodie - 'deficits don't matter' DickCheneyLies GOPLies
How did Trump declare bankruptcy 6+ times? 🤔 .realDonaldTrump I see you are bankrupting the country, just like all of your failed businesses before! winning Or, as democratic hopefuls make it 100x worse with Medicare for all and green new deal No worries. The Democrats will tackle it. It’s a top priority.
CALLING YOURSELF THE SECOND COMING, SUPPORTING 2 MURDEROUS DICTATORS AS FRIENDS, & RIPPING UP NOTES BETWEEN YOU 2, FORGETTING 🇺🇸PAID FOR YOUR TRIP! DEFENDING THE KKK, BULLYING SEXUAL ASSAULT VICTIMS, NRA PUPPET, LOCK KIDS IN CAGES & SEW HATE! FAKE MESSIAH! Where's the self-described purportedly financially responsible GOP ?
skrspooky Remember when Trump promised not only to eliminate the deficit, but he claimed the entire debt would be gone? WhatAMoron Can anyone explain to me why THIS is not the 1 talking point of Dems running for president? Also can somebody locate the deficit hawks in the GOP that screamed for 8 years straight under Obama? Thanks....
Well, I’m sure this will temper many of the spending plans of the Democratic candidates for President...NOT.
Democrats tax and spend. Republicans just spend. That's why we need lower interest rate Anyone else remember when republicans at least pretended to care about the level of spending and deficits?😢 at the same time, those missing trillions reported before 9/11 will be 'accounted for' He said he was the “King of debt”.
did the Tea Party die? A perfect time to buy Greenland 'Deficits don't matter' was proven under Reagan , according to Dick Cheney as they soared under Bush and now under Trump or anytime a Republican is in charge of the cash register. They just want to rid the country of the poor, homeless and the sick to cure all our problems.
Biggest deficit ever! Winning! Amazing, how giving billions of dollars of tax money back to the wealthy can have consequences. Who would’ve guessed? Probably all reasonable economists.
Wow 1 trillion .Obama came in office with 10trillion he left office at 20 trillion ...in the 3 years of trump its now 22 trillion who spent more? Faster than expected? Anyone who has ever balanced a checkbook & lived in the US for more than 20 min knew that SpeakerRyan senatemajldr realDonaldTrump were giving a gift to the rich that would spike the deficit w/ no real benefit to the economy but here we are. Thx clowns.
tedcruz JohnCornyn Thanks to you, Millennials will be paying off this debt. What will you do to make sure my generation isn't paying for your debt? he get money to buy greenland？ womanatmile0 This is what the GOP wants. They want government to fail. They want another recession. The more scared people are the better it is for them, or so they think.
Fiscal conservative my ass. Trump knows bankruptcy and that's where he is leading the US. Putin's plan. GOP: Tax breaks for our wealthy friends! Let it rain! Base: Yea! Also GOP: Gentlemen, we need to spend our way out of this crisis. Base: Yea! Good 🔥🔥
Which party is in charge again? Oh yes Republicans. Trump doing what he does best. Bankrupt anything he touches. I'm shocked to learn that the 'Tea Party' was never about the deficit and always about the black man in the White House. Yeah, where is the Tea Party Checking their 401k’s daily Good thing we had tea party members get elected to combat this deficit....
Considering Trump thinks the Treasury can just print more $ any time it wants this doesnt surprise me. This guy tries to convince everyone he knows so much about economics yet he cant grasp simple concepts such as thats how u weaken the dollar and tariffs end up paid by consumers My guess is SenatorCollins is troubled by this, perhaps even concerned.
The New York Times officially becomes a joke newspaper American budget sponsors (read: taxpayers) should be glad Denmark refused to sell Greenland. If not, who knows where the budget deficit would have ended! If China decides to call her loans to the USA, what would happen Third world War? Trust Fund Trump thinks the Treasury is just like Daddy's checkbook where he spends as much as he wants with no consequences.
And YOU and YOURS get to pay this debt. Unless Mexico pays for it. Or if we win the trade war with China, they will pay for it. Or Trump's best buds in North Korea and Russia pay it. Breaking? More fake news🙄🙄, you guys are so disgusting, open bias!!!! Y’all deficit hawks now? So you're saying the guy who bankrupted multiple casinos and committed tax fraud for decades is spiking the deficit and still has his hand out for more?
OrangeDisaster is going to bankrupt our country like his failed businesses. I democratici si preparano a chiedere lo scalpo di Trump,sperando che non si tratti di un parrucchino. wake up he is running u.s. like his business and he will put u.s, in bankcrupty The GOP has become the do nothing, say nothing, and spend everything party; just the way Trump likes it. The consequences of his policies and rhetoric will impact many generations to come.
Not that anybody believed them at the time, but shouldn't anybody who uttered 'the GOPTaxScam will pay for itself' be placed in stockades and have rotten produce thrown at them? Republican talking points about fiscal responsibility have always been bullshit. Thanks, “fiscal conservatives.” Shocking. The “president” who is bankrupt on every level in business & in his personal life is also horrible with finances. He sees the US as one big giant blank check he will spend into oblivion. Then, when a Dem takes office, Republicans will try to bring up the debt. FFS
What's driving the deficit increase - spending or revenue? Remember when Republicans were the “party of fiscal discipline”? PROMISE MADE... PROMISE FAILED.... LOL fake conservatives realDonaldTrump 1st liar never stands a chance
Trump is going to bankrupt this country just like his businesses The party of fiscal disaster. Maybe those six bankruptcies weren’t just a fluke after all. Look at these liberals spending all of our tax money, *pulls face away from fox*, oh shit.