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DonViejo

(60,536 posts)
Wed Feb 7, 2018, 01:34 PM Feb 2018

Trillion-dollar deficits will hit sooner than expected

Source: CNN-Money




by Jeanne Sahadi @CNNMoney
February 7, 2018: 12:05 PM ET

Trillion-dollar-plus deficits were the hallmark of the financial and economic crisis a decade ago.

Now they'll be making a comeback -- this time during a very healthy economy -- and years sooner than expected.

It was only eight months ago that the Congressional Budget Office projected that deficits would again cross the $1 trillion threshold in 2022.

Now the Committee for a Responsible Federal Budget estimates that will happen next year.

In the meantime, the Treasury Borrowing Advisory Committee expects the federal government will need to borrow $955 billion in fiscal year 2018, which ends on September 30. That's nearly twice what it borrowed the year before.



Read more: http://money.cnn.com/2018/02/07/news/economy/rising-deficits/index.html?adkey=bn

9 replies = new reply since forum marked as read
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Trillion-dollar deficits will hit sooner than expected (Original Post) DonViejo Feb 2018 OP
I'm Sure All The Corporations Will Help Out SoCalMusicLover Feb 2018 #1
Corporations are going to find out the hard way that all of ... SWBTATTReg Feb 2018 #2
Who could have foreseen this? UpInArms Feb 2018 #3
Good time for an expensive unnecessary celebratory parade Freethinker65 Feb 2018 #4
Kick and recommend for visibility of this evil. bronxiteforever Feb 2018 #5
So much winning! tanyev Feb 2018 #6
Which ties in neatly with this. Egnever Feb 2018 #7
It must be Obama's fault. nt procon Feb 2018 #8
or Hillary's! riversedge Feb 2018 #9
 

SoCalMusicLover

(3,194 posts)
1. I'm Sure All The Corporations Will Help Out
Wed Feb 7, 2018, 01:37 PM
Feb 2018

All the stimulation provided by those Corporate tax cuts, and Estate Tax cuts, will help ease the pain.

LOL!!

SWBTATTReg

(22,174 posts)
2. Corporations are going to find out the hard way that all of ...
Wed Feb 7, 2018, 01:42 PM
Feb 2018

these supposed savings are going to disappear w/ the reappearance of inflation. Remember back in the '70s and '80s, the ugly specter of inflation? Interest rates are going to go up, as demand for money goes up, and w/ inflation, interest costs will go up, across the entire board. Stock Markets will see this and of course react.

 

Egnever

(21,506 posts)
7. Which ties in neatly with this.
Wed Feb 7, 2018, 02:01 PM
Feb 2018

This Is The Real Reason The GOP Doesn't Want To Do A Budget This Year

Not doing a budget resolution means there can't be reconciliation, and without reconciliation the biggest parts of the GOP's legislative agenda will be virtually impossible to enact. This includes a "technical corrections" tax bill, House Speaker Paul Ryan's (R-WI) intense desire to cut Medicaid and other mandatory programs and most of the Trump infrastructure plan. It also means that the White House and congressional Republicans have to give up whatever remains of their plan to repeal the Affordable Care Act. In other words, the GOP can't be making the decision not to do a budget — basically the equivalent of admitting that Congress and the White House aren't going to accomplish much of anything significant this year — without a great deal of thought.

So why isn't the GOP going to do a budget? Because the vote on the 2019 budget — the last one Congress will consider before the 2018 midterm elections — will reveal that all the Republican promises on the deficit and debt, including its blind belief on dynamic scoring, were completely bogus.


https://www.forbes.com/sites/civicnation/2018/01/24/seven-mayors-championing-free-community-college/#3a8d75c4a02a
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