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mahatmakanejeeves

(56,897 posts)
Wed Jan 9, 2019, 02:38 PM Jan 2019

Deficit spikes 41 percent in first quarter of fiscal year

Deficit spikes 41 percent in first quarter of fiscal year
BY NIV ELIS - 01/08/19 03:31 PM EST

The federal deficit spiked $92 billion in the first quarter of the 2019 fiscal year, a 41-percent increase over the same period of 2018, according to the Congressional Budget Office (CBO).

The GOP tax plan slashed revenues relative to spending, which increased as part of a bipartisan spending deal. Total receipts rose by less than 1 percent, shrinking as an overall share of the economy. Corporate taxes, in particular, plunged $9 billion, or 15 percent.

Outlays, in the meantime, spiked $93 billion, or 9 percent.

Mandatory programs such as Social Security, Medicare and Medicaid were also major contributors to the deficit, accounting for a combined $17 billion of the increased spending.
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Deficit spikes 41 percent in first quarter of fiscal year (Original Post) mahatmakanejeeves Jan 2019 OP
imagine when the interest rates are raised again beachbum bob Jan 2019 #1
No Social Security is fine for decades Farmer-Rick Jan 2019 #2

Farmer-Rick

(10,072 posts)
2. No Social Security is fine for decades
Thu Jan 10, 2019, 10:21 AM
Jan 2019

But if you lump it in with Medicare And Medicaid, our gap patch to a very broken health wealth system, it looks like it is in debt.

Thanks Hill for perpetuating that right wing talking point.

Aside from that, we know the answer to this debt scare....TAX the top richest 7% and things will easily go back to balanced.

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