Tag Archives: Budget Deficit

Enumerati

Budget Deficit Is Exploding

$100.5 billion

“The U.S. recorded a $100.5 billion budget deficit in October, an increase of about 60 percent from a year earlier, as spending grew twice as fast as revenue,” Bloomberg reports. “A ballooning U.S. budget shortfall — fueled by tax cuts, spending hikes and an aging population — is driving the Treasury Department to raise its long-term debt issuance.”

Enumerati

Trump Seeking to Cut Cabinet Department Budgets to Fight Deficit he Caused

5%

President Trump “said he will ask all cabinet departments to cut their budgets by 5 percent next year, after the federal budget deficit swelled to its highest level since 2012 during the first full fiscal year of his presidency,” Bloomberg reports.

Enumerati

Budget Deficit Jumped 17 Percent in 2018

$779 billion

“The federal budget deficit swelled to $779 billion in fiscal year 2018, the Treasury Department said on Monday, driven in large part by a sharp decline in corporate tax revenues after the Trump tax cuts took effect,” the New York Times reports. “The deficit rose nearly 17 percent year over year, from $666 billion in 2017. It is now on pace to top $1 trillion a year before the next presidential election.”

Enumerati

Trump Administration’s Deficit Forecast Is Waaaaay Off

$9.5 trillion

“The Congressional Budget Office estimates the government will take in $1.9 trillion less in revenue and spend $300 billion more over the next decade than the White House estimated under its latest budget proposal if the plan were enacted,” the Wall Street Journal reports. “Deficits would total $9.5 trillion over the coming decade, or $2.3 trillion more than the White House estimates.”

Poetic Justice

The Great Reneger

We know Donald Trump’s all bluster and swagger,
And his administration is just an unnatural disaster.
But now he wants back in to the TPP
And to roll back the GOP’s spending spree,
At this rate his lasting legacy will be as The Great Reneger.

Poetic Justice

Not So Funny

Trump’s budget, by human compassion, is unencumbered.
As usual, for the poor and working class, it’s a bummer.
And that ballooning deficit?
Our grandkids will pay for it,
Though Mick Mulvaney says he could have balanced it using “funny numbers.”

Verbatim

Mulvaney Says He Could Have Balanced the Budget Using ‘Funny Numbers’

“I probably could’ve made it balance. But you all would’ve rightly absolutely excoriated us for using funny numbers to do it.”

— Budget director Mick Mulvaney, quoted by the Wall Street Journal, on the Trump administration’s budget proposal.

Enumerati

Senate Tax Bill to Add $1 Trillion to Deficit

$1 trillion

“Congress’ nonpartisan tax analysts have concluded the Senate Republicans’ tax plan would add $1 trillion to the deficit over 10 years, contradicting White House promises the bill would pay for itself and complicating GOP leaders’ efforts to find the support they need to pass the bill through a closely divided Senate,” the Washington Post reports.

Enumerati

The Trump Tax Plan’s Deficit Problem

$1.7 trillion

CNBC: “The GOP bill including some changes would increase federal budget deficits by $1.7 trillion over 10 years, according to Joint Committee on Taxation estimates shared by the nonpartisan Congressional Budget Office. That includes money for additional debt service payments due to the bill. … Under budget rules congressional Republicans are using to pass a tax plan, the bill can only increase deficits by $1.5 trillion over 10 years, before growth is taken into account.”

Enumerati

The Price of Ducks

$415,000

Amount in tax breaks allowed for every episode of “Duck Dynasty” taped in Louisiana, even as Gov. Bobby Jindal (R) tries to close a $1.6 billion budget hole, the Baton Rouge Advocate reports. “The A&E television reality show takes part in the nation’s most generous entertainment-tax credit program. Jindal is proposing no changes, arguing that reducing such breaks is tantamount to raising taxes.”