National deficit grew 20% in 2017, partially due to Trump tax cuts

[phands]

Not unexpected, but trumpo caught lying again....

The U.S. national deficit grew by 20% ($75 billion) over the past year, according to the latest report by the Congressional Budge Office, partially due to Trump's tax cuts as well as increased national spending.
Between the lines: Axios' Jonathan Swan has reported that there has been an ongoing tussle between debt-loving President Trump and his penny-pinching Budget Director Mick Mulvaney. Mulvaney has been privately pushing Trump to get more aggressive about cutting spending, but debt and deficits have, so far, only ballooned under Trump.

Interestingly, spending is UP, despite cuts to almost everything....

By the numbers:

• Spending is up by $143 billion (4%) from last year.
• 2018 saw a $66-billion drop in corporate taxes, largely due to Trump's newest tax policy, according to the CBO.
• Revenue from individual income taxes, however,grew more than expected because of economic growth and wage increases, according to the CBO. But the growth was not nearly enough to compensate for increased spending.
• The deficit, which is now at $685 billion, is expected to reach $793 billion by the end of the year and come close to $1 trillion next year.

https://www.axios.com/cbo-report-na...ney-3ee6ea59-a4b4-42c3-8c3a-38909728a2d5.html

 

[Worldtraveller]

Not unexpected, but trumpo caught lying again....

The U.S. national deficit grew by 20% ($75 billion) over the past year, according to the latest report by the Congressional Budge Office, partially due to Trump's tax cuts as well as increased national spending.
Between the lines: Axios' Jonathan Swan has reported that there has been an ongoing tussle between debt-loving President Trump and his penny-pinching Budget Director Mick Mulvaney. Mulvaney has been privately pushing Trump to get more aggressive about cutting spending, but debt and deficits have, so far, only ballooned under Trump.

Interestingly, spending is UP, despite cuts to almost everything....

By the numbers:

• Spending is up by $143 billion (4%) from last year.
• 2018 saw a $66-billion drop in corporate taxes, largely due to Trump's newest tax policy, according to the CBO.
• Revenue from individual income taxes, however,grew more than expected because of economic growth and wage increases, according to the CBO. But the growth was not nearly enough to compensate for increased spending.
• The deficit, which is now at $685 billion, is expected to reach $793 billion by the end of the year and come close to $1 trillion next year.

https://www.axios.com/cbo-report-na...ney-3ee6ea59-a4b4-42c3-8c3a-38909728a2d5.html

Running the country like his businesses....

 

[Cheerful Charlie]

https://www.youtube.com/watch?v=VRrMu7B1L2I

Running it like a business run by chimps. The GOP howled after leaving a smoking crater for Obama to fix and deficits rise as a result. But over 8 years, with little help from the obstructionist GOP, Obama managed to get deficits down by half from $1 trillion a year. Now they are reversing course and we are back to $ 1 trillion a year deficits and they don't seem to care. Or even notice.

 

[Jimmy Higgins]

https://www.youtube.com/watch?v=VRrMu7B1L2I

Running it like a business run by chimps. The GOP howled after leaving a smoking crater for Obama to fix and deficits rise as a result. But over 8 years, with little help from the obstructionist GOP, Obama managed to get deficits down by half from $1 trillion a year. Now they are reversing course and we are back to $ 1 trillion a year deficits and they don't seem to care. Or even notice.

Obama didn't manage that, other than trying to stimulate the economy. Obama's early deficits were revenue driven. As revenue recovered, so did the annual deficits. Now, the revenues dropped because of that millions of Americans losing their jobs thing in 2008/2009. Trump's revenue has dropped because the Republicans want to starve the beast. And when the economy fails again, the deficits will be through the roof and into the stratosphere.