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I thought tax cuts lowered the Debt?

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Steve Bright View Drop Down
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    Posted: 13 Jun 2019 at 7:31am

May budget deficit hits record $207.8 billion

Associated Press MARTIN CRUTSINGER,Associated Press 17 hours ago 
FILE - In this May 25, 2019, file photo the U.S. Senate and Capitol dome are seen on Capitol Hill in Washington. On Wednesday, June 12, the Treasury Department releases federal budget data for May. (AP Photo/Alex Brandon, File)

WASHINGTON (AP) — The federal government's budget deficit in May rose to a record $207.8 billion, 41.5% higher than a year ago. Most of that increase reflected the impact of calendar quirks that shifted $55 billion in June benefit payments into May.

The Treasury Department said Wednesday that the increase in the May deficit from an imbalance of $146.8 billion in May 2018 reflected the fact that because June 1 fell on a Saturday, benefit payments for June were paid out in May.

Through the first eight months of this budget year, the budget deficit totals $738.6 billion, an increase of 38.8% over the same period last year. For the full year, it is expected to climb sharply, with the Trump administration forecasting it will top $1 trillion from $779 million last year.

The Congressional Budget Office is forecasting a slightly lower deficit of $896 billion for this year, but that would still be up 15% from the 2018 deficit.

The Trump administration is forecasting that the deficits will top $1 trillion for four years before starting to decline. The CBO is forecasting that the deficits will top $1 trillion beginning in 2022 and will remain above $1 trillion annually through 2029.

The big increase in deficits is coming after President Donald Trump's pushed a $1.5 trillion tax cut through Congress in 2017. Congress then approved sharp increases in spending for the military and domestic programs beginning in 2018.

Spending so far this year totals $3.01 trillion, up 9.3 percent from the same period in 2018, while government receipts total $2.27 trillion, an increase of 2.3 percent.

Interest on the $22 trillion national debt is one of the fastest growing parts of the budget with net interest payments totaling $268.3 billion, up 15.6 percent from a year ago. That reflects the fact that interest rates have risen and there is now more debt to finance.

Tariff payments to the U.S. Treasury so far this year total $46 billion, up 80 percent from a year ago. That reflects the higher tariffs Trump has imposed on China and other nations as part of his effort to strike better trade deals.

On May 10, Trump boosted the tariff on $200 billion of Chinese goods from 10% to 25% after talks between the two nations on a trade deal sought by Trump broke off.

Trump has said if an agreement is not reached he is prepared to expand the penalty tariffs to another $300 billion in Chinese products.

Trump and Chinese President Xi Jinping are scheduled to meet at a Group of 20 economic summit at the end of this month with hopes the two nations can make progress on restarting the talks then.

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Tbone95 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Tbone95 Quote  Post ReplyReply Direct Link To This Post Posted: 13 Jun 2019 at 7:39am
Pretty informative article there Steve!
"Interest on the $22 trillion national debt is one of the fastest growing parts of the budget with net interest payments totaling $268.3 billion, up 15.6 percent from a year ago. That reflects the fact that interest rates have risen and there is now more debt to finance."
 
Question for ya: now which president was it that borrowed more money than ALL PREVIOUS PRESIDENTS COMBINED???
 
We have to give these policies some time to work through, it takes some time for the Titanic to turn and avoid the iceberg.
 
You sell real estate don't ya?  How's the economy in your area, honestly if you can?
 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Lonn Quote  Post ReplyReply Direct Link To This Post Posted: 13 Jun 2019 at 7:52am
Silly Dimmy, revenue is way way up after the tax cuts as revenue was way up when bush cut taxes and when Reagan cut taxes and when Kennedy cut taxes. The problem is the Federal Reserve system that enriches the banksters while they use debt to create money. Every dollar borrowed creates another dollar and we pay interest to the banksters for every dollar created. As long as we are on the Federal Reserve system there will always be an unbearable debt. The only way money is created is through debt and the banksters are the benefactors. The Libtards and the RINOs all love it though because they are well rewarded for the continued true slavery of every working American.
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DMiller View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote DMiller Quote  Post ReplyReply Direct Link To This Post Posted: 13 Jun 2019 at 7:56am
What I find ever more annoying is this very Budget comes FIRST from the House who voices such displeasure at the POTUS spending money, it IS however Themselves spending the money, the POTUS just makes the final signature on the spending bill.
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Steve Bright View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Steve Bright Quote  Post ReplyReply Direct Link To This Post Posted: 13 Jun 2019 at 8:31am
The National debt is projected to top 1 TRILLION each year thru 2029 from the Dumpsters policies, How much time do we need to give before realizing it is not working? Reagan and Bush tax cuts raised the National debt, We have a robust economy and setting records with our Debt? When will it stop? At least when Obama inherited an economic train wreck, spending went up to stop the collapse. What is the excuse now?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Steve in NJ Quote  Post ReplyReply Direct Link To This Post Posted: 13 Jun 2019 at 9:09am
Let's see if I remember this correctly. It was your O'Dummer that doubled the national dept when he was in office. You musta' seemed to forget who caused the train wreck here. Yeah, he inherited some dept, but he doubled it!!. Nice try. Another drive-by......   Wacko

Edited by Steve in NJ - 13 Jun 2019 at 9:10am
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Steve Bright View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Steve Bright Quote  Post ReplyReply Direct Link To This Post Posted: 13 Jun 2019 at 9:29am
YOU know who the first President was to double the Debt? Reagan  The second was Bush Senior, Then came Jr to add again, Then Obama, Now the Dumpster!!!! And I ask when and who will stop it? And as Bad morally as Clinton is, He did not add to the Debt. And earlier someone spoke of Kennedy lowering taxes, And he did, But he spoke about that to the nation saying: Our debt from WWII is nearly paid off, It is time to lower taxes. So he gave a legitimate answer as to why he did it. He did NOT line the pockets of his family and friends by doing so.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote HoughMade Quote  Post ReplyReply Direct Link To This Post Posted: 13 Jun 2019 at 9:37am
You have to control spending...which wasn't done, and then be a little patient while the tax cuts encourage growth.  It doesn't happen instantly.

I know children find it hard to be patient, but we're adults here, right?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Tbone95 Quote  Post ReplyReply Direct Link To This Post Posted: 13 Jun 2019 at 10:32am
Dimmy, do you know what the term "double" means?  Seriously, do you?
 
 
Stop blathering, and get informed.  Debt and deficit MEAN DIFFERENT THINGS.  And, yeah, W. sucked, don't think you're going to find too many staunch Bush supporters on here.  But seriously, show me 2 things: 1, when did Trump double the debt 2, When did Trump say he was going to pay down / off the debt?  He is doing and working on many things that will turn the tide if we see them through.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote jaybmiller Quote  Post ReplyReply Direct Link To This Post Posted: 13 Jun 2019 at 10:56am
The real scary part of the debt is WHO actually OWNS the 'paper' and WHEN they'll 'call in the note' !
THAT should  be a real eye opener.

Just got my MC bill. 3K owed( insurances were due...) anyway, IF I ONLY pay the 'minimum' amount it'd take me OVER 37 YEARS to pay off !

In the 'good old days', you'd pay 3 or 4 X your house mortgage amount. Say 100K house, 200-300K in INTEREST..

My point is if you DON"T pay down the debt to get rid of the interest, you'll grow broke. NOT a question of IF, but WHEN.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Lonn Quote  Post ReplyReply Direct Link To This Post Posted: 13 Jun 2019 at 11:11am
Originally posted by Steve Bright Steve Bright wrote:

The National debt is projected to top 1 TRILLION each year thru 2029 from the Dumpsters policies, How much time do we need to give before realizing it is not working? Reagan and Bush tax cuts raised the National debt, We have a robust economy and setting records with our Debt? When will it stop? At least when Obama inherited an economic train wreck, spending went up to stop the collapse. What is the excuse now?
No idiot, spending raises the debt. Tax cuts cannot raise debt. That's like saying to a farmer, if I don't take 30% of your potatoes from you, you won't have enough potatoes. Wacko
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Lonn Quote  Post ReplyReply Direct Link To This Post Posted: 13 Jun 2019 at 11:15am
Originally posted by jaybmiller jaybmiller wrote:

The real scary part of the debt is WHO actually OWNS the 'paper' and WHEN they'll 'call in the note' !
THAT should  be a real eye opener.

Just got my MC bill. 3K owed( insurances were due...) anyway, IF I ONLY pay the 'minimum' amount it'd take me OVER 37 YEARS to pay off !

In the 'good old days', you'd pay 3 or 4 X your house mortgage amount. Say 100K house, 200-300K in INTEREST..

My point is if you DON"T pay down the debt to get rid of the interest, you'll grow broke. NOT a question of IF, but WHEN.

The way the federal Reserve system is set up, paying down the debt by any meaningful amount will destroy the economy because it means shrinking the money supply because the only way to create money under this insane system is to create debt. It's insane and I hope Trump crushes the Federal Reserve completely. But we had all better hang on tight if or when that happens.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote DMiller Quote  Post ReplyReply Direct Link To This Post Posted: 13 Jun 2019 at 12:35pm
Debt as opposed to any fixed reference material as Gold is the basis of all currencies today. More debt owed more volume of value. This little game is a dangerous one which in a long run leads to disastrous consequence and Is NOT Trump's doing, blame that on the last Six POTUS.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote steve(ill) Quote  Post ReplyReply Direct Link To This Post Posted: 13 Jun 2019 at 1:14pm
Well, if DIMMY had his BICH in office, he would think things are WONDERFUL !!!!   BIG TAX increases.... MORE FREE CHEESE... MORE REGULATIONS... CHINA SCREWING US BLIND.. and the THREAT OF NUKES IN NORTH KOREA...
 
GEE... I miss the GOOD OLD DAYS when bummer and the TURDS were in charge !!...... NOT !! ............ YOUR BICH LOST DIMMY... GIVE IT UP !
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Post Options Post Options   Thanks (0) Thanks(0)   Quote LouSWPA Quote  Post ReplyReply Direct Link To This Post Posted: 13 Jun 2019 at 3:45pm
Originally posted by DMiller DMiller wrote:

Debt as opposed to any fixed reference material as Gold is the basis of all currencies today. More debt owed more volume of value. This little game is a dangerous one which in a long run leads to disastrous consequence and Is NOT Trump's doing, blame that on the last Six POTUS.


Dave, gold is not the reference for out currency! that's the problem. and the federal reserve, at the discretion and direction of the Federal government can print more money any time it wishes and introduce it into circulation. More currency equals a devaluation of your dollar in your pocket. And, the Federal Reserve gets paid for doing it. At least that is the way I read it. Im not sure who is doing the actual physical printing, Federal Reserve under the oversight of the Federal Government, or the Federal Government itself
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Post Options Post Options   Thanks (0) Thanks(0)   Quote DiyDave Quote  Post ReplyReply Direct Link To This Post Posted: 13 Jun 2019 at 5:32pm
crudsinger, what an apt name!Wink
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Post Options Post Options   Thanks (0) Thanks(0)   Quote steve(ill) Quote  Post ReplyReply Direct Link To This Post Posted: 13 Jun 2019 at 7:44pm
U.S. Public Debt Since 1990
Trump Is Not A Lib or Conserv, He's a "Pragmatist." (someone who is practical and focused on reaching a goal. Has a straightforward, matter-of-fact approach and doesn't let emotion distract him or her
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Post Options Post Options   Thanks (0) Thanks(0)   Quote steve(ill) Quote  Post ReplyReply Direct Link To This Post Posted: 13 Jun 2019 at 7:46pm
sequestration helped the bummer for a couple years........ otherwise he was a COMPLETE DISASTER...   Im no BUSH fan, but he had 9/11 to contend with, then the  BANK BAILOUT due to the TURDS "EVERYONE OWNS A HOUSE" disaster  ( Boney Fwank and Kris DUD)
Trump Is Not A Lib or Conserv, He's a "Pragmatist." (someone who is practical and focused on reaching a goal. Has a straightforward, matter-of-fact approach and doesn't let emotion distract him or her
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Post Options Post Options   Thanks (0) Thanks(0)   Quote NEVER green Quote  Post ReplyReply Direct Link To This Post Posted: 13 Jun 2019 at 8:15pm

Good God Dimmy, this is the third time you've been schooled on this!!!!!!!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote steve(ill) Quote  Post ReplyReply Direct Link To This Post Posted: 13 Jun 2019 at 9:12pm
are you saying he is a SLOW LEARNER.......... or a NO LEARNER ?  LOL
Trump Is Not A Lib or Conserv, He's a "Pragmatist." (someone who is practical and focused on reaching a goal. Has a straightforward, matter-of-fact approach and doesn't let emotion distract him or her
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Lonn Quote  Post ReplyReply Direct Link To This Post Posted: 13 Jun 2019 at 9:19pm
A slow bus licker?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote DMiller Quote  Post ReplyReply Direct Link To This Post Posted: 14 Jun 2019 at 6:29am
I am getting MORE dyslexic, almost read that as Butt licker!!!!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Lonn Quote  Post ReplyReply Direct Link To This Post Posted: 14 Jun 2019 at 9:24am
I wouldn't want to single Dimmy out Wink
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Post Options Post Options   Thanks (0) Thanks(0)   Quote steve(ill) Quote  Post ReplyReply Direct Link To This Post Posted: 14 Jun 2019 at 11:38am
LOL   LOL   Thumbs Up
Trump Is Not A Lib or Conserv, He's a "Pragmatist." (someone who is practical and focused on reaching a goal. Has a straightforward, matter-of-fact approach and doesn't let emotion distract him or her
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