US government’s annual budget deficit largest since 2012
5 years, 2 months ago

US government’s annual budget deficit largest since 2012

Live Mint  

The US government ended fiscal year 2019 with the largest budget deficit in seven years as gains in tax receipts were offset by higher spending and growing debt service payments, the Treasury department said on Friday. The annual budget deficit had been reduced to $585 billion by the end of former President Barack Obama's second term in 2016 and Republicans in Congress during that time criticized Obama, a Democrat, for not reducing it further. Since then, the budget deficit has jumped due in part to the Republican's overhaul of the tax system, which in the short term reduced revenues, and an increase in military spending. Earlier this year the U.S. Congress passed a two-year budget deal backed by Trump that would increase federal spending on defense and other domestic programs.

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History of this topic

Elon Musk's budget-cutting promises defy arithmetic
1 month, 2 weeks ago

Elon Musk's budget-cutting promises defy arithmetic

LA Times  

President-elect Donald Trump’s designated debt-busters, Elon Musk and Vivek Ramaswamy, last week wrote an op-ed in the Wall Street Journal providing the fullest accounting yet of their plans to cut “waste, fraud and abuse” — that most well-worn and oft-broken of political promises. Indeed, an omission from the dynamic duo’s piece suggests that they — and Trump — may have …

Key GOP economic talking point destroyed by new analysis
6 months, 2 weeks ago

Key GOP economic talking point destroyed by new analysis

Raw Story  

National debt has for decades been a go-to issue Republicans try to use to persuade voters against supporting social programs — an issue that has crept back to the forefront with new reports that annual interest payments serving the national debt now exceed what the U.S. spends on its military. According to the report, former President Donald Trump's contribution to …

Congressional Budget Office raises this year’s federal budget deficit projection by $400 billion
6 months, 3 weeks ago

Congressional Budget Office raises this year’s federal budget deficit projection by $400 billion

Associated Press  

WASHINGTON — The Congressional Budget Office said Tuesday that it projects this year’s federal budget deficit to be $400 billion higher, a 27% increase compared to its original estimate released in February. White House spokeswoman Karine Jean-Pierre, said in a statement that the report “is further evidence of the need for Congress to pass President Biden’s Budget to reduce the …

Extending Trump tax cuts would add $4.6 trillion to deficit: CBO
8 months ago

Extending Trump tax cuts would add $4.6 trillion to deficit: CBO

Raw Story  

As former U.S. President Donald Trump and congressional Republicans campaign on extending their 2017 tax cuts if elected in November, a government analysis revealed Wednesday that doing so would add $4.6 trillion to the national deficit. The new CBO report—sought by U.S. Senate Budget Committee Chair Sheldon Whitehouse and Senate Finance Committee Chair Ron Wyden —says continuing the income, business, …

The threat of US debt inflated away haunts the country’s fiscal outlook
10 months, 3 weeks ago

The threat of US debt inflated away haunts the country’s fiscal outlook

Live Mint  

One of the few things US Democrats and Republicans appear to agree on is that fiscal responsibility is for losers. The projection assumes that caps on discretionary spending introduced last year will be maintained and that the Trump administration’s 2017 tax cuts will expire in 2025 as the law promised. Didn’t US Congress pass the Fiscal Responsibility Act last year, …

CBO projects a $188 billion decrease in this year’s federal budget deficit, but debt would then grow
11 months ago

CBO projects a $188 billion decrease in this year’s federal budget deficit, but debt would then grow

Associated Press  

WASHINGTON — The Congressional Budget Office said Wednesday that it expects the federal budget deficit to drop by $188 billion this fiscal year to $1.5 trillion, a short-lived dip as the annual shortfall is likely to rise over the next nine years. That’s mainly because of an agreement President Joe Biden signed last summer with Congressional Republicans that temporarily lifted …

IRS expects to collect hundreds of billions more in overdue and unpaid taxes thanks to new funding
11 months ago

IRS expects to collect hundreds of billions more in overdue and unpaid taxes thanks to new funding

Associated Press  

WASHINGTON — The IRS is poised to take in hundreds of billions of dollars more in overdue and unpaid taxes than previously anticipated, according to new analysis released Tuesday by the Treasury Department and the IRS. The Congressional Budget Office in 2022 estimated that the tens of billions of new IRS funding provided by the IRA would increase revenues by …

IRS expects to collect hundreds of billions more in overdue and unpaid taxes thanks to new funding
11 months ago

IRS expects to collect hundreds of billions more in overdue and unpaid taxes thanks to new funding

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The Congressional Budget Office in 2022 estimated that the …

Column: The budget lie at the heart of House Speaker Johnson’s Israel aid proposal
1 year, 2 months ago

Column: The budget lie at the heart of House Speaker Johnson’s Israel aid proposal

LA Times  

Scarcely a week into the tenure of House Speaker Mike Johnson, and his view of American voters and the press as dimwits to be gulled is becoming clearer with every day. — House Speaker Mike Johnson tries to fool all of the people all of the time The reason is that most of the money is earmarked for “enforcement and …

$10 trillion in added debt shows 'Bush and Trump tax cuts broke our modern tax structure'
1 year, 2 months ago

$10 trillion in added debt shows 'Bush and Trump tax cuts broke our modern tax structure'

Raw Story  

The U.S. Treasury Department on Friday released new figures related to the 2023 budget that showed a troubling drop in the nation's tax revenue compared to GDP — a measure which fell to 16.5% despite a growing economy — and an annual deficit increase that essentially doubled from the previous year. In response to the Treasury figures released Friday, Kogan …

US budget gap soars to $1.7 trillion, largest outside COVID era
1 year, 2 months ago

US budget gap soars to $1.7 trillion, largest outside COVID era

Live Mint  

The United States government on Friday posted a $1.695 trillion budget deficit in fiscal 2023, a 23 percent jump from the prior year as revenues fell and outlays for Social Security, Medicare and record-high interest costs on the federal debt rose. Taking into account the two one-off adjustments, last fiscal year's deficit would have been closer to $1 trillion and …

The Federal Deficit Is Even Bigger Than It Looks
1 year, 2 months ago

The Federal Deficit Is Even Bigger Than It Looks

Live Mint  

When it comes to the size of the federal government’s annual deficit, appearances can be deceiving. The gap between spending and revenue for fiscal year 2023, which ended on Sept. 30, was $1.7 trillion, the Congressional Budget Office projected ahead of the official Treasury Department figures. When the Biden administration announced its plan to forgive federal student debt held by …

More red ink: Congressional budget agency projects bigger deficits as debt talks continue
1 year, 7 months ago

More red ink: Congressional budget agency projects bigger deficits as debt talks continue

Associated Press  

WASHINGTON — This year’s projected government budget deficit has jumped by $130 billion, due in part to a proposed change to student loan repayment plans and a series of bank rescues organized by federal regulators, the Congressional Budget Office said Friday. Revenue collections through April were lower than the agency expected, resulting in a projected budget deficit of $1.5 trillion …

Republican debt cap plan to cut US jobs, slow growth: Economist
1 year, 8 months ago

Republican debt cap plan to cut US jobs, slow growth: Economist

Al Jazeera  

A Republican plan to cut federal spending in exchange for lifting the United States government’s debt ceiling would lower employment, slow economic growth and “meaningfully increase” the likelihood of a recession, Moody’s Analytics’ chief economist told a Senate committee on Thursday. Mark Zandi told the Senate Budget Committee that US GDP growth would be 1.61 percent in 2024 if the …

As GOP targets food aid, House Dems remind McCarthy of $1.9 trillion in Trump tax cuts
1 year, 8 months ago

As GOP targets food aid, House Dems remind McCarthy of $1.9 trillion in Trump tax cuts

Raw Story  

Before House Speaker Kevin McCarthy opened debate Wednesday on a bill that would raise the nation's debt ceiling while gutting social programs and imposing more barriers to access them, nearly 200 House Democrats from across the ideological spectrum signed a letter imploring Republican deficit hawks to drop their demands and pass a clean hike. Last week, McCarthy unveiled the so-called …

Biden budget aims to cut deficits nearly $3T over 10 years
1 year, 10 months ago

Biden budget aims to cut deficits nearly $3T over 10 years

Firstpost  

Washington: President Joe Biden’s upcoming budget proposal aims to cut deficits by nearly $3 trillion over the next decade, according to an administration official. The official familiar with Biden’s budget plan was not authorized to publicly discuss the matter before the president’s official announcement and spoke on condition of anonymity on Wednesday. The official said Biden also will propose cutting …

Deficit figures set up competing visions from Biden and GOP
2 years, 2 months ago

Deficit figures set up competing visions from Biden and GOP

Associated Press  

This fiscal year’s budget deficit shrunk in half from last year, but the red ink soared on a monthly basis in September largely because of President Joe Biden’s plans to forgive student debt, as three decades’ worth of costs were compressed into a single month. The budget figures released Friday by the Treasury Department reveal dueling visions about what it …

US starts fiscal year with record $31 trillion in debt
2 years, 3 months ago

US starts fiscal year with record $31 trillion in debt

Associated Press  

WASHINGTON — The nation’s gross national debt has surpassed $31 trillion, according to a U.S. Treasury report released Tuesday that logs America’s daily finances. Edging closer to the statutory ceiling of roughly $31.4 trillion — an artificial cap Congress placed on the U.S. government’s ability to borrow — the debt numbers hit an already tenuous economy facing high inflation, rising …

Biden administration forecasts $1.03T deficit, down $400B
2 years, 4 months ago

Biden administration forecasts $1.03T deficit, down $400B

Associated Press  

WASHINGTON — The Biden administration is forecasting that this year’s budget deficit will be nearly $400 billion lower than it estimated back in March, due in part to stronger than expected revenues, reduced spending, and an economy that has recovered all of the jobs lost during the multi-year pandemic. The administration’s Mid-Session Review said much of the improvement in the …

Report: Federal debt lower in 2022; still poised to climb
2 years, 5 months ago

Report: Federal debt lower in 2022; still poised to climb

Associated Press  

The Congressional Budget Office said Wednesday that the end of pandemic-era spending, fast economic growth and higher tax revenues have caused the federal debt this year to be lower than forecast. GOP lawmakers have also stressed the importance of containing federal debt, yet annual deficits worsened during the tenure of former President Donald Trump. This year’s budget deficit is equal …

Biden showcases deficit progress in bid to counter critics
2 years, 8 months ago

Biden showcases deficit progress in bid to counter critics

Associated Press  

WASHINGTON — President Joe Biden on Wednesday highlighted new figures showing the government’s red ink will grow less than expected this year and the national debt will shrink this quarter as he tried to counter criticism of his economic leadership amid growing dismay over inflation going into midterm elections that will decide control of Congress. Biden, embracing deficit reduction as …

Budget deficit shrinks in process of protecting jobs during the COVID pandemic
3 years, 3 months ago

Budget deficit shrinks in process of protecting jobs during the COVID pandemic

ABC  

The final budget numbers are in and they're better than expected. Last year's 2020-21 budget estimated that, by the end of the financial year on June 30, the size of the budget deficit would be $161 billion. A budget "deficit" is simply an accounting term that describes a situation where the Federal Government is spending more money into the community …

US debt hasn’t been this high since World War II. That’s ok…for now
4 years, 2 months ago

US debt hasn’t been this high since World War II. That’s ok…for now

CNN  

The amount of money that the United States owes investors has hit record levels in more than a few ways, based on newnumbers reported Friday by the US Treasury. Both the annual deficit and total debt accumulated over the years has topped levels not seen since World War II. Having topped $21 trillion, the country’s total debt owed to investors …

Govt Should Have Clear Exit Strategy, Milestones Needed for Fiscal Consolidation: RBI
4 years, 4 months ago

Govt Should Have Clear Exit Strategy, Milestones Needed for Fiscal Consolidation: RBI

News 18  

The government should have a clear exit strategy and credible milestones for fiscal consolidation in the coming years, the Reserve Bank said on Tuesday in its annual report amid meeting the fiscal targets becoming more challenging due to the coronavirus pandemic. Based on information from 25 states, the general government fiscal deficit increased from 5.4 per cent of GDP in …

US budget deficit hits all-time high of $864 billion in June
4 years, 5 months ago

US budget deficit hits all-time high of $864 billion in June

Associated Press  

WASHINGTON — The federal government incurred the biggest monthly budget deficit in history in June as spending on programs to combat the coronavirus recession exploded while millions of job losses cut into tax revenues. For the first nine months of this budget year, which began Oct. 1, the deficit totals $2.74 trillion, also a record for that period. That total …

Budget 2020: Will govt be brave enough to walk the extra mile, turn tables and spark a rebound in economic growth?
4 years, 11 months ago

Budget 2020: Will govt be brave enough to walk the extra mile, turn tables and spark a rebound in economic growth?

Firstpost  

The Indian economy is going through a sustained slowdown with growth slowing for over five quarters now, marking this the longest slowdown in the country since liberalisation The current economic situation is no less than a nightmare for policymakers, who have been trying to turn things around with policy actions and are now fast running out of policy ammunition. The …

$1 trillion deficits and rate cuts: Washington’s upside-down response to economic prosperity
5 years, 5 months ago

$1 trillion deficits and rate cuts: Washington’s upside-down response to economic prosperity

CNN  

New York CNN Business — America’s economy is in a period of historic prosperity, but you wouldn’t know it from Washington’s policymaking. “But we’re not doing that, so we will be poorer in the long run because of it.” Kristina Hooper, chief global market strategist at Invesco, called Washington’s dual-pronged response to economic prosperity “bizarre.” “It’s almost Twilight-Zone economics. “It’s …

US deficit to hit record high, surpassing $1 trillion in 2019
5 years, 5 months ago

US deficit to hit record high, surpassing $1 trillion in 2019

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. The new record, previously expected but …

US budget deficit running 15% higher than a year ago
5 years, 9 months ago

US budget deficit running 15% higher than a year ago

Daily Mail  

The federal government reported a $146.9billion deficit in March, causing annual debt to rise 15 per cent for the first half of the budget year compared to the same period in 2018. The Treasury Department said Wednesday in its monthly report that the fiscal year deficit has so far totaled $691billion, up from nearly $600bn in 2018. The federal government …

Despite Trump's Promises, The Trade Deficit Is Only Getting Wider
5 years, 10 months ago

Despite Trump's Promises, The Trade Deficit Is Only Getting Wider

NPR  

Despite Trump's Promises, The Trade Deficit Is Only Getting Wider Enlarge this image toggle caption Stephen B. Morton/AP Stephen B. Morton/AP The U.S. trade deficit soared to a 10-year high in 2018 on the heels of a strong economy, despite President Trump's ongoing efforts to bring it down through tariffs on imported goods. The overall trade deficit has grown by …

We might end up 2018-19 with 3.3% fiscal deficit: DEA Secretary
5 years, 11 months ago

We might end up 2018-19 with 3.3% fiscal deficit: DEA Secretary

India TV News  

Economic Affairs Secretary Subhash Chandra Garg Saturday exuded confidence that FY2018-19 will end with a fiscal deficit of 3.3 per cent of the GDP, marginally lower than the revised estimate of 3.4 per cent for the year. He also said the government has maintained the glide path towards achieving the fiscal deficit target of 3 per cent by 2020-21 and …

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