Federal Deficit Highest in Seven Years

Federal deficit estimated at $984B, highest in seven years . The federal budget deficit for 2019 is estimated at $984 billion, a hefty 4.7 percent of gross domestic product (GDP) and the highest since 2012, the Congressional Budget Office (CBO) said on Monday. Candidate Trump said he would eliminate the entire national debt!. It's now at a record high of $22 TRILLION! And Trillion dollar deficits to prop up a 2.0% GDP economy. Sad! Welcome to The Atlantis Report . The difference between federal spending and revenue has only ever exceeded $1 trillion four times, in the period immediately following the global financial crisis. The deficit, which has grown every year since 2015, is $205 billion higher than it was in 2018, a jump of 26 percent. The CBO has warned that the nation's debt is on an unsustainable path. Higher levels of debt increase borrowing costs, make it harder for the government to battle economic downturns and increase the share of future spending devoted to paying off interest costs. Since President Trump took office, the GOP has passed a massive tax cut package that reduced revenue, while Democrats and Republicans have agreed to increase spending year after year. Budget watchers note that the main drivers of the deficit, however, come from automatic spending programs such as Social Security, Medicare and Medicaid. "Democrats and Republicans must be held responsible for the outrageous deficit reported today by the CBO," said Jason Pye, vice president of legislative affairs at the conservative advocacy group FreedomWorks. "This unsustainable situation is only going to get worse," he added. The final Treasury Department figures for the fiscal year, which ended on Sept. 30, will be published later this month and could include worse news. Previous Treasury estimates projected the deficit for the year surpassing $1 trillion. Each year we have a budget deficit, the debt grows. Both parties are responsible. The spending has to be brought under control and taxes have to be appropriate to maintain economic growth while also creating a surplus to be applied to the debt. Only when we stop being tribal to political parties will we make progress. Entitlement reforms must happen. trump though he had great news with unemployment being down to 3.5 percent,which means under trump, it has only decreased 1.3 percent since he took office. the projected deficit is under one trillion, however, as of today, the u s debt clock shows the deficit at 1.02 trillion ,up from 680 billion when obama left. as well, when obama left the national debt was at 19 trillion. today's national debt clock shows it at 22.8 trillion . trump now has the historical distinction of having the fastest and most growth of debt in a time of prosperity . it was reported last week that manufacturing is down for the second straight month ,which brings it down to the lowest level since 2009 when we were in a recession. also reported 2 weeks ago, 1/5 of the economy is now in a recession. specifically in the rust belt and the farm states due to trumps easy to win trade wars. whatever happened to trumps promise of "I and I alone can eliminate our nations debt"! whatever happened to trumps promise of the tax cut to the rich"this will trickle down to you in the form of a 4,000 dollar per year raise" ! whatever happened to trumps promise,"mexico will pay for the wall, I guarantee it " ! Government spending is rising. Record high trade deficits, record high entitlement spending, record high military spending, record high deficits, record high debt. GDP isn’t growing fast enough to support this. Where will we find a buyer for all this debt. The fed will have to monetize it like in a banana republic, which will cause the dollar to collapse. I am afraid the only way the deficit will shrink is a complete fail. Neither party will reduce spending even though they both admit we don't have the money. Selling out future generations. To come and pay back monies squandered and wasted by a miscreant criminal with the encouragement and support of brain defunct maga hat wearing cretins. And the future generations won't have anything to see or get from the monies they will have to pay back. In any decent society; this would be seen for exactly what it is. A height of criminality.




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