White House projects $1 trillion deficit for 2019

dandyfopp

White House projects $1 trillion deficit for 2019

https://www.axios.com/white-house-projects-1-trillion-deficit-for-2019-ee45c1b0-44d3-4c94-9f02-442e8fcf61dc.html


The White House Office of Management and Budget (OMB) projected in its midyear review Monday that the federal deficit would surpass $1 trillion this year.

Why it matters: It's the first time the U.S. deficit has exceeded the $1 trillion level since the 4-year period following the Great Recession. When President Trump was a presidential candidate, he promised to wipe out the deficit and also the entire federal debt, which has surpassed $22 trillion.

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vgkg Z-7 Va(Z-7)

This was figured out soon after the repub tax cut was set in motion. At least $1 Trillion deficits per year forever.....and during economic Boom Times no less. Something is going to go BOOM alright.

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numbersjunkie

A manufacturing recession too:

The U.S. factory sector declined in the three months ended in June, the second straight quarterly decline, the Federal Reserve said Tuesday.

What they are saying? “The sector is in recession. That’s not news, it’s a consequence of China’s cyclical slowdown and the trade war. We expect another tough quarter in Q3, but by Q4 we think a trade deal will have been done and China’s economy will be turning up,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics.


Let's hope they're right about the trade deal and China's economy turning up!

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Chi

Well, giving massive tax breaks to the rich (and throwing a bone to everyone else to keep them quiet) was obviously more important to Trump than fulfilling his promise to wipe out the debt. And repubs are supposed to be the fiscally conservative ones!

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chase_gw

So much for fiscal responsibility......but then again Trump loves debt !!!

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Linda

Let's just hope all that massive debt doesn't drive the economy over the proverbial cliff!

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oh kaye

The "businessman prez" hoot!!!

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Linda

And bankruptcy also! It's his favorite solution to debt. But bankruptcy does not save a country...it destroys it!

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SoFLUSA

The gop "cure" will be cuts to Social Security and Medicare.

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dublinbay z6 (KS)

I fear, SoFlusa, I fear!

Kate

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SoFLUSA

it's been their aim. Remember they want to make govt so small it can be drown in a bathtub, while making policing so giant you can't cross a street without seeing a dozen federal cops

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soupgirl53

Cue a post from the the usual suspect that this is all the Democrats fault!

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Ann Gale

Minicam (lol, autocorrect. I’m tired of changing it) recently sounded the alarm about the debt ceiling. Trump is ruining the country like one of his companies.

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