As it turns out, we didn't have to wait until 2022 for a trillion-dollar deficit. The deficit is now $1,090,000,000,000 and is projected to reach $1,101,000,000,000 in 2020. I can't even count that high!
US deficit tops $1 trillion in first 11 months of fiscal year, Treasury says
https://www.wsj.com/articles/u-s-def...ys-11568311201
US budget deficit by year compared to GDP, debt increase and events
https://www.thebalance.com/us-deficit-by-year-3306306
While campaigning for President, Donald Trump promised to reduce the federal deficit and eliminate the national debt if he's elected. Yeah, let's see how that has been working out:
US budget deficit finishes just short of $1 trillion for fiscal 2019
https://www.cnn.com/2019/10/25/polit...019/index.html
When he launched his Presidential campaign in 2015, Donald Trump promised to "reduce our $18 trillion in debt." That was a lie. In March 2016, he told the Washington Post he would get rid of the debt "fairly quickly. I would say over a period of eight years." That was a lie. In December 2016, he promised to "freeze the budget." That was a lie. In January 2017, he told Sean Hannity he would "balance the budget very quickly, I think over a five-year period. And I don’t know, maybe I could even surprise you." That was a lie. And now for today's news:
US deficit projected to hit $1 trillion milestone in 2020
UPI, Jan 28 2020 3:12 PM
The US budget deficit is projected to surpass $1 trillion this year, the first time it's hit that milestone since 2012, the Congressional Budget Office said today. The deficit will likely hit $1.02 trillion in 2020 and will average $1.3 trillion each year between 2021-30, representing about 5.4% of the GDP. The new report indicates the national debt will reach $31.4 trillion by 2030, up from previous estimates. The CBO blames the rising deficit and debt on the 2017 tax cuts and an increase in new federal spending. The estimates are based on the assumption that Congress will allow tax cuts passed in 2017 to expire in 2025. Republicans plan to try to extend those cuts.
https://www.upi.com/Top_News/US/2020...6271580238622/
Havakasha started this thread in 2012. He titled it, "The deficit: Not as bad as they want you to think." In a way, he is correct. The deficit is worse than we think – much worse. By the way, Donald, all the banks, big corporations and the wealthiest Americans want to tell you again, "Thanks for the huge tax cuts!"
US budget deficit surges to record $864 billion
https://www.nytimes.com/live/2020/07...ay-coronavirus
Coronavirus spending pushes US budget deficit to $3 trillion for 12 months through June
As share of GDP, deficit is on pace to be the largest since World War II.
https://www.wsj.com/articles/coronav...ys-11594663634
I would love to hear from Havakasha, who started this thread in 2012. I wonder what he would say about our deficit now. It is $3,132,000,000,000. That is a lot of zeros!
US budget deficit hits all-time high of $3.1 trillion
The Associated Press, Oct 16 2020 2:51 PM
The federal budget deficit hit an all-time high of $3.1 trillion in the 2020 budget year, more than double the previous record, as the coronavirus pandemic shrank revenues and sent spending soaring. The Trump administration reported todday that the deficit for the budget year that ended on September 30 was three times the size of last year's deficit of $984 billion. It was also $2 trillion higher than the administration had estimated in February, before the pandemic hit.
It was the government's largest annual shortfall in dollar terms, surpassing the previous record of $1.4 trillion set in 2009. The 2020 deficit, in terms of its relationship to the economy, represented 15.2% of total gross domestic product, the sum of all the goods and services produced by the country. That was the highest level since 1945, when the US was borrowing heavily to finance World War II.
https://www.aol.com/article/finance/...lion/24653166/
Republicans love to give huge tax cuts to banks, big corporations and the wealthiest Americans. In turn, the banks, big corporations and wealthy Americans make huge donations to Republiacns' political campaigns. Republicans don't care about our nation's debt, nor do they care about the middle class.
$10 trillion in added debt shows 'Bush and Trump tax cuts broke our modern tax structure'
https://www.alternet.org/bush-and-tr...-cuts-deficit/
"Look, I don't care about our deficit, okay? I don't care about the national debt, okay? All the millionaires and billionaires to whom I gave huge tax cuts will vote for me again in 2024. That is all that matters to me here, okay?"
Trump added $8.4 trillion to the national debt: Analysis
https://thehill.com/business/4426965...debt-analysis/
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