US deficit soars to $342B in two months
Source: FOXBusiness
US MarketsPublished 10 hours ago
US deficit soars to $342B in two months
Shortfall for 2019 was $984B
By Jonathan GarberFOXBusiness
The U.S. government deficit spiked 12 percent to $342 billion during the first two months of fiscal year 2020, according to data from the Congressional Budget Office.
The CBO says the U.S. budget deficit will average $1.2 trillion a year from 2020 to 2029, amounting to 4.4 percent to 4.8 percent of gross domestic product.
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During October and November, revenue rose 3 percent from a year ago to $471 billion. Receipts from individual and payroll taxes climbed 4 percent, or $17 billion, while receipts from corporate income taxes were up 14 percent, or $1 billion. Receipts from other sources, such as excise taxes and customs duties, fell 11 percent, or $5 billion.
Meanwhile, expenditures rose 6 percent to $813 billion during the first two months of the fiscal year, which runs from October through September. Spending on mandatory programs, such as Social Security, Medicare and Medicaid, was up $22 billion, or 7 percent. Outlays for military programs of the Department of Defense climbed 7 percent, or $8 billion, while Department of Education spending climbed $3 billion, or 25 percent.
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Read more: https://www.foxbusiness.com/markets/us-deficit-soars-by-342-billion-in-first-2-months-of-fiscal-year
Hat tip, Joe.My.God:
Budget Deficit Spikes $342B In First Two FY20 Months
December 10, 2019
https://www.joemygod.com/2019/12/budget-deficit-spikes-342b-in-first-two-fy20-months/
NoMoreRepugs
(9,404 posts)Lonestarblue
(9,963 posts)Trump is trying to expand debt to the point where government cannot functionjust as he did with his six bankruptcies.
And whats with the 25% increase at the Dept. of Education? DeVos has certainly spent no money helping schools or students. How has she spent that increase?
One of my personal pet peeves is the inclusion of Social Security in the federal budget. It is not paid by general income tax revenue and should bot be classified as either revenue or an expense because it is still individuals and companies who are paying into the SS fund. General tax revenue does not pay for SS, and SS should be excluded from the budget both in terms of revenue and expense. In reality, the national debt is much higher because SS offsets some of the debt.
not fooled
(5,801 posts)like candy to private for-profit scam charters and religious "schools"? That's my guess.
Pukes cueing up to gut SS and Medicare in 3...2...1...
bubbazero
(296 posts)Republicans=deficit up; Democrats=deficits down. Sort of like the "four legs good, two legs bad" chant from ANIMAL FARM. Yea, overly simple propaganda is it's own sin, but remember the MAGA crowd this would be aimed at!............Republicans=DEFICIT UP; Democrats=DEFICIT DOWN
gilligan
(194 posts)I thought tax cuts increased revenue.
pansypoo53219
(20,969 posts)BigmanPigman
(51,584 posts)what this means for the country both long and short term.
JohnnyRingo
(18,623 posts)Hahahahaha Just kidding, Donald Trump's a white president.
patphil
(6,164 posts)While the individual and payroll taxes went up 17 billion.
And, overall expenditures rose 6%, but Social Security, Medicare, and Medicaid only contributed 2.7% of the overall rise in expenditures ((22 billion/813 billion)x100).
Entitlements aren't exactly breaking the bank.
For that matter, neither are military expenditures.
The real question is, where are we spending all this additional money?
Patrick Phillips
ancianita
(36,017 posts)It's how our domestic billionaire class destroys public schools and government, as well.