Treasury Will Have to Borrow $1 trillion To Pay for the Growing Deficit

Regular Member Posts : 7317 Join date : 2014-07-29

Trump vowed to cut the national debt ‘very quickly.’ It just hit a record high of $23 trillion.

At Trumps official campaign launch address in 2015, Trump told supporters he would apply his business acumen to federal fiscal policy, right from the get-go, saying he would
“reduce our $18 trillion in debt, because, believe me, we’re in a bubble.
Sadly, the American dream is dead but if I get elected president I will bring it back bigger and better and stronger than ever before, and we will make America great again.”

In December that year, he also said he would “freeze the budget,” which has not happened.

Again, in March 2016, Trump told The Washington Post that he could get rid of the debt “fairly quickly.”

Trump also asserted during the second presidential debate in October 2016 that he would bring back energy companies, which would make so much money that they could pay off the national debt, which has not yet happened.

Shortly before his inauguration, he told Sean Hannity that he would “balance the budget very quickly''.

Hannity, whose show aired Tuesday night after the Treasury data was released, spent his time attacking Democrats over the wall, the Green New Deal, and the Senate Intelligence Committee’s work on the Russia investigation — and did not mention the federal debt at all.

Since his election, Trump has suggested he would be able to start paying down the then-$21 trillion in debt “because of tariffs.”
The ongoing trade-war that resulted from those tariffs has instead hit American farmers hard

Unfortunately for Trump, it will be much harder to reduce the now- $23 trillion debt considering he can’t reduce the deficit.

In fact, there does not appear to be any sort of Trump administration plan to reduce the debt — the last budget proposal it released was instead projected to add $7.2 trillion more to the debt over the next 10 years.

Since taking office, Trump has quieted on the debt, tweeting about it less than a handful of times, once in February 2017, and again in November 2017 and August 2018.

Trump, who took office during a period of economic growth, has instead tried to take credit for the reduction in national debt he saw one month into his term, and attempted to adversely compare it to the increase in debt Obama saw in his first month. Obama took office as the Great Recession was accelerating, and the government was spending billions to shore up the financial sector.

Trump’s first joint address to Congress and his subsequent two State of the Union addresses also failed to mention the debt, the budgetary deficit, or anything related to fiscal policy.

Since Trump took office, the debt has actually risen $2.065 trillion.

((quote trump; “I will balance the budget very quickly''

Regular Member Posts : 176 Join date : 2019-02-03

hey stupid.. who holds the purse strings ?

Hint: The house

Regular Member Posts : 7317 Join date : 2014-07-29

For the second straight year, the Treasury Department will have to borrow $1 trillion to pay for the government's growing budget deficit, a consequence of juiced government spending and smaller revenues as a result of the late 2017 tax cuts.
U.S. borrowing spiked 84% in 2018 to nearly $1 trillion. Bloomberg reports.

Treasury borrowing surpassed $1 trillion during President Obama's first term as government spending soared amid the stimulus to combat the 2008 financial crisis recession, but it has steadily declined in the years since, settling down to $519 billion in 2017 before nearly doubling last year.

Regular Member Posts : 176 Join date : 2019-02-03

Democrats control the house..the house sets the budgets.

Regular Member Posts : 7317 Join date : 2014-07-29

Trump vowed to cut the national debt ‘very quickly.’
It just hit a record $22 trillion.

Trump told supporters he would apply his business acumen to federal fiscal policy, right from the get-go, saying he would ;
“reduce our $18 trillion in debt, because, believe me, we’re in a bubble.
Sadly, the American dream is dead.
But if I get elected president I will bring it back bigger and better and stronger than ever before, and we will make America great again.”

In December that year, he also said
he would “freeze the budget” which has not happened.

Again, in March 2016, Trump told The Washington Post that
he could get rid of the debt “fairly quickly.”

Trump also asserted during the second presidential debate in October 2016 that he would bring back energy companies, which would make so much money that they could pay off the national debt, which has not yet happened.

Since his election, Trump has suggested he would be able to start paying down the then-$21 trillion in debt “because of tariffs.”

The ongoing trade-war that resulted from those tariffs has instead hit American farmers hard, with the agricultural industry unsure whether negotiations with countries like China — previously a major buyer of U.S. soybeans will do much to reverse the damage.

Unfortunately for Trump, it will be much harder to reduce the now-$22 trillion debt considering he can’t reduce the deficit.

In fact, there does not appear to be any sort of Trump administration plan to reduce the debt —
the last budget proposal it released was instead projected to add $7.2 trillion more to the debt over the next 10 years.

https://www.usdebtclock.org/sources/transparent2.gif

To bring down the debt, the House first has to approve a budget. And then stop spending like a drunken sailor.

Regular Member Posts : 7317 Join date : 2014-07-29

The Wise And Powerful wrote:: To bring down the debt, the House first has to approve a budget. And then stop spending like a drunken sailor.

The house hasn't spent a dime..
their 400 bills are collecting dust
the trillion is totally on the republicans/trump..

Temple wrote:

The Wise And Powerful wrote:: To bring down the debt, the House first has to approve a budget. And then stop spending like a drunken sailor.

The house hasn't spent a dime..
their 400 bills are collecting dust
the trillion is totally on the republicans/trump..

They approve the continuing resolutions, right??

They don't have to.

BTW, the interest on Obama's deficits alone, is close to a trillion a year.

Quote :: Debt Added Since Obama Took Office

The largest number comes from calculating how much the debt increased during Obama's two terms. When Obama was sworn in on Jan. 20, 2009, the debt was $10.626 trillion. When he left office on Jan. 20, 2017, it was $19.947 trillion. It explains why some would say Obama added $9 trillion to the debt—more than any other president.

https://www.thebalance.com/national-debt-under-obama-3306293

Quote :: ..the first deficit that occurred after President Donald Trump took office was due to Obama's last budget.

.

Regular Member Posts : 7317 Join date : 2014-07-29

When Obama left office he had the deficit
down to 558? billion..

Temple wrote:: When Obama left office he had the deficit
down to 558? billion..

Can't you fucking read???

Debt Added Since Obama Took Office

The largest number comes from calculating how much the debt increased during Obama's two terms. When Obama was sworn in on Jan. 20, 2009, the debt was $10.626 trillion. When he left office on Jan. 20, 2017, it was $19.947 trillion. It explains why some would say Obama added $9 trillion to the debt—more than any other president.

Regular Member Posts : 7317 Join date : 2014-07-29

Obama 8 yrs,, trump 3 years..
Obama fought a frikin ressision.
He saved the Auto and much much more..
He brought us out and up from a recession
Obama has matched and outmatched trump on bringing down the deficit.
trump rode in on Obamas rising economy and cleanup after a recession.
trump is the only president to take office with a thriving economy and lowered deficit.

Temple wrote:: Obama 8 yrs,, trump 3 years..

Obama has matched and outmatched trump on bringing down the deficit.

When Obama was sworn in on Jan. 20, 2009, the debt was $10.626 trillion.

When he left office on Jan. 20, 2017, it was $19.947 trillion.

He ADDED over $9 TRILLION to the deficit. How is that "bringing it "down"???

I can't believe you are that stupid.

I bet your wife controls your family "fortune". One coffee can, or two???

Regular Member Posts : 7317 Join date : 2014-07-29

12 27 2019

President Donald Trump has been bragging about the stock market as he runs for re-election in 2020, hoping the economy will bolster his problematic polling.

There are, however, two major flaws in his argument.

The first is that stock markets are not a representation of the economy, with only 55% of Americans owning any stock.

The second problem is that Trump’s market returns are worse than those experienced under President Barack Obama.

Trump has bragged he is doing better by pointing to the “average” returns by presidents past.

“Trump uses the stock market’s surge as a barometer of his presidency’s success — one that, along with the 50-year low unemployment rate, he’s sure to continue to tout as the 2020 election approaches — but the gains under him lag those under former Presidents Barack Obama, when stocks rebounded from the lows of the financial crisis, and George H.W. Bush,” Axios reported Wednesday.

“Even if you count the 2016 post-election day market rally, the S&P’s performance is still behind former President George H.W. Bush (measuring from election day through the end of the third year in office),” Axios explained.

“Meanwhile, Trump’s trade war, which added to stock market volatility, has cut into the financial well-being of America’s farmers,” Axios added.

What’s in the $1.4 trillion federal spending bill?

Before leaving town for the holidays, lawmakers came together to pass a huge federal spending bill that illuminates the government’s policy priorities for 2020. The deal allocatef a total of $1.4 trillion to the military, education, a barrier along the U.S.-Mexico border and much more.

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