92 300CE/1996 mustang cobra (supercharged)/12 Civic/15 F150/04 F150 mud truck
he better start sucking saudi / russian Penis in order to keep gas prices low, otherwise the gig may be up
This is definitely a man-bites-dog federal budget story.
Since becoming Donald Trump’s Office of Management and Budget director, Mick Mulvaney has viciously attacked the Congressional Budget Office as a highly partisan and substantively inept organization. He has repeatedly questioned its economic assumptions, its budget analysis and the politics of its analysts.
And that makes it more than a little newsworthy that OMB, the federal agency Mulvaney himself directs and in his mind is a paragon of bipartisanship and objectivity, released a report last Friday that not only shows that CBO’s numbers were substantively good, it also shows that the organization Mulvaney had attacked for being too partisan was more optimistic about where the federal deficit is headed the next few years than Donald Trump’s own budget director.
CBO said in its Long-Term Budget Outlook report released last month that the 2018 deficit will be $793 billion; OMB said in its just-released Mid-Session Review of the president’s budget that it will be $890 billion. For 2019, CBO said the deficit will be $973 billion while OMB said it will be $1.085 trillion. For 2020, CBO said $1.003 trillion compared to OMB’s $1.076 trillion.
It’s important to note that OMB’s numbers are based on what we already know is a complete myth: that the spending cuts included in the Trump fiscal 2019 budget sent to Congress earlier this year will be enacted. For the second year in a row, the GOP Congress has shown no interest whatsoever in adopting the spending cuts the president proposed.
As a result, the disparity between CBO’s relatively optimistic deficit estimates and OMB’s comparatively pessimistic projections is most likely to get larger.
CNBC’s John Harwood: You were, during the Obama administration, a big critic of rising levels of national debt. We see the deficit going up to $1 trillion next year, debt levels are rising. About the tax cut: Did you guys go about it the wrong way?
Rep. Steve Stivers: I don’t think we did. I think you’ll see the economic growth will actually reduce the deficit a bit from the projected levels. And I think there’s still an opportunity to continue that growth.
Harwood: No misgivings about a tax cut that was not paid for, that’s allowing debt and deficits to rise like it is now?
Stivers: I do think we need to deal with our some of our spending. We’ve got to try to figure out how to spend less.
Harwood: Entitlements? Social Security, Medicare?
Stivers: Yeah, I mean, what I think we need to do is get some people who are now on government programs jobs, we have more open jobs than we have people on unemployment. So if we could get people to go from unemployment, or a government program, to become a taxpayer, it’s a twofer because not only are they getting less government assistance, they probably have a better life economically and they’re actually paying taxes.
Since the 2016 presidential campaign, Donald Trump’s aides and advisers have tried to convince him of the importance of tackling the national debt.
Sources close to the president say he has repeatedly shrugged it off, implying that he doesn’t have to worry about the money owed to America’s creditors—currently about $21 trillion—because he won’t be around to shoulder the blame when it becomes even more untenable.
The friction came to a head in early 2017 when senior officials offered Trump charts and graphics laying out the numbers and showing a “hockey stick” spike in the national debt in the not-too-distant future. In response, Trump noted that the data suggested the debt would reach a critical mass only after his possible second term in office.
“Yeah, but I won’t be here,” the president bluntly said, according to a source who was in the room when Trump made this comment during discussions on the debt.
(Bloomberg) -- U.S. government debt is on track this year to rise at the fastest pace since 2012, as a stronger economy fails to keep pace with the wave of red ink that’s rising under the Trump administration.
Total public debt outstanding has jumped by $1.36 trillion, or 6.6 percent, since the start of 2018, and by $1.9 trillion since President Donald Trump took office, according to the latest Treasury Department figures. The latter figure is roughly the size of Brazil’s gross domestic product.
If this year’s growth rate is sustained through the end of the year, it would be the biggest jump in percentage terms since the last year of President Barack Obama’s first term, at a time when the economy needed fiscal stimulus in the aftermath of the financial crisis.
As of Monday, the nation’s debt stood at a record $21.9 trillion.
The borrowing is needed to cover a budget deficit that expanded by an estimated $779 billion in Trump’s first full fiscal year as president, the widest fiscal gap in six years. By the end of Trump’s first term, the debt is expected to rise by $4.4 trillion despite historically low unemployment, and relatively low interest rates and robust growth.
Fights over fiscal policy have been making news lately, and the acrimony between Trump and the House Democratic leadership doesn’t engender confidence about compromise plans coming together any time soon.
Government funding for some agencies runs out after Dec. 21 barring an agreement over the budget, while the statutory debt limit has been temporarily suspended through March 1, though the Treasury can take measures to keep paying the government’s bills for a few more months.
I remember the right when it would go ballistic about the debt to the point of shutting down the government.
Now, I don’t mean to panic anyone, but the US breached the debt ceiling on March 16th and the current extension on the Fiscal Year 2017 continuing budget resolution runs out on April 28th. Given the dysfunction within the majority in the House and the Senate, the fact that Trump's beautiful budget has been declared DOA in Congress, shouldn't the patriots be someone concerned?
I mean, I remember how serious they were about it in the past...
Quiet in here... where are the patriots?
the debt ceiling was a HUGE deal in the Obama years, so was his golfing habit
now with this president, the Secret Service needs more funding to protect him with his weekly Mara A lago trips
where are the budget hawks now ?
I'm waiting for the House and Senate to raise the debt limit. Sweet, sweet dreams of mine...