US posts biggest budget deficit since 2012 as tax income falls

[Yo_Mama_Been_Loggin]

The U.S. recorded a $215 billion budget deficit in February -- its biggest in six years -- as revenue declined.

Fiscal income dropped to $156 billion, down 9 percent from a year earlier, while spending rose 2 percent to $371 billion, the Treasury Department said on Monday. The deficit for the fiscal year that began in October widened to $391 billion, compared with a $351 billion shortfall the same period a year earlier, according to the Treasury report.

The data underscore concerns by some economists that Republican tax cuts enacted this year could increase the U.S. government debt load, which has surpassed $20 trillion. The tax changes are expected to reduce federal revenue by more than $1 trillion over the next decade, while a $300 billion spending deal reached by Congress in February could push the deficit higher.

Treasury Secretary Steven Mnuchin has said the tax cuts will pay for themselves through faster economic growth.

https://www.msn.com/en-us/money/markets/us-posts-biggest-budget-deficit-since-2012-as-tax-income-falls/ar-BBK8U7l?ocid=spartandhp

Oh bullshit Mnunchin.

[pangaia]

1. All the more reason to cut $$$$ for averything worthwhile..

That's the plan.

[InAbLuEsTaTe]

2. Yup yup... disgusting!

[California_Republic]

3. They will sell the public assets to the rich.

I predict

[ooky]

4. They will give them to them.

[SWBTATTReg]

5. Another gop economic miracle for the country...remember, these guys know the economy!

The gop harped on reining in deficit spending and cutting back unneeded spending but of course we don't see any of this now that they are in power.

All of the things that they seemingly were for in the past has been tossed to the wayside and our adversaries have been brought to the table too, to share in the harvest of the bounty. Traitors all.

GOTV for Lamb in PA! GOTV for all democratic candidates against the gop, to save our country.

The gop has again proven that it's not interested at all in preserving the institutions that made this country great, and in fact, is dismantling one of the effective countermeasures set up by our founders to protect our country from nefarious entities who are intent on doing harm to the US and its interests.

[pansypoo53219]

6. GEE. whoda thunk that would happen.....

2-1= negative/GOP MATH

[Scurrilous]

7. K&R

[NewJeffCT]

8. $215 billion for 1 month?

Holy crap.

[ProfessorGAC]

9. That Seems A Bit Much

Even the most dire predictions about the short term effect of these cuts was nothing like this.

I wonder if there is something more to it, like timing of corporate fund transfers or something.

This one month number is on an annual rate that makes the 5 year projections happen in 24 months.

[Cicada]

10. Tax refunds going out in spring increase monthly deficits, better after April 15

[ProfessorGAC]

12. That Seems Logical

Early filers would have gotten refunds by now. Good catch.

[Achilleaze]

11. republicans are weakening America

...by design. Scumbags.

[Progressive dog]

13. Selling "tax cuts pay for themselves"

and other fables is what Republicans do best.