Report shows US deficit to exceed $1 trillion next year

[mfcorey1]

WASHINGTON (AP) — The federal budget deficit is expected to balloon to more than $1 trillion in the next fiscal year under the first projections taking into account the big budget deal that President Donald Trump and Congress reached this summer, the Congressional Budget Office reported Wednesday.

The return of $1 trillion annual deficits comes despite Trump’s vow when running for office that he would not just balance the budget but pay down the entire national debt.

“The nation’s fiscal outlook is challenging,” said Phillip Swagel, director of the nonpartisan CBO. “Federal debt, which is already high by historical standards, is on an unsustainable course.”

The office upped this year’s deficit projection by $63 billion and the cumulative deficit projection for the next decade by $809 billion. The higher deficit projections come even as the CBO reduced its estimate for interest rates, which lowers borrowing costs, and as it raised projections for economic growth in the near term.

https://www.apnews.com/f26c8c00b2eb4f98b84cd6921cca2fdb

[Kid Berwyn]

1. All that red ink means really good things for the wealthy.

Not so much for the rest of us, except paying for it through higher taxes and lower standards of living. The interest alone on the national debt is estimated at $479 billion this year. Buy a lot of homes, health care, education, environmental protection, etc. etc. etc. with that kind of money.

https://www.thebalance.com/interest-on-the-national-debt-4119024

[Botany]

2. Trump, "You are going to get sick of winning."

No doubt all those mother fuckers who would not shut up about President Obama and the deficit will be all over Trump and the GOP for all this red ink.

[htuttle]

3. If he's capable of bankrupting two casinos, he's definitely capable of bankrupting the USA