Oh, wait. They don’t seem to be touting how incredibly cool it is that the deficit grew 32% to $895 billion, even during such “incredible” economic times. (Emphasis mine).
The nonpartisan CBO reported that the central drivers of the increasing deficit were the Republican tax law and the bipartisan agreement to increase spending. As a result, revenue only rose 1 percent, failing to keep up with a 7 percent surge in spending, it added. Revenue from individual and payroll taxes was up some $105 billion, or 4 percent, while corporate taxes fell $71 billion, or 30 percent.
Part of that “bipartisan” budget was an additional $94 billion in Pentagon spending (reaching over $700 billion).
It’s amazing — knowingly spend more more than you bring in and your debt skyrockets. The Republican party once seemed to know that, and even campaigned on it (even if Reagan did much the same thing in his day).
Federal deficit soars 32 percent to $895B
The federal deficit hit $895 billion in the first 11 months of fiscal 2018, an increase of $222 billion, or 32 percent, over the same period the previous year,
I was curious about the percentage of total debt (not deficit) over US GDP. Beginning in approximately 2005, it started zooming up to World War II levels, and that growth has not ceased since Trump took office. The last time that debt/GDP actually declined was in the Bill Clinton years (or post Cold War, depending upon how you look at it).
https://www.usgovernmentdebt.us/spending_chart_1890_2017USp_19s2li111lcn_H0fH0sH0l_Total_Debt_As_Percent_GDP
https://plus.google.com/photos/…
of course that will mean with have to cut the budget, end Social Security (or dump it all on to Wall Street), end medicare and Medicaid….heck, lets just get rid of everything but DHS and the War Department.