US deficit soars to $342B in two months

[mahatmakanejeeves]

Source: FOXBusiness

US MarketsPublished 10 hours ago
US deficit soars to $342B in two months
Shortfall for 2019 was $984B

By Jonathan GarberFOXBusiness

The U.S. government deficit spiked 12 percent to $342 billion during the first two months of fiscal year 2020, according to data from the Congressional Budget Office.

The CBO says the U.S. budget deficit will average $1.2 trillion a year from 2020 to 2029, amounting to 4.4 percent to 4.8 percent of gross domestic product.

RETAILERS STOCKING UP TO AVOID BITE OF NEW TARIFFS

During October and November, revenue rose 3 percent from a year ago to $471 billion. Receipts from individual and payroll taxes climbed 4 percent, or $17 billion, while receipts from corporate income taxes were up 14 percent, or $1 billion. Receipts from other sources, such as excise taxes and customs duties, fell 11 percent, or $5 billion.

Meanwhile, expenditures rose 6 percent to $813 billion during the first two months of the fiscal year, which runs from October through September. Spending on mandatory programs, such as Social Security, Medicare and Medicaid, was up $22 billion, or 7 percent. Outlays for military programs of the Department of Defense climbed 7 percent, or $8 billion, while Department of Education spending climbed $3 billion, or 25 percent.
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Read more: https://www.foxbusiness.com/markets/us-deficit-soars-by-342-billion-in-first-2-months-of-fiscal-year

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Hat tip, Joe.My.God:

Budget Deficit Spikes $342B In First Two FY20 Months
December 10, 2019

https://www.joemygod.com/2019/12/budget-deficit-spikes-342b-in-first-two-fy20-months/

[NoMoreRepugs]

1. C'mon.....deficits only matter when it's a Democratic POTUS.

[Lonestarblue]

2. Thanks to Trump and Republicans.

Trump is trying to expand debt to the point where government cannot function—just as he did with his six bankruptcies.

And what’s with the 25% increase at the Dept. of Education? DeVos has certainly spent no money helping schools or students. How has she spent that increase?

One of my personal pet peeves is the inclusion of Social Security in the federal budget. It is not paid by general income tax revenue and should bot be classified as either revenue or an expense because it is still individuals and companies who are paying into the SS fund. General tax revenue does not pay for SS, and SS should be excluded from the budget both in terms of revenue and expense. In reality, the national debt is much higher because SS offsets some of the debt.

[not fooled]

3. DeVoid handing out money

like candy to private for-profit scam charters and religious "schools"? That's my guess.

Pukes cueing up to gut SS and Medicare in 3...2...1...

[bubbazero]

4. NEW CAMPAIGN SLOGAN

Republicans=deficit up; Democrats=deficits down. Sort of like the "four legs good, two legs bad" chant from ANIMAL FARM. Yea, overly simple propaganda is it's own sin, but remember the MAGA crowd this would be aimed at!............Republicans=DEFICIT UP; Democrats=DEFICIT DOWN

[gilligan]

5. Gee.

I thought tax cuts increased revenue.

[pansypoo53219]

6. not a fucking peep out of the GOP feficit hawks.

[BigmanPigman]

7. Too bad the average voter doesn't even understand

what this means for the country both long and short term.

[JohnnyRingo]

8. The Tea Baggers aren't going to like this!

Hahahahaha Just kidding, Donald Trump's a white president.

[patphil]

9. Did you notice that the corporate income tax went up just one billion

While the individual and payroll taxes went up 17 billion.
And, overall expenditures rose 6%, but Social Security, Medicare, and Medicaid only contributed 2.7% of the overall rise in expenditures ((22 billion/813 billion)x100).
Entitlements aren't exactly breaking the bank.
For that matter, neither are military expenditures.
The real question is, where are we spending all this additional money?

Patrick Phillips

[ancianita]

10. Defund, Deform, Stigmatize, Putinize. How global mafia make a country give up and give in.

It's how our domestic billionaire class destroys public schools and government, as well.