Analysis: Government Set To Borrow Nearly $1 Trillion This Year, An 84 Percent Jump From Last Year

[edpc]

It was another crazy news week, so it's understandable if you missed a small but important announcement from the Treasury Department: The federal government is on track to borrow nearly $1 trillion this fiscal year — President Donald Trump's first full year in charge of the budget.

That's almost double what the government borrowed in fiscal year 2017.

Here are the exact figures: The U.S. Treasury expects to borrow $955 billion this fiscal year, according to a documents released Wednesday. It's the highest amount of borrowing in six years, and a big jump from the $519 billion the federal government borrowed last year.

http://www.chicagotribune.com/news/nationworld/politics/ct-spending-debt-analysis-20180203-story.html

[LMAO]

 

[Concerned]

Treasury mainly attributed the increase to the "fiscal outlook." The Congressional Budget Office was more blunt. In a report this week, the CBO said tax receipts are going to be lower because of the new tax law.

<snip>

Trump's Treasury forecasts borrowing over $1 trillion in 2019 and over $1.1 trillion in 2020.

So much for the tax cuts boosting the economy.  Can we really afford huge infrastructure and defense spending without taking a huge ax to other programs (e.g., eliminating entire department like Education and Energy and fixing entitlements)?

[libertybele]

Chicago Tribune?  Thanks.  I think I'll pass.

[edpc]

Chicago Tribune?  Thanks.  I think I'll pass.

Yeah - you can always expect those liberal rags to distort reported numbers from the Treasury.  We all know $955B is not really $1T.