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Author Topic: Government set to borrow nearly $1 trillion this year, an 84 percent jump from last year  (Read 1135 times)

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Offline Suppressed

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Government set to borrow nearly $1 trillion this year, an 84 percent jump from last year
« on: February 04, 2018, 04:47:26 pm »
Government set to borrow nearly $1 trillion this year, an 84 percent jump from last year
Heather Long, The Washington Post | on February 3, 2018
http://m.sfgate.com/news/article/Government-set-to-borrow-nearly-1-trillion-this-12549659.php

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.

[...]
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Oceander

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Re: Government set to borrow nearly $1 trillion this year, an 84 percent jump from last year
« Reply #1 on: February 04, 2018, 04:48:44 pm »
So much for fiscal responsibility. 
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Offline Suppressed

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Re: Government set to borrow nearly $1 trillion this year, an 84 percent jump from last year
« Reply #2 on: February 04, 2018, 04:48:48 pm »
"I'm the king of debt. I love debt!"  --Donald Trump
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“In the outside world, I'm a simple geologist. But in here .... I am Falcor, Defender of the Alliance” --Randy Marsh

“The most effectual means of being secure against pain is to retire within ourselves, and to suffice for our own happiness.” -- Thomas Jefferson

“He's so dumb he thinks a Mexican border pays rent.” --Foghorn Leghorn

Offline Applewood

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Re: Government set to borrow nearly $1 trillion this year, an 84 percent jump from last year
« Reply #3 on: February 04, 2018, 06:40:28 pm »
I suppose much of that borrowing will be squandered under the guise of "fixing the infrastructure."
« Last Edit: February 04, 2018, 06:40:45 pm by Applewood »
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Oceander

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Re: Government set to borrow nearly $1 trillion this year, an 84 percent jump from last year
« Reply #4 on: February 04, 2018, 06:41:51 pm »
Quote from: Applewood on February 04, 2018, 06:40:28 pm
I suppose much of that borrowing will be squandered under the guise of "fixing the infrastructure."

This is borrowing to fund already existing operations.  Any infrastructure funding would be on top of this.
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Offline Applewood

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Re: Government set to borrow nearly $1 trillion this year, an 84 percent jump from last year
« Reply #5 on: February 04, 2018, 06:46:56 pm »
Quote from: Oceander on February 04, 2018, 06:41:51 pm
This is borrowing to fund already existing operations.  Any infrastructure funding would be on top of this.

Ok, but I'll bet most of it will, as usual, be squandered.
« Last Edit: February 04, 2018, 06:47:51 pm by Applewood »
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Offline Concerned

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Re: Government set to borrow nearly $1 trillion this year, an 84 percent jump from last year
« Reply #6 on: February 04, 2018, 07:45:58 pm »
Due primarily to "fiscal outlook" according to the Treasury Department and specifically that "tax receipts are going to be lower because of the new tax law" according to the CBO.  From the link in the OP:

Quote
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.

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Oceander

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Re: Government set to borrow nearly $1 trillion this year, an 84 percent jump from last year
« Reply #7 on: February 04, 2018, 07:49:25 pm »
Quote from: Applewood on February 04, 2018, 06:46:56 pm
Ok, but I'll bet most of it will, as usual, be squandered.

I’m sure it will be. 
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Offline Sanguine

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Re: Government set to borrow nearly $1 trillion this year, an 84 percent jump from last year
« Reply #8 on: February 05, 2018, 01:38:42 am »
Quote from: Oceander on February 04, 2018, 04:48:44 pm
So much for fiscal responsibility.

"Fiscal responsibility"?  Surely you jest.  Fiscal responsibility is so passé.
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Offline Hoodat

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Re: Government set to borrow nearly $1 trillion this year, an 84 percent jump from last year
« Reply #9 on: February 05, 2018, 02:03:08 am »
This really pisses me off.  An end to baseline budgeting cannot come soon enough.
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Online corbe

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Re: Government set to borrow nearly $1 trillion this year, an 84 percent jump from last year
« Reply #10 on: February 05, 2018, 02:19:17 am »
                 I wish someone would have warned US.

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Offline InHeavenThereIsNoBeer

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Re: Government set to borrow nearly $1 trillion this year, an 84 percent jump from last year
« Reply #11 on: February 05, 2018, 03:17:41 am »
Whatever.

Our grandkids will just pass it off to their grandkids.
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Offline edpc

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Re: Government set to borrow nearly $1 trillion this year, an 84 percent jump from last year
« Reply #12 on: February 05, 2018, 04:08:47 am »
Quote from: corbe on February 05, 2018, 02:19:17 am
I wish someone would have warned US.

He sold it to Carl Icahn who eventually shut it down.  Icahn was his regulatory advisor during the campaign.  It'd be amusing if we found out one day he donated money to finance the Fusion GPS research.
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Offline GrouchoTex

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Re: Government set to borrow nearly $1 trillion this year, an 84 percent jump from last year
« Reply #13 on: February 05, 2018, 10:17:23 pm »
Quote from: Sanguine on February 05, 2018, 01:38:42 am
"Fiscal responsibility"?  Surely you jest.  Fiscal responsibility is so passé.

No kidding,
It is now just a race to see which party puts us less in debt, rather than actually trying to do anything about it.
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