Trump releases 2019 budget with $3 trillion in cuts

[Right_in_Virginia]

Trump releases 2019 budget with $3 trillion in cuts
The Hill, Feb 12, 2018, Naomi Jagoda

President Trump on Monday rolled out a White House budget that includes deep cuts to some federal agencies, an increase in funding for the Pentagon and $18 billion for a wall on the Mexican border.

It includes proposals to cut deficits by more than $3 trillion over a decade and lower debt levels as a percentage of the gross domestic product, but does not balance by doing away with annual deficits.

It also includes funding for Trump's long-awaited infrastructure plan, which was put off in the president's first year in office for efforts to repeal ObamaCare and pass tax cuts. It seeks $200 billion in government funds to stimulate $1.5 trillion in infrastructure investments.

Like other presidential budgets, Trump's blueprint will almost certainly not become law. But it still highlights the White House's priorities in an election year that looks to be dominated by debates about infrastructure, immigration and the nation's economic health.

More: http://thehill.com/homenews/administration/373413-trump-releases-2019-budget

[WarmPotato]

I WAS EXPECTING A LOT MORE THAN JUST THREE TRILLION IN CUTS!!!

[Right_in_Virginia]

]I WAS EXPECTING A LOT MORE THAN JUST THREE TRILLION IN CUTS!!!

Have you factored in the increased revenue from higher employment?

[anubias]

Have you factored in the increased revenue from higher employment?

I think he forgot the sarcasm tag?   

[Right_in_Virginia]

I think he forgot the sarcasm tag?   

No, I did not.  We are already witnessing an increase in tax revenue due to higher employment and economic growth.  You don't think this principle just worked for Reagan, do you?

Financial sites would have background on this.

[GrouchoTex]

3 trillion is a start.
Keep it going.
Keep it going.

[Applewood]

@WarmPotato

Not going to pass anyway.   Republicans always promise to cut, say, NPR, or eliminate some department or agency, but you can be sure, when push comes to shove, they will forget their promise, or offer some excuse like, "we don't have enough votes because we don't have enough Republicans to pass it.  But elect more Republicans and next time, we will definitely do it." 

And I doubt Trump is really serious about this budget anyway.  Like everything else, he will sit on the sidelines and when his proposal fails, he will find someone else to blame. 

[anubias]

No, I did not.  We are already witnessing an increase in tax revenue due to higher employment.  You don't think this principle just worked for Reagan, do you?

Financial sites would have background on this.

I wasn’t referring to you, @Right_in_Virginia .  I was referring to the all-caps screamer.  He meant what he said as well, evidently.  Hope he doesn’t stroke over this. 

[Right_in_Virginia]

Here's what I found after a quick search @anubias  ...

Go Figure: Tax Revenues Climbed $18 Billion In First Month Of GOP Tax Cuts
Investor's Business Daily, Feb 7, 2018

Fiscal Policy:  The Congressional Budget Office says that federal revenues in January added up to $362 billion. That's an increase of $18 billion— or 5.2% — from the year before. As a result, the government ran a surplus of $51 billion that month, which is equal to the previous January.

<snip>

Individual income and payroll taxes, it says, rose by $68 billion. "That change largely reflects increases in wages and salaries," the CBO says.

Those gains in wages and salaries are likely to continue, if not accelerate, under the tax cuts.

Think about it this way. Those 3 million-plus workers who are getting bonuses and raises thanks to the Trump tax cuts will end up paying more in taxes on those extra earnings, offsetting at least some of the tax cuts they will enjoy this year.

What's more, the fact that employment gains continue to be strong means more people will be earning taxable wage income. It also means fewer people collecting government benefits, which will mean less government spending than would otherwise be the case.

In fact, the CBO report says that "Medicaid spending has slowed slightly this year, perhaps related to declining unemployment and a number of other factors."

In addition, companies that are bringing money they had parked oversees — because of the excessively high U.S. corporate tax rate — back into the U.S. because of the corporate tax cuts, will be making tax payments they wouldn't have otherwise.


More:  https://www.investors.com/politics/editorials/revenues-climb-5-2-in-first-month-of-gop-tax-cuts/

[Right_in_Virginia]

I wasn’t referring to you, @Right_in_Virginia .  I was referring to the all-caps screamer.  He meant what he said as well, evidently.  Hope he doesn’t stroke over this.

Oh ... LOL!   

I posted an article to you, anyway.  Feel free to ignore.   

[Right_in_Virginia]

Trump proposes eliminating federal funding for PBS, NPR
The Hill, Feb 12, 2018

http://thehill.com/homenews/media/373434-trump-proposes-eliminating-federal-funding-for-pbs-npr

About damn time.

[Concerned]

And yet we have to borrow almost $1T this year and over $1T next year.  From last week:

Don't look now, but the U.S. government needs to borrow more money at exactly the wrong moment — when interest rates are spiking.

Last week, in a development first reported by The Washington Post, the Treasury Department quietly released data estimating its 2018 borrowing needs would check in at $955 billion, then top $1 trillion in the next two fiscal years. Those sums are considerably higher than last year's $519 billion in debt issued, and an upward revision to estimates released by the Treasury in late 2017.

https://www.cnbc.com/2018/02/05/treasury-set-to-borrow-nearly-a-trillion-in-2018-and-more-beyond.html

[anubias]

Oh ... LOL!   

I posted an article to you, anyway.  Feel free to ignore.   

Heheheehe.  S’okay.  ;)

[RoosGirl]

Stupid politicians have gotten us into a real pickle.  Started spending our money on shit they never should have and now want us to applaud them when they make, when looking at the whole picture, insignificant cuts to some of it and then increases to others.  That infrastructure funding is bullshit.

[Emjay]

@WarmPotato

Not going to pass anyway.   Republicans always promise to cut, say, NPR, or eliminate some department or agency, but you can be sure, when push comes to shove, they will forget their promise, or offer some excuse like, "we don't have enough votes because we don't have enough Republicans to pass it.  But elect more Republicans and next time, we will definitely do it." 

And I doubt Trump is really serious about this budget anyway.  Like everything else, he will sit on the sidelines and when his proposal fails, he will find someone else to blame.

Well, aren't you the little ray of sunshine.

[To-Whose-Benefit?]

No, I did not.  We are already witnessing an increase in tax revenue due to higher employment and economic growth.  You don't think this principle just worked for Reagan, do you?

Financial sites would have background on this.

Wanna give a Dem a stroke?

Remind them JFK did it and it worked for him too.

[Applewood]

Well, aren't you the little ray of sunshine.

Do you honestly believe this supposed budget is going to pass?  Are you really that gullible?