Federal budget deficit to reach nearly $2 trillion this year, CBO projects

[rangerrebew]

DEFICIT Published June 19, 2024 6:00am EDT
Federal budget deficit to reach nearly $2 trillion this year, CBO projects
Federal deficit projected to reach $1.9T in fiscal 2024, which would be 3rd-largest in US history
 
By Eric Revell FOXBusiness
 

US on unsustainable debt trajectory: LaVorgna
The nonpartisan Congressional Budget Office (CBO) on Tuesday released an update to its 10-year budget outlook that found the federal budget deficit will approach $2 trillion in the current fiscal year.


The CBO's latest estimate projects the budget deficit will reach $1.9 trillion in fiscal 2024, which would be the third largest in U.S. history and $200 billion larger than last year's deficit. The projected $1.9 trillion deficit would trail only the $3.1 trillion fiscal 2020 deficit and the $2.7 trillion fiscal 2021 deficit that were incurred during the peak of spending on pandemic-era relief programs.

In February, the CBO estimated that the fiscal 2024 deficit would be more than $1.5 trillion, but it revised that figure upward by $408 billion, or 27%, in the latest update in response to new government spending since its prior report.

https://www.foxbusiness.com/politics/federal-budget-deficit-reach-nearly-2-trillion-year-cbo-projects

[Kamaji]

At what point is it fair to say it's time to let the system burn itself down, and just be prepared to start over again?

[LMAO]

This should be issue number one for conservatives. The Biden administration is handing us a campaign issue that the GOP can’t take advantage of.

Two out of control spenders who will mismanage our fiscal situation

[bigheadfred]

RNC Research
@RNCResearch
Biden's unilateral student loan debt bailout is contributing to a **27% jump** in the projected federal budget deficit, per CBO

[DefiantMassRINO]

Now silver is over $30/troy ounce.

Nobody will care about deficits and debts.  Fiscal conservatives are "Chicken Little's" warning of fiscal doom for 40 years ... the $h!t won't hit the fan until Libs run out of other people's money to confiscate or borrow.

The World needs to figure out what the next Global Exchange Currency.  Who knows, we might go back to using the Spanish Silver Dollar.

[LMAO]

They’ll just keep printing  money to artificially prop GDP numbers up until they no longer can.


We need Javier Milei

https://www.reuters.com/world/americas/argentina-posts-largest-monthly-primary-surplus-yet-under-milei-2024-06-18/


BUENOS AIRES, June 18 (Reuters) - Cash-strapped Argentina posted a fifth straight monthly primary fiscal surplus of 2.33 trillion pesos ($2.57 billion) in May, the largest yet under libertarian President Javier Milei who took office in December and ushered in tough austerity.

And

Inflation in Argentina slowed to 4.2% in May – lowest monthly rate in two years
Monthly inflation drops below five percent for the first time in more than two years, decelerating for the fifth consecutive month.

https://www.batimes.com.ar/news/amp/economy/inflation-in-argentina-slowed-to-43-in-may-lowest-monthly-rate-in-two-years.phtml


Take note, leftists and MAGAs. Running sky  high deficits and printing money to fund them will not bring prosperity regardless who does it

Student loan bailouts, Shutting down the economy and paying people to stay home, cruelly named “Inflation Reduction Acts,” trade restrictions and tariffs, and higher taxes are not what’s going to fix this

This does not have to end badly. There is a path out of this. It takes leadership and some intestinal fortitude because there will be a battle. But any candidate who doesn’t make this their top issue, or worse, seeks to exacerbate the situation  should not serve a single day in office

[LMAO]

At what point is it fair to say it's time to let the system burn itself down, and just be prepared to start over again?

It doesn't, nor should it, get to that point. We just don't have the leadership to deal with this issue

Why would we expect the supporters of the two train wrecks running to address this issue when their own supporters don't care about it? Or worse, demand more of it?

[Hoodat]

This should be issue number one for conservatives. The Biden administration is handing us a campaign issue that the GOP can’t take advantage of.

Even with $2 trillion added his last year in office, Biden still will have run up less debt during his four years in office than Trump did.

[Weird Tolkienish Figure]

Now silver is over $30/troy ounce.

Nobody will care about deficits and debts.  Fiscal conservatives are "Chicken Little's" warning of fiscal doom for 40 years ... the $h!t won't hit the fan until Libs run out of other people's money to confiscate or borrow.

The World needs to figure out what the next Global Exchange Currency.  Who knows, we might go back to using the Spanish Silver Dollar.

Let's be honest, no president since Carter has done well in this department, and the best was probably Clinton, who rode the 1994 GOP revolution small government craze.

[IsailedawayfromFR]

Even with $2 trillion added his last year in office, Biden still will have run up less debt during his four years in office than Trump did.

Well, there was the congressional over-reaction to Covid which is mostly responsible for ballooning it at that time.

[Hoodat]

Well, there was the congressional over-reaction to Covid which is mostly responsible for ballooning it at that time.

With Trump's signature clearly displayed at the bottom.

[IsailedawayfromFR]

With Trump's signature clearly displayed at the bottom.

Undoubtedly true, but at the same time I suggest there is no way Congress would not have overridden any veto on those Covid bills.

The CARES ACT in March 2020 passed the Senate 96-0 and the House 419-6.

It would have been a useless fight by Trump.

No, this is Congress's boondoggle.

[bigheadfred]

Undoubtedly true, but at the same time I suggest there is no way Congress would not have overridden any veto on those Covid bills.

The CARES ACT in March 2020 passed the Senate 96-0 and the House 419-6.

It would have been a useless fight by Trump.

No, this is Congress's boondoggle.

 

[catfish1957]

When this house of cards falls, it's going to be seismic.

[LMAO]

Undoubtedly true, but at the same time I suggest there is no way Congress would not have overridden any veto on those Covid bills.

The CARES ACT in March 2020 passed the Senate 96-0 and the House 419-6.

It would have been a useless fight by Trump.

No, this is Congress's boondoggle.

 

However, later that year, Trump sided with congressional Democrats, who wanted a much bigger Covid stimulus, over congressional Republicans, who were pushing for a smaller one

It’s not that Donald Trump didn’t want the fight over COVID spending. It’s because Trump is more on the Keynesian side of economic philosophy

[LMAO]

When this house of cards falls, it's going to be seismic.

Anybody who ignores this issue or proposes to make it worse, should never be allowed near levers of power. Same goes for people who want to ignore or demagogue the issue with Social Security and Medicare for short term, political gain

We can get out of this situation, although it won’t be easy

[bigheadfred]

 

However, later that year, Trump sided with congressional Democrats, who wanted a much bigger Covid stimulus, over congressional Republicans, who were pushing for a smaller one

It’s not that Donald Trump didn’t want the fight over COVID spending. It’s because Trump is more on the Keynesian side of economic philosophy

Uhhh..second stimulus bill.  "The legislation easily passed in the House — 359 to 53 — before it breezed through the Senate shortly before midnight Monday in a 92-6 vote."

[LMAO]

Uhhh..second stimulus bill.  "The legislation easily passed in the House — 359 to 53 — before it breezed through the Senate shortly before midnight Monday in a 92-6 vote."

That  still doesn’t change the fact that Donald Trump sided  with Democrats over many in his own party on the size of the stimulus. In fact, he himself pushed for a larger Covid stimulus

I agree with you that Congress is  not blameless. But neither is Trump

https://www.cnbc.com/amp/2020/12/22/trump-calls-covid-relief-bill-unsuitable-and-demands-congress-add-higher-stimulus-payments.html


He urged lawmakers to make a number of changes to the measure, including bigger direct payments to individuals and families. House Speaker Nancy Pelosi, one of Trump's arch enemies, agreed with his call for $2,000 payments. Trump did not threaten a veto.

[LMAO]

With Trump's signature clearly displayed at the bottom.

Trump was so proud of those stimulus checks that he insisted his name be put on them

https://www.forbes.com/sites/rachelsandler/2020/04/14/stimulus-checks-may-be-delayed-because-trump-wants-his-name-printed-on-them-report-says/


And when Tom Massie delayed the vote  to put people on record with a recorded vote over a voice vote on Covid spending, Donald Trump attacked him and wanted to kick him out of the Republican Party

https://www.whas11.com/article/news/politics/trump-rep-thomas-massie-out-of-republican-party/417-76711fc3-0e80-4219-99d3-3dc1a497b784




Yes, even if Donald Trump vetoed Covid spending, there was probably the votes override it. But the meme that he was concerned about all the spending and printing, but he just didn’t have the numbers on his side to fight it, is not matched by the history

[Hoodat]

Undoubtedly true, but at the same time I suggest there is no way Congress would not have overridden any veto on those Covid bills.

The CARES ACT in March 2020 passed the Senate 96-0 and the House 419-6.

It would have been a useless fight by Trump.

If it had come down to a fight, it would have been Trump fighting in favor of the bill against his own Party.  Trump is the leader here.  Trump is in the bully pulpit.  And Trump signaled to his own Party again and again and again that he supports big government and huge deficits.  Four years in office, and not once did he veto a single spending bill.  Not once.

So yes, the $8 trillion in newly printed money to fund government excess is squarely on him.  It is what he stands for.

[Hoodat]

Yes, even if Donald Trump vetoed Covid spending, there was probably the votes override it. But the meme that he was concerned about all the spending and printing, but he just didn’t have the numbers on his side to fight it, is not matched by the history

Correctamundo.

[Weird Tolkienish Figure]

Undoubtedly true, but at the same time I suggest there is no way Congress would not have overridden any veto on those Covid bills.

The CARES ACT in March 2020 passed the Senate 96-0 and the House 419-6.

It would have been a useless fight by Trump.

No, this is Congress's boondoggle.

There's a lot of blame to go around and this sort of thing goes back to Reagan.

[roamer_1]

Yes, even if Donald Trump vetoed Covid spending, there was probably the votes override it. But the meme that he was concerned about all the spending and printing, but he just didn’t have the numbers on his side to fight it, is not matched by the history

BUT (and it's a big, hairy but), had he vetoed the bills, had they passed or not, he'd have been on the side of the angels, and would have had the moral standing to take to his bully pulpit and preach it.

None of that happened. He endorsed every one. He signed em all. He brags on it.

Can't have that both ways.

[Fishrrman]

I chuckle at the posts from the "budget concern trolls" here at The Briefing Room.

As if such matters were actually going to be dealt with in a timely manner.

That's.
Not.
Gonna.
Happen.
... and you all know it.

Those who are in the positions of power to "fix" the budget problems... won't.
They won't because they can avoid the heat and just keep postponing action until another day.

They won't because if they actually DID do the things required to fix the budget and deficit problems, they would QUICKLY LOSE the "positions of power" that they currently hold.

I predict the budget deficit could easily rise to $100 trillion, $150 trillion, or... higher.

Almost no one posting in this forum today will see the end to that rise. Perhaps none at all.

When will the budget and deficit be "fixed"?
Like a speeding train downhill, without brakes, they'll be fixed by the same forces that halt that train.

When things can no longer continue as they are now, then things will stop.
ONLY THEN will those in power take the steps needed to rerail the train.

The budget trolls post as if they think they know the solutions.
Got news for ya, guys.

There will BE "solutions".
But they aren't gonna be what you think.
And you're not going to like them.
Not all all.

[LMAO]

I chuckle at the posts from the "budget concern trolls" here at The Briefing Room.

As if such matters were actually going to be dealt with in a timely manner.

That's.
Not.
Gonna.
Happen.
... and you all know it.

Those who are in the positions of power to "fix" the budget problems... won't.
They won't because they can avoid the heat and just keep postponing action until another day.

They won't because if they actually DID do the things required to fix the budget and deficit problems, they would QUICKLY LOSE the "positions of power" that they currently hold.

I predict the budget deficit could easily rise to $100 trillion, $150 trillion, or... higher.

Almost no one posting in this forum today will see the end to that rise. Perhaps none at all.

When will the budget and deficit be "fixed"?
Like a speeding train downhill, without brakes, they'll be fixed by the same forces that halt that train.

When things can no longer continue as they are now, then things will stop.
ONLY THEN will those in power take the steps needed to rerail the train.

The budget trolls post as if they think they know the solutions.
Got news for ya, guys.

There will BE "solutions".
But they aren't gonna be what you think.
And you're not going to like them.
Not all all.

You just outlined why neither of the two candidates should be allowed anywhere near high office

So because you don't believe that anything will be done to attempt to reign in fiscal unsustainability, Trump and /or Biden should just blow through it???

Plus, I got news for you. The future is here. For now, it's in the form of inflation

[Hoodat]

You just outlined why neither of the two candidates should be allowed anywhere near high office

You got that right.  I never dreamed that there would be members here championing Robert Mugabe fiscal policies.

[catfish1957]

I chuckle at the posts from the "budget concern trolls" here at The Briefing Room.

I've been screaming about this for 40 years, I'd say that hardly makes me a "budget concern troll"

[LMAO]

You got that right.  I never dreamed that there would be members here championing Robert Mugabe fiscal policies.

 They know economics enough to know that printing money to sustain record deficits leads to inflation, for example

But vocalizing their opposition to  that position conflicts with their  loyalty to Trump

[roamer_1]

... and you all know it.

That's right... Which us why neither candidate will receive my endorsement. and rightfully so.

[Fishrrman]

Guess I touched a few nerves. That was intentional.

It's not "what should be done". Posters above are right about that.

Rather, it's about what WILL be done. I stand by what I've posted.

There may have been... there WAS... a previous time (or times) in our history when difficult decisions were made with the blessings of the entire nation, by which difficult problems were overcome.

That is no longer possible, and will not be possible again so long as the current 50 states comprise "one nation". The [formerly United] States has become too balkanized for the required unity to ever again be achieved.

I believe it was a noted economist who said, simply, that things will continue until they no longer can.

THAT is our future...

[roamer_1]

Guess I touched a few nerves. That was intentional.

It's not "what should be done". Posters above are right about that.

Rather, it's about what WILL be done. I stand by what I've posted.

There may have been... there WAS... a previous time (or times) in our history when difficult decisions were made with the blessings of the entire nation, by which difficult problems were overcome.

That is no longer possible, and will not be possible again so long as the current 50 states comprise "one nation". The [formerly United] States has become too balkanized for the required unity to ever again be achieved.

I believe it was a noted economist who said, simply, that things will continue until they no longer can.

THAT is our future...

I'll agree with that. But again, that doesn't mean I should approve of it. Or vote for it.
If the Republicans can't be conservative, then I can't vote for em.

[Hoodat]

It's not "what should be done". Posters above are right about that.

Rather, it's about what WILL be done. I stand by what I've posted.

The reason it WILL be done is because people continue to vote for people who do it.  Maybe if you insisted on Conservative government instead of settling for Democrat-lite (or in Trumps case, simply 'Democrat'), it would no longer be acceptable.

[LMAO]

I'll agree with that. But again, that doesn't mean I should approve of it. Or vote for it.
If the Republicans can't be conservative, then I can't vote for em.

He’s right in the sense that, as of now, there’s no real leadership on this issue. Look at what we have running this year for president.

But that shouldn’t be an excuse to go full steam ahead on spending. Our future into a Greece type situation isn’t inevitable

If Trump’s most dedicated supporters decided that these fiscal issues were important and pressured him on his economic plans, I believe he would acquiesce to their concerns

But not only do they not raise concerns about this issues, they approve of his spending and economic proposals. Again, because loyalty to him overrides all

[roamer_1]

He’s right in the sense that, as of now, there’s no real leadership on this issue. Look at what we have running this year for president.

But that shouldn’t be an excuse to go full steam ahead on spending. Our future into a Greece type situation isn’t inevitable

If Trump’s most dedicated supporters decided that these fiscal issues were important and pressured him on his economic plans, I believe he would acquiesce to their concerns

But not only do they not raise concerns about this issues, they approve of his spending and economic proposals. Again, because loyalty to him overrides all

All the more reason for folks like us to double-down. I demand Conservative representation.
Not just the trappings.
Not moving the goalposts.

The full 9 yards.
That includes, or in fact, BEGINS in fiscal conservatism.

Those who say otherwise are content with the candy thrown by the clown at the front of the parade.

[LMAO]

Our only lifeline for now is mass gridlock were nothing gets done

No tariffs. No "Inflation Reduction" legislation. Nothing. Absolutely nothing

[roamer_1]

Our only lifeline for now is mass gridlock were nothing gets done

No tariffs. No "Inflation Reduction" legislation. Nothing. Absolutely nothing

I think the bill will come due. If not in this next administration, then the next after that. Inevitably, this is a self-correcting problem... The only thing to fight about is what might be left after that correction.

[Kamaji]

It may, in fact, be time to let the system burn itself down - with a little extra push - and prepare to be ready to start picking up the pieces afterward.

[DB]

He’s right in the sense that, as of now, there’s no real leadership on this issue. Look at what we have running this year for president.

But that shouldn’t be an excuse to go full steam ahead on spending. Our future into a Greece type situation isn’t inevitable

If Trump’s most dedicated supporters decided that these fiscal issues were important and pressured him on his economic plans, I believe he would acquiesce to their concerns

But not only do they not raise concerns about this issues, they approve of his spending and economic proposals. Again, because loyalty to him overrides all

I've said it all along, MAGA and Democrats are just a different flavor of big government. The problem is big government, not the flavor.

[roamer_1]

I've said it all along, MAGA and Democrats are just a different flavor of big government. The problem is big government, not the flavor.

YUP. The voice is different, but the breath smells the same. 

[LMAO]

I've said it all along, MAGA and Democrats are just a different flavor of big government. The problem is big government, not the flavor.

In 2016, a percentage of Obama voters switched to Trump. These aren't people that embrace things like free markets and free trade.  MAGA mindset isn't "how can we reign in the size and scope of government?"  It's "what will the government do for us?"

That's why, like progressivism, MAGA-ism doesn't really work

[Weird Tolkienish Figure]

It may, in fact, be time to let the system burn itself down - with a little extra push - and prepare to be ready to start picking up the pieces afterward.

Maybe with this Mileau guy, there will be a global push for bullion backed currency?

[Free Vulcan]

When this house of cards falls, it's going to be seismic.

I figure we are like a big glass house, it'll stand till the big boulder comes hurtling down the mountain.