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Federal Spending Sets Record Through July; Treasury Runs $866,812,000,000 Deficit
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NCeagle Offline
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Federal Spending Sets Record Through July; Treasury Runs $866,812,000,000 Deficit
Quote:CNSNews.com) - The federal government spent a record $3,727,014,000,000 in the first ten months of fiscal 2019 (October through July), according to the Monthly Treasury Statement released today.

While spending that record $3,727,014,000,000, the government ran a deficit of $866,812,000,000.

Before this year, the most that the federal government had ever spent in the first ten months of a fiscal year was in fiscal 2009, when the Treasury spent $3,576,745,930,000 (in constant June 2019 dollars, adjusted using the Bureau of Labor Statistics inflation calculator).



Federal spending was impacted in fiscal 2009 by the recession that was ongoing when that fiscal year began. At the beginning of fiscal 2009, President George W. Bush signed the Troubled Asset Relief Program to bailout failing banks. Later that fiscal year, President Barack Obama signed the American Recovery and Reinvestment Act, aimed at stimulating the economy.

Total federal revenues in the first ten months of fiscal 2019 equaled $2,860,202,000,000. That was less than the total revenues the federal government collected in the first ten months of fiscal 2017 ($2,866,978,570,000 in constant June 2019 dollars) and fiscal 2015 ($2,868,253,370,000 in constant June 2019 dollars).

Federal individual income tax revenues in the first ten months of fiscal 2019 equaled $1,428,904,000,000. That was less than the individual income taxes the federal government collected ($1,438,381,490,000 in constant June 2019 dollars) in the first ten months of fiscal 2018.

The difference between the $2,860,202,000,000 in total taxes the government collected and the $3,727,014,000,000 that it spent in the October through July period resulted in a deficit of $866,812,000,000.

According to Table 3 in the Monthly Treasury Statement, the Department of Health and Human Services spent the most of any federal agency in the first ten months of fiscal 2019 ($1,005,897,000,000), the Social Security Administration spent the second most ($915,775,000,000), and the Department of Defense-Military Programs spent the third most ($540,435,000,000).





The business and economic reporting of CNSNews.com is funded in part with a gift made in memory of Dr. Keith C. Wold.







https://www.cnsnews.com/news/article/ter...asury-runs
08-13-2019 09:45 AM
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umbluegray Offline
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RE: Federal Spending Sets Record Through July; Treasury Runs $866,812,000,000 Deficit
This does suck.

Trump should be vetoing congress's spending bills.
08-13-2019 10:45 AM
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RE: Federal Spending Sets Record Through July; Treasury Runs $866,812,000,000 Deficit
Thanks Obama for the pre-planned deficit. Thanks to Trump for making it less than it otherwise would have been.
08-13-2019 10:46 AM
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NCeagle Offline
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RE: Federal Spending Sets Record Through July; Treasury Runs $866,812,000,000 Deficit
(08-13-2019 10:46 AM)UofMstateU Wrote:  Thanks Obama for the pre-planned deficit. Thanks to Trump for making it less than it otherwise would have been.

huh? Care to elaborate here? What does lowering taxes while increasing spending have to do with Obama?
08-13-2019 04:41 PM
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RE: Federal Spending Sets Record Through July; Treasury Runs $866,812,000,000 Deficit
(08-13-2019 04:41 PM)NCeagle Wrote:  
(08-13-2019 10:46 AM)UofMstateU Wrote:  Thanks Obama for the pre-planned deficit. Thanks to Trump for making it less than it otherwise would have been.

huh? Care to elaborate here? What does lowering taxes while increasing spending have to do with Obama?

We should be lowering taxes AND spending.
08-13-2019 04:51 PM
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NCeagle Offline
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RE: Federal Spending Sets Record Through July; Treasury Runs $866,812,000,000 Deficit
(08-13-2019 04:51 PM)umbluegray Wrote:  
(08-13-2019 04:41 PM)NCeagle Wrote:  
(08-13-2019 10:46 AM)UofMstateU Wrote:  Thanks Obama for the pre-planned deficit. Thanks to Trump for making it less than it otherwise would have been.

huh? Care to elaborate here? What does lowering taxes while increasing spending have to do with Obama?

We should be lowering taxes AND spending.


absolutely. I just don't understand how this is Obama's fault now?
08-13-2019 05:00 PM
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shere khan Offline
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RE: Federal Spending Sets Record Through July; Treasury Runs $866,812,000,000 Deficit
(08-13-2019 05:00 PM)NCeagle Wrote:  
(08-13-2019 04:51 PM)umbluegray Wrote:  
(08-13-2019 04:41 PM)NCeagle Wrote:  
(08-13-2019 10:46 AM)UofMstateU Wrote:  Thanks Obama for the pre-planned deficit. Thanks to Trump for making it less than it otherwise would have been.

huh? Care to elaborate here? What does lowering taxes while increasing spending have to do with Obama?

We should be lowering taxes AND spending.


absolutely. I just don't understand how this is Obama's fault now?

Enacting programs that cant be reversed without control of Congress, financing debt to come due after you are out of office, neglecting the military so the next pres has to fix it , pissing money away on illegal aliens.

How's that for a start. Spit Obama's member out of your mouth and think for a change
(This post was last modified: 08-13-2019 05:30 PM by shere khan.)
08-13-2019 05:28 PM
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NCeagle Offline
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RE: Federal Spending Sets Record Through July; Treasury Runs $866,812,000,000 Deficit
(08-13-2019 05:28 PM)shere khan Wrote:  
(08-13-2019 05:00 PM)NCeagle Wrote:  
(08-13-2019 04:51 PM)umbluegray Wrote:  
(08-13-2019 04:41 PM)NCeagle Wrote:  
(08-13-2019 10:46 AM)UofMstateU Wrote:  Thanks Obama for the pre-planned deficit. Thanks to Trump for making it less than it otherwise would have been.

huh? Care to elaborate here? What does lowering taxes while increasing spending have to do with Obama?

We should be lowering taxes AND spending.


absolutely. I just don't understand how this is Obama's fault now?

Enacting programs that cant be reversed without control of Congress, financing debt to come due after you are out of office, neglecting the military so the next pres has to fix it , kissing money away on illegal aliens.

How's that for a start. Spit Obama's member out of your mouth and think for a change


So when somebody asks you a question to clarify something, your response is to make a dick sucking joke? Do you always do this?

I was asking a simple question. Not all of us pretend to know everything.
08-13-2019 05:33 PM
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Paul M Offline
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RE: Federal Spending Sets Record Through July; Treasury Runs $866,812,000,000 Deficit
Not a new phenomenon. You complain when the other side does it, make excuses when it's yours.
08-13-2019 06:13 PM
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Owl 69/70/75 Offline
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RE: Federal Spending Sets Record Through July; Treasury Runs $866,812,000,000 Deficit
(08-13-2019 05:00 PM)NCeagle Wrote:  
(08-13-2019 04:51 PM)umbluegray Wrote:  
(08-13-2019 04:41 PM)NCeagle Wrote:  
(08-13-2019 10:46 AM)UofMstateU Wrote:  Thanks Obama for the pre-planned deficit. Thanks to Trump for making it less than it otherwise would have been.
huh? Care to elaborate here? What does lowering taxes while increasing spending have to do with Obama?
We should be lowering taxes AND spending.
absolutely. I just don't understand how this is Obama's fault now?

I’ll tell you how much of it is Obama’s fault. Go to the CBO budget and economic forecast dated January 2017, specifically not including any Trump actions. I’m on my iPhone and it’s hard to link, but it shows very clearly that with Obama’s legacy taxes and spending, and only Obama’s, the deficits were going to increase after 2017, about 75% of what they have been under Trump, and the deficit would be back to a trillion dollars in 2022.

What then is Trump responsible for? One, the failure to eliminate the deficit, and two, that other 25%.

We are not going to balance the budget without additional tax revenues nor without cutting spending. Revenues and expenditures are just too far apart otherwise. We can’t raise income tax rates, or get rid of exclusions and/or deductions, without driving capital flight. So I’d do what Europe had to do when faced with capital flight—lower and flatten income tax rates, eliminate most if not all non-business deductions and exclusions, and add a consumption tax. 15% across the board would easily produce way more revenues than we get now, and still leave us with the lowest top corporate tax rate (except Ireland), and the lowest individual tax rate, and the lowest consumption tax rate in the developed world. That on top of all our geographic advantages would attract investment and growth at previously unheard-of rates.

Now on the expense side, replace our current welfare hodgepodge of focused and means tested programs with an across-the-board subsistence level universal basic income and Bismarck health care, for a more comprehensive safety net at a cheaper price because we cut out the gate-keeping bureaucrats. And since everybody wants to pick on the military, there are things we can do there too—concert about 400,000 active duty slots to a million cheaper reserve slots, reform procurement to prevent expensive failures like the Ford aircraft carrier or the Zumwalt whatever-it-is or the LCSs or the F35 (which may still be a success but is still way overpriced), get rid of nonproductive overhead (we don’t need more people in the Pentagon than it took to win WWII), and never fight another war that we don’t intend to win.

We could also solve social security forever by setting the tax at 15% (7.5 & 7.5), eliminating the wage and salary cap, increasing the full retirement age from 66 to 70 by one month per year for 48 years, and adding a privatized component.

First party or candidate to jump onboard gets my vote.
08-13-2019 06:15 PM
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shere khan Offline
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RE: Federal Spending Sets Record Through July; Treasury Runs $866,812,000,000 Deficit
(08-13-2019 05:33 PM)NCeagle Wrote:  
(08-13-2019 05:28 PM)shere khan Wrote:  
(08-13-2019 05:00 PM)NCeagle Wrote:  
(08-13-2019 04:51 PM)umbluegray Wrote:  
(08-13-2019 04:41 PM)NCeagle Wrote:  huh? Care to elaborate here? What does lowering taxes while increasing spending have to do with Obama?

We should be lowering taxes AND spending.


absolutely. I just don't understand how this is Obama's fault now?

Enacting programs that cant be reversed without control of Congress, financing debt to come due after you are out of office, neglecting the military so the next pres has to fix it , kissing money away on illegal aliens.

How's that for a start. Spit Obama's member out of your mouth and think for a change


So when somebody asks you a question to clarify something, your response is to make a dick sucking joke? Do you always do this?

I was asking a simple question. Not all of us pretend to know everything.

Always.
Not pretending.
08-13-2019 06:51 PM
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Kronke Online
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RE: Federal Spending Sets Record Through July; Treasury Runs $866,812,000,000 Deficit
But let’s offer the entire northern triangle “asylum”, amirite dems?
08-13-2019 08:00 PM
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NCeagle Offline
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RE: Federal Spending Sets Record Through July; Treasury Runs $866,812,000,000 Deficit
(08-13-2019 06:15 PM)Owl 69/70/75 Wrote:  
(08-13-2019 05:00 PM)NCeagle Wrote:  
(08-13-2019 04:51 PM)umbluegray Wrote:  
(08-13-2019 04:41 PM)NCeagle Wrote:  
(08-13-2019 10:46 AM)UofMstateU Wrote:  Thanks Obama for the pre-planned deficit. Thanks to Trump for making it less than it otherwise would have been.
huh? Care to elaborate here? What does lowering taxes while increasing spending have to do with Obama?
We should be lowering taxes AND spending.
absolutely. I just don't understand how this is Obama's fault now?

I’ll tell you how much of it is Obama’s fault. Go to the CBO budget and economic forecast dated January 2017, specifically not including any Trump actions. I’m on my iPhone and it’s hard to link, but it shows very clearly that with Obama’s legacy taxes and spending, and only Obama’s, the deficits were going to increase after 2017, about 75% of what they have been under Trump, and the deficit would be back to a trillion dollars in 2022.

What then is Trump responsible for? One, the failure to eliminate the deficit, and two, that other 25%.

We are not going to balance the budget without additional tax revenues nor without cutting spending. Revenues and expenditures are just too far apart otherwise. We can’t raise income tax rates, or get rid of exclusions and/or deductions, without driving capital flight. So I’d do what Europe had to do when faced with capital flight—lower and flatten income tax rates, eliminate most if not all non-business deductions and exclusions, and add a consumption tax. 15% across the board would easily produce way more revenues than we get now, and still leave us with the lowest top corporate tax rate (except Ireland), and the lowest individual tax rate, and the lowest consumption tax rate in the developed world. That on top of all our geographic advantages would attract investment and growth at previously unheard-of rates.

Now on the expense side, replace our current welfare hodgepodge of focused and means tested programs with an across-the-board subsistence level universal basic income and Bismarck health care, for a more comprehensive safety net at a cheaper price because we cut out the gate-keeping bureaucrats. And since everybody wants to pick on the military, there are things we can do there too—concert about 400,000 active duty slots to a million cheaper reserve slots, reform procurement to prevent expensive failures like the Ford aircraft carrier or the Zumwalt whatever-it-is or the LCSs or the F35 (which may still be a success but is still way overpriced), get rid of nonproductive overhead (we don’t need more people in the Pentagon than it took to win WWII), and never fight another war that we don’t intend to win.

We could also solve social security forever by setting the tax at 15% (7.5 & 7.5), eliminating the wage and salary cap, increasing the full retirement age from 66 to 70 by one month per year for 48 years, and adding a privatized component.

First party or candidate to jump onboard gets my vote.

thanks for the info on the deficit. I'll have to check out the numbers later. So it still falls on both Obama and Trump then. Makes sense.
08-14-2019 07:19 AM
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NCeagle Offline
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RE: Federal Spending Sets Record Through July; Treasury Runs $866,812,000,000 Deficit
(08-13-2019 06:13 PM)Paul M Wrote:  Not a new phenomenon. You complain when the other side does it, make excuses when it's yours.

are you referring to me?

What side is my side?
08-14-2019 07:20 AM
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Owl 69/70/75 Offline
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RE: Federal Spending Sets Record Through July; Treasury Runs $866,812,000,000 Deficit
(08-14-2019 07:19 AM)NCeagle Wrote:  thanks for the info on the deficit. I'll have to check out the numbers later. So it still falls on both Obama and Trump then. Makes sense.

Obama was a master of illusion, and democrats have done an excellent job of creating a myth. First we heard how Obama "reduced" the deficit (although he is the one who grossed it up in the first place, kind of like taking an item that is priced at $5, raising the price to $10, and then putting it on "sale" for $7). Then we hear how the 2017 tax cut is going to "increase the deficit" by a trillion dollars (not exactly, it's $100 billion a year for ten years, but let's gross up the number so that it looks bigger). Then we hear that Trump is responsible for a "trillion dollar deficit" (obviously, Obama was reducing the deficit to zero, and the whole deficit is Trump's tax cut, easily sold given the mythical impressions they have created, but not quite true). Goebbels would be proud.

Here is the link to the CBO forecast. https://www.cbo.gov/publication/52370

Note specifically that it states, right at the start, "CBO’s projections were completed before the new Administration took office on January 20, 2017. They do not incorporate any effects of executive orders or other actions taken by that Administration."

And here are the forecasted deficits by fiscal year (in $ billions):
2016-587 (actual)
2017-559
2018-487 (see how Obama is "reducing the deficit"}
2019-601 (but wow, what was that?)
2020-684 (and that?)
2021-797 (and that?)
2022-959 (and that?)
2023-1,000 (and that?)
2024-1,027 (and that?)
2025-1,165 (and that?)
2026-1,297 (and that?)
2027-1,408 (and that?)

As I said, it's a myth. Don't fall for it.
08-14-2019 08:14 AM
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VA49er Offline
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RE: Federal Spending Sets Record Through July; Treasury Runs $866,812,000,000 Deficit
(08-13-2019 06:13 PM)Paul M Wrote:  Not a new phenomenon. You complain when the other side does it, make excuses when it's yours.

Yep, both sides have a spending problem. Been that way for a while now. It's easier to spend than to make tough decisions.
08-14-2019 08:15 AM
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Paul M Offline
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RE: Federal Spending Sets Record Through July; Treasury Runs $866,812,000,000 Deficit
(08-14-2019 07:20 AM)NCeagle Wrote:  
(08-13-2019 06:13 PM)Paul M Wrote:  Not a new phenomenon. You complain when the other side does it, make excuses when it's yours.

are you referring to me?

What side is my side?

Nope, sorry, meant most everyone on both sides.
08-14-2019 10:44 AM
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NCeagle Offline
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RE: Federal Spending Sets Record Through July; Treasury Runs $866,812,000,000 Deficit
(08-14-2019 10:44 AM)Paul M Wrote:  
(08-14-2019 07:20 AM)NCeagle Wrote:  
(08-13-2019 06:13 PM)Paul M Wrote:  Not a new phenomenon. You complain when the other side does it, make excuses when it's yours.

are you referring to me?

What side is my side?

Nope, sorry, meant most everyone on both sides.


10-4! no problem.
08-14-2019 10:47 AM
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