Congressional Budget Office: Budget Deficit Grows $39B in First Quarter


Olde Hornet

Well-Known Member
The econonmy is rolling, but the debt is GROWING! The republican tax cut would reduce the debt through growth.
:snicker
:snicker
:snicker


Dumb americans fall for it every time.
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:popcorn:
:popcorn:


Congressional Budget Office: Budget Deficit Grows $39B in First Quarter
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https://www.msn.com/en-us/news/poli...lar39b-in-first-quarter/ar-BBYKXI2?li=BBnb7Kz


The federal budget deficit increased 12% over last year during the first quarter of fiscal 2020, jumping $39 billion to $358 billion, according to a budget review compiled by the Congressional Budget Office and published Wednesday.

The CBO, the nonpartisan research arm of Congress, attributes much of the growth in the deficit to "shifts in the timing of certain payments." If the timing of payments had not changed, the deficit through December would have been approximately $20 billion less.

While federal revenues grew by 5%, spending grew by 7%. Individual income and payroll taxes increased a combined 5%, $29 billion, and amounts withheld from paychecks rose by $27 billion, which reflects increases in salaries, the report states.

Revenue for the largest mandatory spending programs rose by 7%, increasing $16 billion for Social Security benefits, $12 billion for Medicare and $5 billion for Medicaid. The largest percentage increase, 10%, was spending for military programs, which rose $16 billion.
 
When Obama was President, those damn Republicans ranted and raved about the budget deficit as if it was the end of the world. Now, all of a sudden, the budget deficit is not important anymore. I wonder why.
 
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When Obama was President, those damn Republicans ranted and raved about the budget deficit as if it was the end of the world. Now, all of a sudden, the budget deficit is not important anymore. I wonder why.
Because corporate America is paying little to no taxes, thus reaping billions and the stock market is up, so as long as they are making money F' the rest of the country.
 
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