Federal Debt Up $1.37 Trillion Since Last Dec. 25; $10,743 Per Household

[Peter1469]

Federal Debt Up $1.37 Trillion Since Last Dec. 25; $10,743 Per Household

Despite record tax revenue Congress continues to spend more than they collect in Taxes.

The federal government has added another $1,370,760,684,441.54 to the debt since last December 25, according to numbers published by the U.S. Treasury.

On Dec. 25, 2017, the federal debt was 20,492,874,492,282.58, according to the Treasury.

Read the rest at the link.

[Helena]

How much are other countries indebted to us?

[Peter1469]

Payments on interest will crowd out are discretionary budget.

The Fed's interest rate hikes are doing more than hitting consumers in the credit cards. They're also making it much more expensive for the U.S. to carry its debt load.

While they're not currently a subject of President Trump's Twitter outrage, America's interest payments have become a point of concern for some on Wall Street. Those payments are projected to triple to more than $600 billion by 2023, reflecting rising interest rates as well as the exploding deficit. That figure approaches the amount the U.S. spends on national defense every year, and dwarfs what it spends on agriculture, Medicaid, income security and veterans' programs, to name just a few.

***

In the first full year of Donald Trump's presidency, the federal deficit rose to its highest level in six years. Next year, it's projected to rise even higher.


Is this historic abnormality a problem? Some economists think so. The Congressional Budget Office warned about the debt in its latest budget projection. "[H]igh and rising debt would have serious negative consequences for the budget and the nation," the CBO wrote, adding that high debt makes a fiscal crisis more likely and leaves less room for lawmakers to change tax and spending policies to help solve a crisis.

[Lummy]

How much are other countries indebted to us?

A lot. This question goes back to Reagan, at least. The answer, I think, is probably that there are reams of legal paper holding us to our debts but nothing at all holding other countries to pay us back for anything.

[Green Arrow]

That’s part of the reason the GOP tax overhaul last year was a stupid idea. They cut taxes but didn’t cut spending to match it, so the result is an imbalance that raises the deficit. They should have worked on getting spending under control and within the limits of the new post-tax overhaul revenue, but they put the cart before the horse.

[donttread]

Federal Debt Up $1.37 Trillion Since Last Dec. 25; $10,743 Per Household

Despite record tax revenue Congress continues to spend more than they collect in Taxes.



Read the rest at the link.

If he can keep this pace he could set spending and debt records like both Obama and GWB before him. He might hit the 30 trillion mark. It appears even a business man cannot balance a budget

[Peter1469]

If he can keep this pace he could set spending and debt records like both Obama and GWB before him. He might hit the 30 trillion mark. It appears even a business man cannot balance a budget

Trump said during the election cycle that the US should have more debt while the interest rates are low. Of course, now the Fed is raising interest rates.

But that is a big reason I did not support Trump- he spends like a drunken democrat.

[MisterVeritis]

That’s part of the reason the GOP tax overhaul last year was a stupid idea. They cut taxes but didn’t cut spending to match it, so the result is an imbalance that raises the deficit. They should have worked on getting spending under control and within the limits of the new post-tax overhaul revenue, but they put the cart before the horse.

Under the Constitution we follow today, spending will never be under control. It is not possible.

And yet you people shun the one tool at your disposal to make it happen.

[MisterVeritis]

If he can keep this pace he could set spending and debt records like both Obama and GWB before him. He might hit the 30 trillion mark. It appears even a business man cannot balance a budget

It is not possible under the system we have today. Once we broke the Constitution's limits the game was over. If we add teeth to the Constitution we have a chance.

But fools don't want to try. So the nation will fail instead.

[MisterVeritis]

Trump said during the election cycle that the US should have more debt while the interest rates are low. Of course, now the Fed is raising interest rates.

But that is a big reason I did not support Trump- he spends like a drunken democrat.

Peter, it does not matter which man you support when you fail to take the step the Constitution provides for solving the problem. You are afraid for no reason. So you fail to act. Because you fail to act the nation will fail.