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Thread: Deficit falling faster than expected

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    JimH52's Avatar Senior Member
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    Deficit falling faster than expected

    http://money.cnn.com/2013/05/14/news...html?hpt=hp_t2

    Oh Oh....trouble

    That takes away another GOP talking point for 2014 and 2016....

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    GrassrootsConservative's Avatar Banned
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    Whatever you do, don't read any further than the first paragraph. Here is the second paragraph, for those interested:

    But the downward trend won't last since lawmakers haven't implemented measures to address the long-term drivers of the country's debt.
    Not to mention the fact that even if the trend did continue, we STILL have a deficit that shouldn't have ever existed in the first place.

    You're being happy that your milk isn't sour enough to kill you, just enough to make things very painful.
    Last edited by GrassrootsConservative; 05-14-2013 at 07:33 PM.

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    simpsonofpg (05-15-2013)

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    Alif Qadr's Avatar Senior Member
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    The CBO attributes the improved estimate to higher-than-expected tax revenues. . .


    Is the higher tax revenue attributed to higher tax rates or an increase in tax revenue activity such as increased purchases? It would be nice if such things were discussed in detail instead of unspecified blanket analysis and statements.
    مندوب المختار مختصة هي تستحق ابنه الحكمة من أطفال رحلة ليلية الثناء
    Alif Qadr Muhktar Muhammad Bashir ibn Bani Isr
    باسم "الله الرحمن الرحيم"
    In the name of Allah The Beneficent The Merciful

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    zelmo1234's Avatar Senior Member
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    Quote Originally Posted by Alif Qadr View Post
    Is the higher tax revenue attributed to higher tax rates or an increase in tax revenue activity such as increased purchases? It would be nice if such things were discussed in detail instead of unspecified blanket analysis and statements. [/FONT][/COLOR]
    I think that revenues will have to go up! theyy ended the payroll tax holiday so almsot everyone saw a 2% increae in taxes

    The booming stock market has people taking profits and that will trigger capital gains.

    economic growth is slow to non existant, so it is likely that business and taxes on the wealthy are about the same as they are still in shelter mode!

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    simpsonofpg's Avatar Senior Member
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    I forget the number but I think the increased debt was about 5 or 6 trillion dollars under Obama and it isn't over. It is not getting better but we are learning how to live with it. Congress does not understand the concept of income vs spending. Without the spending they can't keep up the payback that they get. Congress spends the money according to the constitution. Term limit is a good start.

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    waltky's Avatar Senior Member
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    Angry

    Uncle Ferd fixin' Granny's wagon so she can sell apples onna street corner...

    The US government just passed $20 trillion in debt for the first time ever
    For the first time in its history, the US federal government has more than $20 trillion in outstanding debt.
    The milestone was technically hit Friday, with the Treasury Department settling its accounts at the end of the day with $20,162,176,797,904 of debt outstanding. Of that debt, the Treasury said $14,622,661,213,046 is held by the public, while $5,539,515,584,857 is held by various parts of the government, also known as Intragovernmental Holdings. The amount of debt held by the federal government had been stagnant since March due to the debt ceiling, or the statutory limit of debt the Treasury is allowed to hold at any one time.


    Supporters of republican presidential candidate former Massachusetts Gov. Mitt Romney stand next to a national debt clock during a rally at Exeter High School in Exeter, New Hampshire.

    Since the limit was reimposed in March, the Treasury used so-called "extraordinary measures" to keep the amount of debt at the roughly $19.84 trillion cap. On Friday, President Donald Trump signed into law a bill that, among other things, suspended the debt ceiling until December 8. That means the Treasury can borrow freely until that date, when the outstanding amount becomes the new debt ceiling and extraordinary measures must begin again unless new legislation is passed.

    That led to the roughly $317 billion jump in the amount of debt outstanding, likely to refill the Treasury's ability to use those extraordinary measures in three months if needed. Given the jump in funding, the Treasury could hold out until at least sometime in early March on the extraordinary measures. If all falls right with corporate and individual income tax receipts, that could be extended through the summer of 2018, analysts say.

    http://www.businessinsider.com/us-de...ow-much-2017-9

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    Angry

    Granny says is `cause o' all dem politicians spendin' money we ain't got...

    Feds Collect Record Taxes Through November; Still Run $201.8B Deficit
    December 12, 2017 - The federal government collected record total tax revenues of $443,715,000,000 in the first two months of fiscal 2018 (Oct. 1, 2017 through the end of November), according to the Monthly Treasury Statement.
    Despite these record tax revenues, the federal government still ran a deficit of $201,761,000,000 for those same two months. That is because the government spent $645,476,000,000 in October and November. The $443,715,000,000 that the federal government collected in taxes in the first two months of this fiscal year was $12,873,120,000 more in constant 2018 dollars than it collected in the first two months of fiscal 2017 and $11,352,180,000 more than it collected in the first two months of fiscal 2016.


    Prior to this year, the $432,362,820,000 in total taxes (in constant 2018 dollars) that the federal government collected in the first two months of fiscal 2016 was the greatest amount of taxes the federal government had ever collected in the first two months of a fiscal year.


    The federal government also set a record for individual income tax collections in the first two months of fiscal 2018. In October and November, the Treasury collected $226,535,000,000 in individual income taxes. Prior to this year, the record for individual income tax collections in the first two months of the fiscal year was the $217,992,000,000 (in constant 2018 dollars) collected in the first two months of fiscal 2017.

    https://www.cnsnews.com/news/article...-2018b-deficit
    Granny says, "Dat's right - no wonder we inna red...

    The new US embassy in London: A crystalline 'sugar cube' worth a billion dollars
    — At $1 billion, it is the most expensive embassy ever constructed. But its designers say the new American chancery on the Thames River marks a paradigm shift: The U.S. Embassy here will exude openness while hiding all the clever ways it defends itself from attack.
    After decades of building American embassies that look brutalist or bland, like obvious fortresses, the soon-to-be-opened chancery in London is a crystalline cube, plopped down in the middle of a public park, without visible walls. The building does not shout, “Spies work here!” or “Stand back!” even though this city has been subjected to terrorist attacks. Instead, the vibe is modernist museum, which also happens to issue visas and might have a few hidden bunkers somewhere. Instead of blast walls, there is a perimeter pond, with recycled-water waterfalls and deep trenches — and on the roof, arrays of solar panels that will produce enough juice to run the building and give extra watts back to the grid. The building sports frosted- glass walkways, inspirational quotes from the Constitution, neon sculptures, reclaimed teak benches, Cornwall granite, its own subterranean wastewater treatment plant and a dozen gardens in the sky, one representing the flora of the American Midwest.


    The new U.S. Embassy in London, pictured Sept. 21 during construction, is across from a park.

    There’s also a pub, a gym, a post office and a posh Marine barracks, with millionaire views all the way to Westminster for the hard-working 19-year-old lance corporals. One assumes there is a CIA station, but that was not on the tour. The media were given a first look inside Wednesday — the embassy will open its doors Jan. 16 — and the early word from the British press was mostly positive. The Evening Standard called the interiors “stunning,” and the Daily Mail said that rather than a slick and hard-edged high rise, the embassy exterior had a “soft and pillowy” feel — because of the plastic polymer veils that drape three sides of the building, enhancing its energy efficiency. This is a far cry from earlier critiques.


    The main lobby of the new U.S. Embassy in London.

    Ken Livingstone, the former mayor of London, said in 2010 that the city expected “something a little bit more exciting.” A critic at the Guardian newspaper that year called the pond “a moat” and reported that the two British members of the design jury tried to block the design because it was too boring. They may be proven wrong. The reviews are not yet in. But the building is — if you can say this about an American embassy in 2017 — kind of cool. The U.S. ambassador to the United Kingdom, Robert “Woody” Johnson, a personal friend of the president and owner of the New York Jets football team, demurred when asked whether President Trump was planning to come early next year on a “working visit” to London and dedicate the opening. “We look forward to welcoming him,” Johnson said, whenever Trump comes. “No date is set,” he said. “He’s a busy president.” There is much speculation about a visit in February.


    The Pacific forest garden in the new U.S. Embassy in London.

    Prominent British politicians, including London Mayor Sadiq Khan, have pressed Prime Minister Theresa May to rescind her invitation to Trump. Activists have promised mass demonstrations if the president shows up. At least one parliamentarian has said that Trump ought to be arrested upon arrival. In his remarks, Johnson stuck to the positive. He said, “Little America is moving south of the river,” a new beginning in a formerly rough neighborhood of public housing and old warehouses, now exploding with growth, between the Chelsea and Vauxhall bridges. Johnson confessed that he was a little wistful, though, because there is so much history at the old embassy and its location in Grosvenor Square.

    The old embassy, a 1960 modernist gem by Finnish American architect Eero Saarinen, was sold to the real estate division of Qatar’s sovereign wealth fund, which has gobbled up high-profile London properties, including the Harrods department store. The plan is to turn it into a luxury hotel. The money from its sale, and of other U.S. properties in London, entirely funded the billion-dollar embassy. The building was designed by the firm KieranTimberlake of Philadelphia. James Timberlake said that the job specs for the building were 1,000 pages long. His vision, complex and simple, was to create an embassy at once “welcoming and secure,” measuring a desire to express “transparency, openness, equality” against the need to “filter all and everything and everyone who enter.” Timberlake envisioned a “crystalline cube” because a cube is “efficient and provocative.” He wanted “a radiant beacon,” iconic architecture with interiors “light-filled, airy, with great views,” that was also environmentally outstanding — the 518,000-square-foot, 12-story building will produce more energy than it uses, even after it cares for 800 staff and 1,000 daily visitors.

    MORE
    Last edited by waltky; 12-13-2017 at 10:31 PM.

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