Federal budget deficit hit record $3.1 trillion in just-ended fiscal 2020

[tacobell fan]

The U.S. budget deficit hit a record $3.1 trillion in the recently concluded 2020 budget year, the nonpartisan Congressional Budget Office projected Thursday. “Relative to the size of the economy, the deficit—at an estimated 15.2 percent of gross domestic product (GDP)—was the largest since 1945, and 2020 was the fifth consecutive year in which the deficit increased as a percentage of GDP,” the CBO said in its monthly forecast. The Treasury Department and the Office of Management and Budget will release actual figures later in the month, if the agencies hold with past practice. Notably, the CBO figure, based on daily Treasury data, was $180 billion less than it had projected only a few weeks ago, as revenues came in $123 billion above those projections and spending came in slightly below — by $56 billion — forecasts.

[Anta Assamey]

Avi anni maaku enduku ... Stimulus check eppudu vastundi ...  

[r2d2]

At his official campaign launch address in 2015, Trump told supporters he would apply his business acumen to federal fiscal policy, right from the get-go, saying he would “reduce our $18 trillion in debt, because, believe me, we’re in a bubble.”

 

“Sadly, the American dream is dead,” he said at the time. “But if I get elected president I will bring it back bigger and better and stronger than ever before, and we will make America great again.”

In December that year, he also said he would “freeze the budget,” which has not happened.

Again, in March 2016, Trump told The Washington Post that he could get rid of the debt “fairly quickly.” When pressed, he said, “Well, I would say over a period of eight years.”

Shortly before his inauguration, he told Sean Hannity that he would “balance the budget very quickly … I think over a five-year period. And I don’t know, maybe I could even surprise you.”

[PilliBeta]

What's the problem when you can print more?

[r2d2]

2 minutes ago, PilliBeta said:

What's the problem when you can print more?

stick to your domain please...