America’s Treasury ramps up borrowing to finance the Republican tax cuts

[RandomGuy]

Increased debt issuance and lower demand from the Fed are pushing up borrowing costs
[Economist daily chart-RG]
https://www.economist.com/sites/default/files/imagecache/640-width/20180505_WOC411.png


With lower revenues and higher spending, Uncle Sam is now borrowing at a historic clip. This week the Treasury Department reported that the federal government borrowed $488bn in the first quarter of 2018, equivalent to $5.4bn every day. The Treasury now estimates that federal borrowing will reach $1.1trn this fiscal year, similar to the amount borrowed in 2011 when America was recovering from its worst economic downturn since the Great Depression.

[hater]

And he will get reelectd for it

[TeyshaBlue]

Lower figures than I expected tbh.

[FuzzyLumpkins]

:lol deficits good now

[DarrinS]

Doubling the standard deduction is awesome. Would have saved me over 20k.

[Th'Pusher]

Doubling the standard deduction is awesome. Would have saved me over 20k.

Are you okay with Uncle Sam borrowing $$$ so you can save $20k?

[Winehole23]

Borrow and spend Republicans. Time honored tradition.

[DarrinS]

Are you okay with Uncle Sam borrowing $$$ so you can save $20k?

I’m not okay with paying 127k in taxes for 2017. Seems a tad excessive.

[boutons_deux]

Borrow and spend Republicans. Time honored tradition.

St Ronnie and his VRWC gang changed Fed finance from tax and spend to cut taxes then borrow and spend.

[RandomGuy]

Doubling the standard deduction is awesome. Would have saved me over 20k.

62,500 added to the debt every second.

[RandomGuy]

Lower figures than I expected tbh.

They have doubled the deficit. That means that Trumps one-term presidency will see about the same amount of debt added as Obama's two terms.

https://www.thebalance.com/us-debt-by-president-by-dollar-and-percent-3306296

[RandomGuy]

Borrow and spend Republicans. Time honored tradition.


Goldman Sachs: The fiscal outlook for the US 'is not good'
Jan Hatzius, chief economist at Goldman Sachs, sees the deficit ballooning to $2.05 trillion (7 percent of GDP) by 2028.
"Lawmakers might hesitate to approve fiscal stimulus in the next downturn in light of the already substantial budget deficit," the economist said.
The Congressional Budget Office projects that debt could equal GDP within a decade, a level not seen since World War II.
https://www.cnbc.com/2018/05/21/goldman-sachs-the-fiscal-outlook-for-the-us-is-not-good.html

Borrowing more as interest rates creep up... is colossally stupid.