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Mon Aug 12, 2019, 08:56 PM

Will Trump break the all-time deficit spending record?

“U.S. Budget Deficit Already Exceeds Last Year’s Total Figure”

The U.S. fiscal deficit has already exceeded the full-year figure for last year, as spending growth outpaces revenue.

The gap grew to $866.8 billion in the first 10 months of the fiscal year (fiscal years run from October 1 to September 30) , up 27% from the same period a year earlier, the Treasury Department said in its monthly budget report on Monday. That’s wider than last fiscal year’s shortfall of $779 billion -- which was the largest federal deficit since 2012.

So far in the fiscal year that began Oct. 1, a revenue increase of 3% hasn’t kept pace with a 8% rise in spending. While still a modest source of income, tariffs imposed by the Trump administration helped almost double customs duties to $57 billion in the period.
https://www.bloomberg.com/news/articles/2019-08-12/u-s-budget-deficit-already-exceeds-last-year-s-total-figure?cmpid=socialflow-twitter-business&utm_campaign=socialflow-organic&utm_medium=social&utm_content=business&utm_source=twitter

The single-largest budget deficit in U.S. history happened during the 2009 fiscal year. The U.S. clocked a $1.412 trillion deficit. For the first third of that year, President George W. Bush was in office, while for the last eight months, Barack Obama was in the White House.

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Reply Will Trump break the all-time deficit spending record? (Original post)
jh4freedom Monday OP
rampartb Monday #1
quad489 Monday #2
Trevor Monday #3
quad489 Monday #4
Trevor Monday #6
quad489 Tuesday #14
jh4freedom Monday #7
quad489 Tuesday #15
Paradigm Monday #5
jh4freedom Monday #10
RCW2014 Monday #11
quad489 Tuesday #16
jh4freedom Tuesday #29
PrescientWon. Monday #8
Spitfire Monday #9
jh4freedom Monday #12
DavesNotHere Tuesday #13
jh4freedom Tuesday #30
DavesNotHere Tuesday #37
FreeWheelBurning Tuesday #17
jh4freedom Tuesday #42
FreeWheelBurning Tuesday #43
Independent.mind Tuesday #18
FreeWheelBurning Tuesday #21
Independent.mind Tuesday #22
FreeWheelBurning Tuesday #23
Independent.mind Tuesday #32
FreeWheelBurning Tuesday #34
Independent.mind Tuesday #38
FreeWheelBurning Tuesday #39
jh4freedom Tuesday #31
Steelydamned Tuesday #19
Independent.mind Tuesday #24
Steelydamned Tuesday #25
Independent.mind Tuesday #26
Steelydamned Tuesday #27
Independent.mind Tuesday #28
jh4freedom Tuesday #33
Steelydamned Tuesday #36
uncledad Tuesday #20
jh4freedom Tuesday #35
uncledad Tuesday #40
jh4freedom Tuesday #41
uncledad Tuesday #44


Response to jh4freedom (Original post)

Mon Aug 12, 2019, 09:05 PM

2. ''For the first third of that year, President George W. Bush was in office''...LOL! Such dumbfuckery

"The single-largest budget deficit in U.S. history happened during the 2009 fiscal year. The U.S. clocked a $1.412 trillion deficit. For the first third of that year, President George W. Bush was in office, while for the last eight months, Barack Obama was in the White House."

...to believe that "Bush was in office" till end of April 2009!!! Let along the fact that Obama signed the final version of the 2009 fiscal budget.

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Response to quad489 (Reply #2)

Mon Aug 12, 2019, 09:09 PM

3. Look up what the federal fiscal year is.

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Response to Trevor (Reply #3)

Mon Aug 12, 2019, 09:17 PM

4. Look up who SIGNED the finalized FY 2009 budget AFTER adding a $253B stimulus package to it.........

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Response to quad489 (Reply #4)

Mon Aug 12, 2019, 09:37 PM

6. You were wrong.

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Response to Trevor (Reply #6)

Tue Aug 13, 2019, 12:47 PM

14. Who signed the Omnibus Appropriations Act on March 11, 2009? Who was Speaker of the House then??

Who was Senate Majority Leader then???

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Response to quad489 (Reply #2)

Mon Aug 12, 2019, 09:38 PM

7. As I put in my post just for folks like you

The federal fiscal year runs from October 1st until September 30th. George W. Bush was president from October 1, 2008 until January 20, 2009. Barack Obama was president from January 20, 2009 until September 30, 2009.

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Response to jh4freedom (Reply #7)

Tue Aug 13, 2019, 12:53 PM

15. And who signed the $410B Omnibus Appropriations Act in law on March 11, 2009..?? Who signed...

...that $787B American Recovery and Reinvestment Act of 2009 into law on February 17, 2009..??

Tell the forum again how everything spent in 2009 was BUSH's fault......................

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Response to jh4freedom (Original post)

Mon Aug 12, 2019, 09:28 PM

5. For 8 years under the magic negro, deficit spending meant nothing. So for the

8 years following that loser, spending means nothing.

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Response to Paradigm (Reply #5)

Mon Aug 12, 2019, 09:45 PM

10. Cool!

That works for me but I wonder if it works for conservative Republicans who are budget/deficit hawks.

“Rush Limbaugh admits GOP's fiscal attacks on Obama were "bogus," defends Trump's deficit”
Death of the deficit hawks: "Nobody is a fiscal conservative anymore," says host who drove the Tea Party uprising
https://www.salon.com/2019/07/19/rush-limbaugh-admits-gops-fiscal-attacks-on-obama-were-bogus-defends-trumps-deficit/

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Response to jh4freedom (Reply #10)

Mon Aug 12, 2019, 09:51 PM

11. Bluster and bullshit but nary a principal to stand on, the "neocons creed".

On full display around these parts.

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Response to Paradigm (Reply #5)

Tue Aug 13, 2019, 12:55 PM

16. I still love how dem-lefties love to claim that all of Obama's spending in 2009 was BUSH's fault....

....all while conveniently forgetting who ran the House and Senate then.

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Response to quad489 (Reply #16)

Tue Aug 13, 2019, 03:35 PM

29. Im just happy to see President Trump is keeping up with President Obama

And he may even surpass him in government spending. It gives Trump two less economic issues to run on: the national debt and the annual budget deficit. Both will be up, way up.


“Trump adds $4.1 trillion to national debt.”
https://finance.yahoo.com/news/trump-adds-41-trillion-to-national-debt-heres-where-the-money-went-162238723.html

“The US budget deficit is up 27% and getting closer to $1 trillion”
https://www.cnbc.com/2019/08/12/the-us-budget-deficit-is-up-27percent-and-getting-closer-to-1-trillion.html

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Response to jh4freedom (Original post)

Mon Aug 12, 2019, 09:41 PM

8. yeah Obama really screwed the pooch those years...

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Response to jh4freedom (Original post)

Mon Aug 12, 2019, 09:42 PM

9. Probably -

But if even one of the current idiotic moronic excuses for Lefty presidential candidates gets into office they will make POTUS Trump look like an amateur when it comes to deficit spending!!!

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Response to Spitfire (Reply #9)

Mon Aug 12, 2019, 10:02 PM

12. As always

That depends on which party controls the two Houses of Congress. The last president to have an annual budget SURPLUS was a Democrat. The first president to have zero debt was a Democrat, the founder of the Democratic Party, Andrew Jackson.
The U.S. government ran budget deficits every year from 1970 through 1997. Bill Clinton was president in 1998, when the government finally recorded a surplus. There also were budget surpluses in 1999, 2000 and in 2001. 2001 was the last year the Clinton administration proposed the budget.
George W. Bush succeeded Clinton in 2001. The United States had a budget deficit in 2002, and it has recorded budget deficits every year since.
Republicans should get at least some of the credit for the balanced budgets during the Clinton administration, because Republican majorities controlled both the House and Senate.

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Response to jh4freedom (Reply #12)

Tue Aug 13, 2019, 12:46 PM

13. A couple of things here...

If it depends on who controls congress, who controlled congress when Clinton was projecting surpluses? Who controlled congress for Bushes final budget in FY 09?
.

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Response to DavesNotHere (Reply #13)

Tue Aug 13, 2019, 03:40 PM

30. It takes both the legislative branch AND the executive branch

To produce a deficit or a surplus. I gave the Republican majority in Congress credit as well as President Clinton. But since George Washington, it has always been the president who gets the blame when things go wrong and the credit when things go right.
It ain’t known as “the Gingrich surplus,” it was “the Clinton surplus.”
Right now we have the Trump debt and the Trump deficit.

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Response to jh4freedom (Reply #30)

Tue Aug 13, 2019, 03:59 PM

37. True, who is responsible and who gets the credit or blame is not the same thing.

In general, the president’s power in this area is pretty limited. They can kill a budget, but can rarely get what they ask for. I don’t recall the last president to actually get their own budget proposal passed, even with a friendly congress. I don’t think it’s happened in at least 60 years. Probably much longer.

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Response to jh4freedom (Reply #12)

Tue Aug 13, 2019, 12:57 PM

17. There was no surplus under Clinton

You only get a surplus if you do not count the money borrowed from Social Security. Once you do, you will see there was a budget deficit every year under Clinton.

If there were a legit budget surplus during any year under Clinton, you would be able to point to a year where the national debt went down instead of up. You cannot find such a year.

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Response to FreeWheelBurning (Reply #17)

Tue Aug 13, 2019, 07:28 PM

42. The Congressional Budget Office lists the annual data

on revenues, outlays, and the deficit or surplus from 1965 through the most recent year completed as a surplus for fiscal 1998 through fiscal 2001.
https://www.cbo.gov/sites/default/files/recurringdata/51134-2009-01-historicalbudgetdata.xls
Clinton used some of the surplus to make payments on the national debt but the amount paid was not enough to lower the debt, instead he slowed the rate of growth.
Here’s a link to an explanation of what Clinton did and did not do:
“Bill Clinton says his administration paid down the debt”
https://www.politifact.com/truth-o-meter/statements/2010/sep/23/bill-clinton/bill-clinton-says-his-administration-paid-down-deb/

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Response to jh4freedom (Reply #42)

Tue Aug 13, 2019, 07:50 PM

43. Like I said, there was never a surplus.

We will have a surplus when we have a year the national debt goes down.

EDIT TO ADD: Here is link with a table showing the national debt by year. The last time we actually had a surplus was 1957

http://www.polidiotic.com/by-the-numbers/us-national-debt-by-year/

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Response to jh4freedom (Original post)

Tue Aug 13, 2019, 01:01 PM

18. Question

"Will Trump break the all-time deficit spending record?"

Answer is an emphatic yes.

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Response to Independent.mind (Reply #18)

Tue Aug 13, 2019, 01:28 PM

21. Hard to say

Last year we had a budget surplus in September. If either Aug or Sep show a surplus this year, he will not.

If neither month shows a surplus, he will probably break the record.

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Response to FreeWheelBurning (Reply #21)

Tue Aug 13, 2019, 01:33 PM

22. With the recently signed spending legislation I see no way he won't at some point.

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Response to Independent.mind (Reply #22)

Tue Aug 13, 2019, 01:37 PM

23. Agreed

I criticized Trump when he signed last year's budget. At the time he said, "Never again". So much for that. I criticized him this year when he signed this budget.

What really sucks is that revenues have gone up each year under Trump. Unfortunately new spending exceeded the new revenues.

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Response to FreeWheelBurning (Reply #23)

Tue Aug 13, 2019, 03:43 PM

32. So much for even paying down the debt, let alone eliminating it in 8 years

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Response to Independent.mind (Reply #32)

Tue Aug 13, 2019, 03:46 PM

34. I don't think many believed him when he said he would eliminate the debt in 8 years

I know I did not. That would be a generational effort.

I was hoping that he would have a surplus for a couple of years. No chance that will happen.

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Response to FreeWheelBurning (Reply #34)

Tue Aug 13, 2019, 04:20 PM

38. Did he believe it when he said it?

That is the real question.

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Response to Independent.mind (Reply #38)

Tue Aug 13, 2019, 05:12 PM

39. Who knows?

He tends to speak off the cuff. He was probably just babbling.

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Response to Independent.mind (Reply #18)

Tue Aug 13, 2019, 03:41 PM

31. All righty then!

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Response to jh4freedom (Original post)

Tue Aug 13, 2019, 01:14 PM

19. It's sure looking like it....

...though, one can't help but wonder what the headlines would be had Trump initiated a 10% cut across the board for all departments and programs (which I've long advocated)

Trump, much like Obama, bemoaned the debt and deficit while on the campaign trail but, once in office, they both apparently came down with the Washington Spending Disease: for which there is no real cure.

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Response to Steelydamned (Reply #19)

Tue Aug 13, 2019, 01:44 PM

24. This is a bit disingenuous:

"Trump, much like Obama, bemoaned the debt and deficit while on the campaign trail"

No he said he would eliminate the debt in 8 years:

Donald Trump: “We’ve got to get rid of the $19 trillion in debt.”

Bob Woodward: “How long would that take?”

Trump: “I think I could do it fairly quickly, because of the fact the numbers…”

Woodward: “What’s fairly quickly?”

Trump: “Well, I would say over a period of eight years. And I’ll tell you why.”

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Response to Independent.mind (Reply #24)

Tue Aug 13, 2019, 01:54 PM

25. Thank you for your opinion.....

....still don't see anything wrong with what I wrote as, it's my opinion.

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Response to Steelydamned (Reply #25)

Tue Aug 13, 2019, 01:57 PM

26. Fair enough

The only thing in what I posted that is opinion is my statement that your statement was disingenuous, everything else in my post was fact.

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Response to Independent.mind (Reply #26)

Tue Aug 13, 2019, 02:05 PM

27. I was simply stating....

...my opinion and didn't want to get into who said what and when simply because, in MY opinion, anyone running for President lies about a lot of things; and we just accept that with a shrug...

Obama: "The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents - #43 added $4 trillion by his lonesome, so that we now have over $9 trillion of debt that we are going to have to pay back -- $30,000 for every man, woman and child. That's irresponsible. It's unpatriotic."

But like I said, the lofty campaign rhetoric sounds great; until they actually get in and become infected with the Spending virus.

Trump, like Obama appears to be no different in that respect.

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Response to Steelydamned (Reply #27)

Tue Aug 13, 2019, 02:13 PM

28. Didn't vote for either of them

Both full of shit in my opinion as are most of the political class.

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Response to Steelydamned (Reply #19)

Tue Aug 13, 2019, 03:45 PM

33. There ISNT a cure but theres a band-aid:

Raise the debt limit. Which Trump did two weeks ago.

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Response to jh4freedom (Reply #33)

Tue Aug 13, 2019, 03:51 PM

36. That's not even a band-aid....

...that's just throwing a fresh new kilo into a room full of cokeheads and telling them to be careful.

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Response to jh4freedom (Original post)

Tue Aug 13, 2019, 01:28 PM

20. Great expectations:

Donald Trump: As projected in Table S-10 in the FY 2020 budget, Trump plans to add $5.088 trillion to the debt in his first term. That's a 30 percent increase from the $20.245 trillion debt at the end of Obama's last budget for FY 2017. If he remains in office for a second term, he plans to add $9.1 trillion.

Barack Obama: Added $8.588 trillion, a 74 percent increase from the $11.657 trillion debt at the end of Bush’s last budget, FY 2009.

George W. Bush: Added $5.849 trillion, a 101 percent increase from the $5.8 trillion debt at the end of Clinton's last budget, FY 2001.

Bill Clinton: Added $1.396 trillion, a 32 percent increase from the $4.4 trillion debt at the end of George H.W. Bush's last budget, FY 1993.

George H.W. Bush: Added $1.554 trillion, a 54 percent increase from the $2.857 trillion debt at the end of Reagan's last budget, FY 1989.

Ronald Reagan: Added $1.86 trillion, a 186 percent increase from the $998 billion debt at the end of Carter's last budget, FY 1981.

Jimmy Carter: Added $299 billion, a 43 percent increase from the $699 billion debt at the end of Ford's last budget, FY 1977.

Gerald Ford: Added $224 billion, a 47 percent increase from the $475 billion debt at the end of Nixon's last budget, FY 1974.

Richard Nixon: Added $121 billion, a 34 percent increase from the $354 billion debt at the end of President Johnson's last budget, FY 1969.

Lyndon B. Johnson: Added $42 billion, a 13 percent increase from the $312 billion debt at the end of President Kennedy's last budget, FY 1964.

John F. Kennedy: Added $23 billion, an 8 percent increase from the $289 billion debt at the end of Eisenhower's last budget, FY 1961.

Dwight Eisenhower: Added $23 billion, a 9 percent increase from the $266 billion debt at the end of Truman's last budget, FY 1953.

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

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Response to uncledad (Reply #20)

Tue Aug 13, 2019, 03:49 PM

35. It looks to me like

Presidents like to spend money and the voters reward most of them with a second term.

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Response to jh4freedom (Reply #35)

Tue Aug 13, 2019, 05:29 PM

40. Top three by percentage.

Ronald Reagan: Added $1.86 trillion, a 186 percent increase

George W. Bush: Added $5.849 trillion, a 101 percent increase

Barack Obama: Added $8.588 trillion, a 74 percent increase

Tax cuts for the rich and fabulous do take a toll.

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Response to uncledad (Reply #40)

Tue Aug 13, 2019, 05:37 PM

41. All time presidents tell a different story

1) Franklin Roosevelt: Added $236 billion, a 1,048% increase.
2) Woodrow Wilson: added $21 billion, a 727% increase
Then #3 Reagan, #4 G.W. Bush and #5 Obama.
https://www.thebalance.com/us-debt-by-president-by-dollar-and-percent-3306296

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Response to jh4freedom (Reply #41)

Tue Aug 13, 2019, 11:41 PM

44. WW II and the Great Depression for FDR. WWI for Wilson.

3 crushed the American Dream. 4 senseless war and 5 presided during the Great Recession.

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