Mainecat Posted June 13, 2018 Share Posted June 13, 2018 US Federal Budget Deficit Widened in First 8 Months of Fiscal 2018 Source: Wall Street Journal Updated June 12, 2018 5:43 p.m. ET WASHINGTON--The U.S. government's budget deficit widened in the first eight months of the fiscal year, reflecting lower revenue from corporate taxes combined with ramped-up government spending. The deficit, or the difference between the amount of money the federal government spent and what it took in, totaled $532.24 billion in October through May, the Treasury Department said Tuesday. That was 23% more than the deficit of $432.85 billion during the same period a year earlier. Tuesday's report showed the federal budget deficit was $146.80 billion in May, 66% wider than the same month a year earlier. Government revenue fell 10% last month compared with a year earlier, while spending grew 11%. Corporate income taxes from October through May were about 25% lower than the first eight months of fiscal 2017, pulling down revenue. Over the same period, individual income-tax collection rose. Much of this period reflected the months before a tax cut passed in late December took effect. Individual income taxes fell to $92.5 billion in May from $104 billion a year earlier. Read more: https://www.wsj.com/articles/u-s-federal-budget-deficit-widened-in-first-eight-months-of-fiscal-2018-1528826767 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted June 13, 2018 Platinum Contributing Member Share Posted June 13, 2018 (edited) Sweet. More money in the peoples hands. Time for govt to learn to spend less. Don't you worry MC. Trump is gonna stand his ground on spending the next time around and you will be crying about that too. Edited June 13, 2018 by Highmark Quote Link to comment Share on other sites More sharing options...
oleroule Posted June 13, 2018 Share Posted June 13, 2018 so tax collection rose but there's still a deficit. i wonder what the problem is? Quote Link to comment Share on other sites More sharing options...
Edmo Posted June 13, 2018 Share Posted June 13, 2018 21 minutes ago, oleroule said: so tax collection rose but there's still a deficit. i wonder what the problem is? Go ahead and try to cut spending on anything, the lib heads go flying off. Quote Link to comment Share on other sites More sharing options...
racer254 Posted June 13, 2018 Share Posted June 13, 2018 1 hour ago, Edmo said: Go ahead and try to cut spending on anything, the lib heads go flying off. Another thread, another backfire. Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted June 13, 2018 Share Posted June 13, 2018 8 hours ago, Highmark said: Sweet. More money in the peoples hands. Time for govt to learn to spend less. Don't you worry MC. Trump is gonna stand his ground on spending the next time around and you will be crying about that too. too bad the orange idiot cranked up the spending while cutting taxes Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted June 13, 2018 Share Posted June 13, 2018 1 hour ago, Edmo said: Go ahead and try to cut spending on anything, the lib heads go flying off. he didn't have to give the MIC more Quote Link to comment Share on other sites More sharing options...
Mainecat Posted June 13, 2018 Author Share Posted June 13, 2018 19 minutes ago, racer254 said: Another thread, another backfire. Thought there were conservatives here......just liars. Quote Link to comment Share on other sites More sharing options...
Edmo Posted June 13, 2018 Share Posted June 13, 2018 6 minutes ago, Angry ginger said: he didn't have to give the MIC more I agree. Cuts across the board. Congress has some blame here as well. Nobody in Washington wants to face the music. Quote Link to comment Share on other sites More sharing options...
XC.Morrison Posted June 13, 2018 Share Posted June 13, 2018 41 minutes ago, Edmo said: I agree. Cuts across the board. Congress has some blame here as well. Nobody in Washington wants to face the music. I know, they never want to do the unpopular things that are necessary. I’m kidding - it was a Democrat that raised taxes and balanced the budget. A Clinton no less Can’t have any more of that said the deplorables. Quote Link to comment Share on other sites More sharing options...
revkevsdi Posted June 13, 2018 Share Posted June 13, 2018 9 hours ago, Mainecat said: US Federal Budget Deficit Widened in First 8 Months of Fiscal 2018 Source: Wall Street Journal Updated June 12, 2018 5:43 p.m. ET WASHINGTON--The U.S. government's budget deficit widened in the first eight months of the fiscal year, reflecting lower revenue from corporate taxes combined with ramped-up government spending. The deficit, or the difference between the amount of money the federal government spent and what it took in, totaled $532.24 billion in October through May, the Treasury Department said Tuesday. That was 23% more than the deficit of $432.85 billion during the same period a year earlier. Tuesday's report showed the federal budget deficit was $146.80 billion in May, 66% wider than the same month a year earlier. Government revenue fell 10% last month compared with a year earlier, while spending grew 11%. Corporate income taxes from October through May were about 25% lower than the first eight months of fiscal 2017, pulling down revenue. Over the same period, individual income-tax collection rose. Much of this period reflected the months before a tax cut passed in late December took effect. Individual income taxes fell to $92.5 billion in May from $104 billion a year earlier. Read more: https://www.wsj.com/articles/u-s-federal-budget-deficit-widened-in-first-eight-months-of-fiscal-2018-1528826767 Am I reading that correctly? Trump is increasing the deficit at a rate 23% higher than when Obama was in power? He's doing that without fighting two wars and when the economy is booming? TDS will make Trumpsters think its a good thing Quote Link to comment Share on other sites More sharing options...
Rw06GT Posted June 13, 2018 Share Posted June 13, 2018 36 minutes ago, revkevsdi said: Am I reading that correctly? Trump is increasing the deficit at a rate 23% higher than when Obama was in power? He's doing that without fighting two wars and when the economy is booming? TDS will make Trumpsters think its a good thing No you're not reading it correctly. You are a moron. And you run a business? Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted June 13, 2018 Platinum Contributing Member Share Posted June 13, 2018 2 hours ago, Angry ginger said: he didn't have to give the MIC more No he didn't. Should have cut 5 % for the yr then another 5 % a yr for the next 3 . Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted June 13, 2018 Platinum Contributing Member Share Posted June 13, 2018 1 hour ago, XC.Morrison said: I know, they never want to do the unpopular things that are necessary. I’m kidding - it was a Democrat that raised taxes and balanced the budget. A Clinton no less Can’t have any more of that said the deplorables. Why raise taxes. He should have cut spending and balanced the budget. Quote Link to comment Share on other sites More sharing options...
Edmo Posted June 13, 2018 Share Posted June 13, 2018 1 minute ago, steve from amherst said: Why raise taxes. He should have cut spending and balanced the budget. You can’t cut taxes. We need that money to study the horned toad and Africa dick washing and a thousand other pork projects. Important stuff you know!!!!! Quote Link to comment Share on other sites More sharing options...
XC.Morrison Posted June 13, 2018 Share Posted June 13, 2018 21 minutes ago, steve from amherst said: Why raise taxes. He should have cut spending and balanced the budget. Sorry, I should have mentioned he cut spending too. https://www.cato.org/blog/king-fiscal-squeeze-isbill-clinton Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted June 13, 2018 Platinum Contributing Member Share Posted June 13, 2018 See just cutting spending probably would have done it. No need to raise taxes. No need to keep feeding the pig. And no , I was cool with Trump increasing spending either. I much rather he had cut it. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.