2019 budget deficit was just under $1 trillion, highest in 7 years: CBO

[sandensea]

The federal budget deficit for fiscal year 2019 grew to $984 billion, or 4.7% of GDP, the highest since 2012 - the Congressional Budget Office estimated on Monday.

The total for 2019 is 26% higher than the 2018 deficit and 48% above 2017 levels. CBO noted that the deficit has now grown as a percentage of the economy for four straight years.

Revenues rose: Revenues in fiscal 2019 totaled $3.462 trillion, up 4% from 2018, CBO said. Individual income and payroll tax receipts rose by 4% while corporate income taxes increased 12%.

Outlays in fiscal year 2019 were $4.446 trillion, up $338 billion, or 8%, over 2018.

Net interest payments on the public debt rose by $52 billion, or 14%, because of higher average interest rates on short-term compared with 2018 and because the federal debt was larger than in the previous year.

The largest spending increase among federal agencies was at the Department of Defense (up $47 billion, or 8%). Outlays for Social Security and Medicare each rose by 6%, while Medicaid spending rose by 5%.

At: https://finance.yahoo.com/news/2019-deficit-just-under-1-215727204.html

The Deficit Duo

[Doodley]

1. You ain't seen nothing yet. If that trillion dollar figure looks bad, wait for next year.

[at140]

2. Holy heck we are already paying $370 Billion every year

for interest on national debt. And it will only increase because of chronic deficits, there is never any surplus money to pay off some of the debt.

Just imagine how far $370 Billion EVERY YEAR can go to help the needy, students, healthcare etc.

[sandensea]

3. Republicans have always been deficit nazis

No schools for you!

[moose65]

4. This shit makes my blood boil

I remember at the end of Clinton’s term, they were forecasting surpluses far into the future, and that maybe the entire national debt could be paid off in 10 years. And then Bush II came along and squandered all of it.

[sandensea]

5. If I had a dollar for everytime some GOP cretin made fun of Gore's lock box back then

I'd need one to keep it all in.

Little did they realize that Bush and his boys wanted that lock box all to themselves. The only tricky part, was pulling off some heist so daring - that no one would see it for the heist really was.

[at140]

6. +1000

[keithbvadu2]

7. When are you republicans going to do that fiscal responsibility thing that you only preach but refus

When are you republicans going to do that fiscal responsibility thing that you only preach but refuse to practice?

[sandensea]

8. Nevah!

Hypocrisy, as you know, is the name of the game for the GOPee.

The trick is keeping their mouth breathers thinking that deficits "only matter under Dummycrats" because "y'all know they just spend the money on the n***ers!"

Whereas Republican deficits go toward "keeping 'Murika safe" and rewarding job creators.

[progree]

9. Another shot at $1 trillion: "the department will report the actual deficit .. later this month"

We've got another shot at $1 trillion coming later this month

https://www.cbo.gov/publication/55699
The federal budget deficit was $984 billion in fiscal year 2019, CBO estimates. CBO’s estimate is based on data from the Daily Treasury Statements issued by the Department of the Treasury; the department will report the actual deficit for fiscal year 2019 later this month.
...
The deficit of $984 billion is about $24 billion larger than the shortfall that CBO projected in its August 2019 report, An Update to the Budget and Economic Outlook: 2019 to 2029. Revenues exceeded the projection by $11 billion but outlays exceeded the projection by $35 billion, according to CBO’s estimates.