The 2020 budget deficit will explode after four coronavirus response bills passed by Congress and signed by President Donald Trump promise to pile more than $2 trillion onto the $24.6 trillion national debt in just the remaining six months of the current fiscal year, according to the CBO’s report.The CBO said lawmakers eventually will be forced to tackle the government’s chronic financial woes, if for no other reason than the looming insolvency of Social Security and Medicare.
Coronavirus-related federal debt and deficit figures are pointing to government red ink unparalleled since World War II. One lasting worry is the further shrinking of revenues that already were well below historic averages, even as the spending side of the federal ledger climbs due to the retirement costs of the baby boomers to Medicare and Social Security, record Pentagon spending and long-term COVID-19 response costs.
But when policymakers inevitably are forced to take on deficits, virtually none of them will have any experience in successfully doing so. Congress has not passed a major attack on the deficit since the hard-won 1997 law that capped a decade’s worth of politically costly but ultimately effective reduction measures.
More bullshit from the terror news
If CorruptDemocrats didn't fill Covid19 aid bills with their pet kickback projects to artsy-fartsy orgs and PlannedParenthood who donate $$ back to them, the economy would be in better shape to rebound.
Huh? Does anyone genuinely compare budget decisions in times of unprecedented worldwide economic meltdown, as extreme as WW2, to 'peace time' policy decisions and budge spending?
So?
Friendly reminder that the deficit isn’t real.
With so many poor and middle class unemployed (thanks to lowercase d’s incompetence) the only people with money to tax are the rich, super rich and the douche bags like the trumps... oh snap
Who cares
trump has not mentioned this has he?
Trump had them staggering before this. Now they’re unsustainable. China owns us.
who gives a shit
the deficit is fake
3.7 trillion, after 11 years of positive growth. Makes me want to cry.
It will be 4.5 trillion.....they aren’t done spending ....errr. I mean printing yet.
Trump Republicans have wrecked an economy that was handed to them on a silver platter. They own this debacle. TrumpIsALaughingStock FoxNews CNN
Every goddamn time we put a Republican in charge this happens.
We can't just keep throwing money at anything.
Private surplus increases 3.7 trillion this year...mostly to the top 1%. Learn basic economics please.
Americans can thank AP and other MSM outlets for spreading fear leading to panic and economic shutdown. MSMIsTheEnemyOfThePeople
The deficit is a fucking joke
Is that good!
More money to bailout big business then anything else, nothing for the states, and a pittance to the common man,
And all the Democrats & the media including billmaher are jumping for joy! This is exactly what they wanted.
Things that literally do not matter at all
Spend reckless and this happen. Nothing breaking about this. Just business as usual.
Okay. Where my next stimulus check?
So maybe it’s not always the best idea to cut federal revenue to the bone when the economy is good? Maybe try not to run a deficit when you don’t have to?
shut upppppppppp
Deficit simply represents private surplus. Y'all suck at economics.
Who gives a fuck
Very little of that is caused by pandemic. It was instead caused by irresponsible budgeting and big business money grab giveaways. Shame on Trump and the GOP for yet again creating a financial disaster which only Democrats seem to have the ability to resolve.
tax the rich
. $500 billion goes to people hospitals a few small businesses 3.2 trillion goes to WALL STREET
Deficits don’t matter.
In 5 years without military expense could be a 1+T surplus
Fake money
Good thing all the rich got those tax cuts!
It’s not real. We don’t care.
Don’t care
Deficits don't matter. Blow it up.
You Americans ready to see how Trump bankrupted his businesses? Open your eyes.
The Simpson’s predicted that trump would bankrupt the country...
But Obama
There's no such thing as a deficit. Just keep printing money
But my 401k is doing great!
Money is fake we control our own currency it literally does not matter
No more money, how will our children pay for all of this!
Here comes the excuses why after the corporations robbed the treasury... We aren't getting shit
Over 50,000 Americans dead. No end in sight. Fuck the budget. Turn billionaires into millionaires with real, loophole free taxes if you're that damn worried about it.
“Only the best deficits....”
Good thing 'the deficit' isn't a real thing!
Stop the hoax
Nice......
Not real don’t care
Fucking sad.
The National Deficit is a Myth The National Deficit is a Myth The National Deficit is a Myth The National Deficit is a Myth The National Deficit is a Myth The National Deficit is a Myth The National Deficit is a Myth The National Deficit is a Myth
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The deficit is not real. Thanks though
So?
So who this hurts of course is the American people.
When BarackObama was president he was responsible for the achievements and failures of his administration. i know that cause realDonaldTrump constantly attacked him for everything that did and didn't happen under his watch. So now the economy is failing why's trump not liable?
Trump increased the deficit nearly a trillion before COVID came. Yikes.
Well then abolish fucking Space Force or something. The fact is that the government would rather see us die than provide us any kind of financial support -- because then we'd realize barely scraping by isn't just the natural way of things.
MoscowMitch already said he’d rather let the states go bankrupt than help bail them out... because NOW he cares about the deficit 🙄🤷♀️☠️👿🤦♀️
Nothing is more TEAPArty or MAGA than this. Good job, freedomcaucus!
Can we try trickledown economics just one more time. I’m sure it’ll work this time
Can we get the trillion he handed his buddies back?
Like a golden goose borrowing golden eggs at interest.
Yeah, doesn't matter. Never really did.
At least trump can say he was prepared. He wasn’t but he’ll say it anyway
Interested in knowing what did President Obama spent $Trillions on when article reads 'That’s more than double the deficit record set during President Barack Obama’s first year in office.' I mean, were we going through something like this in 2009?
The deficit means nothing. It’s a scare tactic the right uses against the left. The United States does whatever it wants.
Just another feather in China's cap, how much American debt is it covering now, you may be owned by China already
No worries, I keep hearing about my fellow Americans that want to keep staying home. What's a few more trillion?
Deficit is a made up cudgel
MAGA doin what MAGA does.
Party of fiscal responsibility at work folks. I see the Tea Party has left the chat.
The deficit was bad before this with the Corp welfare tax breaks and tax cuts for the very rich. This is just adding on. Of CorruptGOP won’t include the tax cuts as one of the causes TrumpIsACompleteFailure MoscowMitch VoteBlue2020
Meh
AOC can teach them about MMT
OMG CUT SOCIAL SECURITY
Send that bill directly to China
WINNING!!!!
Is that with or without the revenue lost from the multi-trillion dollar tax break for billionaires?
BREAKING: NO ONE CARES
What a great reminder that the deficit doesn't matter one bit!
Just keep giving tax breaks to the 1% and we’ll get it paid off it no time.
Wahoo. Thanks China
The unemployment numbers are the important part here. Why not lead with those? The deficit is only a problem if it hinders growth, which is not the issue here!
Just borrow from china again...
Money isn't real
who care?
Bankruptcy ...The only thing he's good at, besides being a malignant narcissist psychopath.
ETTD
I bet
The deficit never bothered tRump before. Why should it now? All his tax breaks for the rich cost money you know.
So biz as usual for the Republicans then?
We will all be paying for this the rest of our lives.
I thought trump said the deficit would be gone already ?
What even is the deficit, it apparently doesn’t matter as we have had one my whole life. Please someone explain...
Graham949 JV
It’s a made up number who cares
'That's more than double the deficit record set during President Barack Obama’s first year in office.' So much for the Tea Party, right? Let it be remembered as nothing more than a right wing populist movement that put the same type of people into office that it opposed.
you media guys have GOT to stop printing stories like this; the deficit is absolutely irrelevant right now, and making it seem like it is relevant gives austerity hawks ammunition to feed fearful misinformation to people who don't understand fiat currency
Yes and do all those newly unemployed people really care about the federal deficit
And? Who was the last Republican president to NOT explode the deficit?
Sad, but not surprising. Wars, Pandemics and other world-wide emergencies have that effect on budgets. With President Trump’s leadership and cooperation from Democrats, we could get America back to full strength quickly and work that debt down. Will Dems help or keep hurting?
“FiScaLLy rEsPoNsibLe!!!”
Duh
It’s one big giant money grab for the elites.
So the largest economy in the world basically runs on a credit card?
winning
Normally I'd care but it's 2020 and nothing matters anymore
winning!
The Bankruptcy in Chief Trump Will surely bankrupt America due to his incompetence
Remember when republicans were deficit hawks?
MURICA
King of debt strikes again GOP
Well there's goes Trump re-election on the economy
Hope the $2k a month bill for US citizens till unemployment gets back to pre-China Virus levels nationwide is voted on and passed next!
No Ramadan For Uighur Muslims! UighurGenocide ChineseTerrorism StopKillingMuslims china_is_terrorist
Don’t forget those tax cuts!
dollars?
who gives a shit about the deficit
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