Under Trump the national debt has increased from $19.9 Trillion to $26.5 Trillion
Apparently, Trump is running the government like one of his businesses.Thus, driving it towards bankruptcy.
Today from Newsweek;
In response to:
Under Trump's Watch, America's National Debt Has Increased by $6.6 Trillion
By Jocelyn Grzeszczak
7/29/20 at 12:27 PM EDT
Amid partisan arguments over how much federal aid should be approved to help ease the financial crisis caused by the coronavirus pandemic, the U.S. national debt has increased by $6.6 trillion under President Donald Trump.
When Trump took office in January 2017, the debt was at $19.9 trillion. As of July 27, according to the most recently available data, that number has grown to $26.5 trillion, Treasury Direct, a division of the Treasury Department, said.
The swelling debt is at odds with promises Trump made before he was elected president. Trump told Washington Post reporters during an April 2016 interview that he would eliminate the nation's debt, which was over $19 trillion, "over a period of eight years."
Trump added that he would cut taxes, "renegotiate trade deals and renegotiate military deals" in his first 100 days in office.
But estimates say the Trump administration will spend $936 billion on its defense budget for the 2020 fiscal year—nearly $100 billion more than the record-breaking defense budget in 2012. And Trump did cut taxes in December 2017 in hopes that the government would recoup its revenue losses in the long term by boosting economic growth, but evidence shows this is unlikely.
The Congressional Budget Office (CBO) has predicted the national deficit will hit a record-breaking $3.7 trillion for just this federal fiscal year, but the approval of a second economic relief package could raise that amount even higher.
In its projection, the CBO cited the worldwide economic recession caused by the pandemic, which has led to a decrease in the nation's gross domestic product (GDP) and Treasury security interest rates, along with an increase in unemployment numbers.
The economic fallout from the pandemic has already cost the federal government an estimated $1.76 trillion, after Trump signed the Coronavirus Aid, Relief and Economic Security (CARES) Act in late March. That legislative package has provided financial assistance to American families, the unemployed and eligible businesses.
Many CARES Act measures have already expired or are set to expire this week, adding to the pressure on federal lawmakers to pass new relief legislation.
The Democratic-controlled House approved a second package in late May, titled the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act. The $3 trillion bill contains unemployment and state aid but has faced opposition from Senate Republicans.
Senate Majority Leader Mitch McConnell announced on Monday the Republicans' proposed relief package, the Health, Economic Assistance, Liability Protection and Schools (HEALS) Act, but the $1 trillion bill has already received significant criticism from both Republicans and Democrats.
While lawmakers across party lines generally agree that another federal package is necessary during the pandemic, there is much disagreement over how much money should be spent.
Before McConnell could officially announce the legislation, Senator Lindsey Graham suggested that half of Republican lawmakers would vote against it. Senator Ted Cruz said Monday that there was "significant resistance" within his party to adding another trillion dollars in federal spending.
"I think it's likely that you'll see a number of Republicans in opposition to this bill and expressing serious concerns," Cruz told CNN.
Democratic lawmakers, on the other hand, have dismissed the HEALS Act as a "pathetic" nonstarter, criticizing Republicans for arguing over whether to extend the extra $600 provided to unemployed Americans each week in federal aid...
Under Trump's Watch, America's National Debt Has Increased by $6.6 Trillion
By Jocelyn Grzeszczak
7/29/20 at 12:27 PM EDT
Amid partisan arguments over how much federal aid should be approved to help ease the financial crisis caused by the coronavirus pandemic, the U.S. national debt has increased by $6.6 trillion under President Donald Trump.
When Trump took office in January 2017, the debt was at $19.9 trillion. As of July 27, according to the most recently available data, that number has grown to $26.5 trillion, Treasury Direct, a division of the Treasury Department, said.
The swelling debt is at odds with promises Trump made before he was elected president. Trump told Washington Post reporters during an April 2016 interview that he would eliminate the nation's debt, which was over $19 trillion, "over a period of eight years."
Trump added that he would cut taxes, "renegotiate trade deals and renegotiate military deals" in his first 100 days in office.
But estimates say the Trump administration will spend $936 billion on its defense budget for the 2020 fiscal year—nearly $100 billion more than the record-breaking defense budget in 2012. And Trump did cut taxes in December 2017 in hopes that the government would recoup its revenue losses in the long term by boosting economic growth, but evidence shows this is unlikely.
The Congressional Budget Office (CBO) has predicted the national deficit will hit a record-breaking $3.7 trillion for just this federal fiscal year, but the approval of a second economic relief package could raise that amount even higher.
In its projection, the CBO cited the worldwide economic recession caused by the pandemic, which has led to a decrease in the nation's gross domestic product (GDP) and Treasury security interest rates, along with an increase in unemployment numbers.
The economic fallout from the pandemic has already cost the federal government an estimated $1.76 trillion, after Trump signed the Coronavirus Aid, Relief and Economic Security (CARES) Act in late March. That legislative package has provided financial assistance to American families, the unemployed and eligible businesses.
Many CARES Act measures have already expired or are set to expire this week, adding to the pressure on federal lawmakers to pass new relief legislation.
The Democratic-controlled House approved a second package in late May, titled the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act. The $3 trillion bill contains unemployment and state aid but has faced opposition from Senate Republicans.
Senate Majority Leader Mitch McConnell announced on Monday the Republicans' proposed relief package, the Health, Economic Assistance, Liability Protection and Schools (HEALS) Act, but the $1 trillion bill has already received significant criticism from both Republicans and Democrats.
While lawmakers across party lines generally agree that another federal package is necessary during the pandemic, there is much disagreement over how much money should be spent.
Before McConnell could officially announce the legislation, Senator Lindsey Graham suggested that half of Republican lawmakers would vote against it. Senator Ted Cruz said Monday that there was "significant resistance" within his party to adding another trillion dollars in federal spending.
"I think it's likely that you'll see a number of Republicans in opposition to this bill and expressing serious concerns," Cruz told CNN.
Democratic lawmakers, on the other hand, have dismissed the HEALS Act as a "pathetic" nonstarter, criticizing Republicans for arguing over whether to extend the extra $600 provided to unemployed Americans each week in federal aid...
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Comments (39)
"Why are you quibbling over $600 when people need that to buy food, pay their rent?" House Speaker Nancy Pelosi asked Monday during an MSNBC interview. She pointed out that this money would be re-injected into the economy.
The way he keeps mishandling the pandemic, he's likely to drive the national debt up
even higher. This from a person who promised to lower the national debt.
Maybe Mexico will pay for it.
Here's some reality for you;
Our government has been digging us in a whole for decades. Nothing new.
That Graph hardly says its all Trump's fault. It says that the policy of Supply side economics has done great harm to our Country.
Its not a "whole", it's a hole! Someone of your gender should know that.
"I'm chatillion and I approve this message."
Yet, he chose to give the rich huge permanent tax cuts instead.
For 3 years he did not fulfill the infrastructure promise in the least, or others.
This year, he botched the pandemic situation, making it much worse.
It's been the worst US presidency in history by far, a daily soap opera of terrible leadership. The USA will be so much better off without Trump at the helm.
It was a HUGE mistake to have him even run for president, let alone allow Russia
to flood the internet with misinformation to help him win.
No one was allowed to take personal responsibility for themselves... no
We weren't allowed to get tested. ..no
We didn't have enough ventilators....no
He didn't stop global travel to the US...no
He didn't provide enough beds for the sick people....no
He didn't provide businesses money to upgrade so they could open...no
He didn't provide unemployed people extra money to pay their bills ...no
So please tell me how he botched the pandemic situation.
Call back when it goes to $40 trillion. That's what it would have to reach to double like it did when Obama was president.
I don't know what your close buddy is, or isn't.
Might be more convincing if they weren't insisting on spending 3.5 times more on the current pandemic bill than the Republicans though. Adding 3.5 trillion MORE dollars to the national debt.
Apparently the Democrats put other peoples' money where their mouth isn't. They are FAKES, PHONIES AND FRAUDS.
I was going to ask if anyone is really stupid enough to fall for it. But Jimmy eliminated the need for that question. Thanks for the assist there Jimmy.
There they go again.
THE DEMOCRATS are doing everything in their power to divide the country:
black, white, yellow, red and brown
rich and poor
young and old
suburban, city and country dweller
and on and on and on...
AND THEN COMPLAINING ABOUT IT AND BLAMING IT ON PRESIDENT TRUMP.
Do people really NOT get this game?
One of the foundation rules of Marxism is to accuse others of that which you are guilty in order to confuse people until they give up trying to figure which side it telling the truth.
My tenant is a lawyer. He tried to work from home and had to go in the office all the time to check faxes etc. So he said what is the use and re-opened his office. Called his secretary and said come on back. She told him no cause she was making more on unemployment. He said she did call him a week later and apologize and came back to work.
If the Dems get power you will see taxes go sly high and it won't be on the rich, it will be everyone. Then hear the workers scream. Of course the welfare crowd will heap praise because those workers will be paying so they don't have to work or do with less than the people who work for it.
Kick him for believing his advisers.
Look at the results. 145,000 dead so far. He's in charge.
If the Dems get power you will see taxes go sky high and it won't be on the rich, it will be everyone.
Let go of your irrational fear and take a look at reality;
It's always that way when totalitarians are trying to establish a foothold. You find that they dupe a large portion of the population into supporting them.
He was the worst candidate and has been the worst president.
He was impeached, and if not for a corrupt Senate, would have been removed from office.
Trump, Moscow Mitch & their cohorts need to go.