Things are looking up....Biden speaking about how well his deficit reduction plan is doing. (Congress, dollars)

[scarabchuck]

Enjoy !
We need to fear the "mega maga trickle down"....he claims.

https://youtu.be/s5LmxMNz8Qc

[SAN_Man]

He seems paranoid about people that want to Make America Great Again. Imagine being so demented that you're against that?

[TMSRetired]

He really means "deficit increase" because we ain't reducing anything.

$4.8 trillion in revenue with $6 trillion in spending
https://usdebtclock.org/

[SAN_Man]

Nothing has been cut from the Federal budget. The only thing that has changed is Covid pandemic relief programs are ending / expiring.

CBO projects a growing deficit beginning next year.

[scarabchuck]

Originally Posted by TMSRetired

He really means "deficit increase" because we ain't reducing anything.

$4.8 trillion in revenue with $6 trillion in spending
https://usdebtclock.org/

Bu, bu , but he said there has been a deficit reduction....

[notnamed]

Originally Posted by TMSRetired

He really means "deficit increase" because we ain't reducing anything.

$4.8 trillion in revenue with $6 trillion in spending
https://usdebtclock.org/

The deficit has been more than halved with Biden...
https://fiscaldata.treasury.gov/amer...ional-deficit/

[SAN_Man]

CBO 10 year budget deficit in billions of dollars (this is without any additional spending bills from Congress, like BBB on steroids).
2022: -1,036
2023: -984
2024: -1,056
2025: -1,318
2026: -1,364
2027: -1,409
2028: -1,725
2029: -1,651
2030: -1,912
2031: -2,067
2032: -2,253

[SAN_Man]

Originally Posted by notnamed

The deficit has been more than halved with Biden...
https://fiscaldata.treasury.gov/amer...ional-deficit/

That's intentionally misleading. Covid spending is expiring. Biden didn't do anything to reduce the deficit. Deficits are projected to increase and more than double in the next few years (and that's without any additional wasteful spending bills that will likely happen in a Great Recession).

[lunetunelover]

Can anyone help me understand how this works with the IRS adjusting the tax rates? We are getting larger standard deductions which means we are paying fewer taxes...which means less dollars going into the budget. Right?

[notnamed]

Originally Posted by SAN_Man

That's intentionally misleading. Covid spending is expiring. Biden didn't do anything to reduce the deficit. Deficits are projected to increase and more than double in the next few years (and that's without any additional wasteful spending bills that will likely happen in a Great Recession).

He did choose not to go after another round of stimulus checks even though many in the party and petitions signed by millions were asking him to do so. So yeah, he let the covid spending expire.

And no, the CBO projects the deficit to keep decreasing the next few years. Unless "few years" means 2030s.
https://www.cbo.gov/sites/default/fi...evenues-vs.png