#deficit budgeting

[buindia]

Find Out About Deficit Budgeting and Its Effects and More

When government expenditure exceeds its income, which includes fees, taxes, and investment returns, there is a federal deficit budgeting.

Read More...

[dontmeantobepoliticalbut]

Former President Trump ran up the national debt by about twice as much as President Biden, according to a new analysis of their fiscal track records.

WHY IT MATTERS: The winner of November's election faces a gloomy fiscal outlook, with rapidly rising debt levels at a time when interest rates are already high and demographic pressure on retirement programs is rising.

• Both candidates bear a share of the responsibility, as each added trillions to that tally while in office.

• But Trump's contribution was significantly higher, according to the fiscal watchdogs at the Committee for a Responsible Federal Budget, thanks to both tax cuts and spending deals struck in his four years in the White House.

BY THE NUMBERS: Trump added $8.4 trillion in borrowing over a ten-year window, CRFB finds in a report out this morning.

• Biden's figure clocks in at $4.3 trillion with seven months remaining in his term.

• If you exclude COVID relief spending from the tally, the numbers are $4.8 trillion for Trump and $2.2 trillion for Biden.

STATE OF PLAY: For Trump, the biggest non-COVID drivers of higher public debt were his signature tax cuts enacted in 2017 (causing $1.9 trillion in additional borrowing) and bipartisan spending packages (which added $2.1 trillion).

• For Biden, major non-COVID factors include 2022 and 2023 spending bills ($1.4 trillion), student debt relief ($620 billion), and legislation to support health care for veterans ($520 billion).

• Biden deficits have also swelled, according to CRFB's analysis, due to executive actions that changed the way food stamp benefits are calculated, expanding Medicaid benefits, and other changes that total $548 billion.

BETWEEN THE LINES: Deficit politics may return to the forefront of U.S. policy debates next year.

• Much of Trump's tax law is set to expire at the end of 2025, and the CBO has estimated that fully extending it would increase deficits by $4.6 trillion over the next decade.

• High interest rates make the taxpayer burden of both existing and new debt higher than it was during the era of near-zero interest rates.

• And the Social Security trust fund is rapidly hurtling toward depletion in 2033, which would trigger huge cuts in the retirement benefits absent Congressional action.

WHAT THEY'RE SAYING: "The next president will face huge fiscal challenges," CRFB president Maya MacGuineas tells Axios.

• "Yet both candidates have track records of approving trillions in new borrowing even setting aside the justified borrowing for COVID, and neither has proposed a comprehensive and credible plan to get the debt under control," she said.

• "No president is fully responsible for the fiscal challenges that come along, but they need to use the bully pulpit to set the stage for making some hard choices," MacGuineas said.

[beardedmrbean]

California’s Democratic-controlled legislature axed a Republican proposal that would have exempted tipped-income from state income taxes, striking down a policy proposal similar to ones endorsed by Vice President Kamala Harris and former President Donald Trump.

"It is deeply disappointing that the legislature chose not to consider a proposal that could have provided much-needed relief to California’s workers," Republican State Sen. Rosilicie Ochoa Bogh, who introduced the measure, said in a press release after it was defeated.

Ochoa Bogh introduced the amendment in California’s Senate on Thursday that would have exempted service industry workers with a state tax exemption on tips, but the proposal was voted down on a mostly party line vote without discussion or debate by the Democratic majority.

TRUMP PLEDGES TO ELIMINATE TAXES ON TIPS FOR SERVICE WORKERS DURING LAS VEGAS RALLY

"With Californians facing one of the highest costs of living in the nation, our service and hospitality industry employees are particularly burdened by a tax system that leaves them struggling to make ends meet," Ochoa Bogh said. "They deserve better, and today’s decision is a missed opportunity to support those who need it most."

The attempt to exempt tips from taxes in the state comes as both Trump and Harris have expressed support for federal tax legislation that would exempt tipped-income on the campaign trail. Trump was the first to champion the proposal during a June rally in Nevada, while Harris, who started her political career in California, echoed a similar sentiment during an August rally in Las Vegas.

According to a press release by California Senate Republicans, the proposal in that state was aimed at helping service workers navigate California’s "unsustainable tax burden," allowing workers who rely heavily on tipped-income to have more take-home pay.

REPUBLICANS BLAST BIDEN ADMIN OVER PLAN TO CRACK DOWN ON WAITERS' TIPS

All nine Republican state senators supported the amendment, while almost all the state’s Democratic senators, except for Senate President Pro Tempore Mike McGuire and State Sen. Nancy Skinner, voted in opposition. McGuire and Skinner voted to abstain.

"The negligence involved in a refusal to even debate a policy issue of this magnitude cannot be overstated," Republican Senate Minority Leader Brian W. Jones said in the release. "Legislative Democrats knew they were on the wrong side of this important issue, so they chose to sweep it under the rug rather than do the right thing for working Californians. The push to eliminate the federal tip tax has made its way to the campaign stage for both major party’s this year, yet California Democrat politicians don’t believe it be even worthy to discuss at the state level for residents here." 

McGuire’s office did not immediately respond to a Fox News Digital request for comment on the Democratic majority’s opposition to the amendment.

[sniffanimal]

if I let myself think about the American ideal of individualism and how it's woven into so many spaces and how fundies homeschool their kids to intentionally isolate them and how union busters only exist because of the fear of community and how people think other human beings can be a drain on society just because they need help I get so light headed I pass out

[alwaysbewoke]

x

[thest4tekid]

Okay let's try this again, third time's a charm.

Weekly Goals:

12 minute workout daily: Monday is legs, Wednesday is arms, Friday is core. Tuesday, Thursday, and Saturday are cardio. Sunday is yoga.

Stretch after working out.

Drink at least one bottle (32oz) of water.

Shower and brush teeth.

Read before sleep.

Haven't kept my goals these past few weeks, so I'm gonna keep 12 minute workouts and 32oz of water as my goals until I hit them for a whole week. "Health goals" are the ones on my Samsung Watch: steps, active calories, and active minutes. I'm gonna try to hit all of those this week too. As usual, I'll try to keep yall updated though it's easier to do that when I accomplish something than when I fuckup and fail. So yeah. See yall later ✌🏻

[godisarepublican]

The only deal we should make with Biden

He can pay the Ukraine out of any money in the budget surplus.

Too bad there's a deficit, right?

[dontmean2bepoliticalbut]

[desperatepleasures]

ok well i did my january budget and as predicted it was Bad but. we stay silly!!

[casapazzo]

Opinion by Catherine Rampell and graphics by Youyou Zhou

The White House and Congress recently agreed to claw back more than $20 billion earmarked for the Internal Revenue Service. This deal was, ostensibly, part of a grand bargain to reduce budget deficits.

Unfortunately, it’s likely to have the opposite effect. Every dollar available for auditing taxpayers generates many times that amount for government coffers — and the rate of return is especially astonishing for audits of the wealthiest Americans, according to new research shared exclusively with The Post.

A team of researchers at Harvard University, the University of Sydney and the Treasury Department examined internal IRS data for approximately 710,000 in-person audits from 2010 to 2014. Here’s what they found:

Gift link: https://wapo.st/3NtUKDH

[buindia]

Find Out About Deficit Budgeting and Its Effects and More

When government expenditure exceeds its income, which includes fees, taxes, and investment returns, there is a federal deficit budgeting.

Read More...

[dontmeantobepoliticalbut]

By Sharon Parrott

It’s tempting to ignore a budget resolution released just days before the start of the fiscal year that it’s meant to guide, and amid the chaotic debate around a short-term extension of government funding to avoid a shutdown. But House Budget Committee Chair Jodey Arrington’s proposed budget is important for what it illustrates about House Republicans’ disturbing vision for the country: health care stripped away from millions of people, higher poverty and hunger, capitulation to climate change, more tax cheating by high-income people, and large-scale disinvestment from the building blocks of opportunity and economic growth—from medical research to education to child care. It would narrow opportunity, worsen racial inequities, and make it harder for people to afford the basics. It reflects the wrong priorities for the country and should be roundly rejected.

Chair Arrington made clear in his remarks the intent to extend the expiring tax cuts from the 2017 tax law, which included large tax cuts for the wealthy. In addition, the budget resolution itself would pave the way for unlimited, unpaid-for tax cuts that could go well beyond those extensions. The extensions alone would give annual tax breaks averaging $41,000 to tax filers in the top 1 percent and cost more than $350 billion a year, the Congressional Budget Office estimates. The budget reflects none of these costs and fails to explain how—or whether—they will be offset.

A shocking share of the spending cuts Chair Arrington specifies target people with low and moderate incomes, including $1.9 trillion in Medicaid cuts and hundreds of billions in cuts to economic security programs, such as cuts to assistance that helps people afford food and other basic needs. Just last week the Census Bureau released data showing that poverty spiked last year, more than doubling for children. Rather than proposing policies that could reverse this deeply troubling trend, the budget proposal would deepen poverty and increase hardship.

The budget would also make deep cuts in the part of the budget that is funded annually through appropriations bills. Disingenuously, the budget resolution shows that these cuts total more than $4 trillion over ten years—but hides the program areas that would be cut, labeling them “government-wide savings.” But this year’s House Appropriations bills—which include substantial cuts—make clear that cuts would fall on a wide range of basic functions and services that support families, communities, and the broader economy, including Social Security customer service, support for K-12 and college education, funding for national parks and clean air and water, rental housing assistance for families with low incomes, and more.

Chair Arrington claims the budget’s deep and damaging program cuts are in the name of deficit reduction. But the failure to identify a single revenue increase for high-income people or corporations—and in fact, to potentially shower them with more unpaid-for tax cuts—is an extreme and misguided approach. Moreover, calling for a balanced budget in ten years is merely a slogan that has little to do with addressing our nation’s needs—and the budget resolution resorts to gimmicks and games to even appear to get there, including $3 trillion in deficit reduction it claims would accrue from higher economic growth it assumes would be achieved by budget policies.

A budget plan should focus on the nation’s needs and lay out an agenda that broadens opportunity, invests in people and families, reduces the too-high levels of hardship and financial stress faced by households across the country, and raises revenues for those investments. But the Arrington budget blueprint would shortchange much-needed investments and lock in wasteful tax cuts to the already wealthy for the next decade.

House Republicans are pursuing a damaging agenda at every turn—first threatening the nation with default, and now demanding deep cuts in an array of priorities in this year’s appropriations debate, risking a government shutdown, and proposing a budget blueprint that would take the country in the wrong direction.

[intelligentchristianlady]

Different Priorities

"Biden’s budget blueprint aims to cut federal budget deficits by nearly $3 trillion over the next decade. As part of the budget, Biden wants to increase the Medicare payroll tax on people making more than $400,000 per year, as well as impose a tax on households worth more than $100 million.

"Biden will release his fiscal 2024 budget plan tomorrow and has faced pressure to cut spending by House Republicans, who have refused to raise the nation’s debt limit – setting up the risk of a national default.

"House Republicans, however, have yet to offer a blueprint to balance the federal budget, but nevertheless are reportedly planning to pursue cuts to the foreign aid budget, as well as health care, food assistance, and housing programs for poor Americans." (x)

[corpsegold]

Day 12 27/10/22 TOTAL: 698 Had an appointment and then had to go to my old work to hand in some uniform etc. was good excuse to walk. Got a coffee tho (had 5 shots) and it was a bad decision. The early morning sugar free syrup woke up my appetite and I craved carbs ALL DAY. It lead to overeating and then bingeing on shit in the evening which I planned to keep but then got all anxious and guilty about it so i went and purged it in a bush somewhere. I think there was a homeless guy watching me but I couldnt really make it out because it was half past midnight. On the plus side I’ve had to tighten the drawstrings of two of the legs I wear so +++. After purging 1.2litres volume and not having any sodium or potassium all day plus 5 shots of coffee and 3.5 hours of walking I kept nearly passing out towards 2 am whilst trying to get home LOL. Had bisto gravy when I got in in a cute bowl I bought for portion control (was 75 cal, not listed below but counted in the total) Breakfast: 0 Lunch: 789 Soya milk- 91 sugarfree gingerbread syrup -3 espresso-13 Smoked salmon and cream cheese sushi-227 Chicken Satay wrap- 455 Dinner: 749 small apple -53 banana-105 hamhock wrap -406 Lucozade- 185 Binge + purge: ~ 1200, kept 100 (got most of it out but couldnt complete it for obvious reasons) exercise: 997

[thest4tekid]

Secondary post to my weekly one.

Calorie Intake:

Goal: 1100 calories or less.

Monday:

Coffee w/ creamer: 125 calories

Smoothie: 320 calories

Lean Cuisine freezer meal: 310 calories

¼ cup on Italian blend cheese: 100 calories

Cookie Dough bits from Crumbl Cookies: 120 calories

Total for Monday: 975

Calories burned (through activities): 366

[tomorrowusa]

It’s a vicious circle.

The GOP gives enormous tax breaks to the filthy rich.

Democrats get elected and revoke those tax breaks or let them expire.

The GOP screams about the out of control budget deficit – even though it’s shrinking because the government is getting more revenue.

The GOP gets back in power and gives even more tax breaks to lazy billionaires like Trump. The budget deficit increases. 

You’ll hear a lot more bullshit from Trump Republicans in the next few weeks about the deficit. Bullshit is too nice a word – it’s outright lies.

In a statement, the Treasury Department and White House Office of Management and Budget said the annual deficit plummeted from $2.8 trillion in 2021 to roughly $1.4 trillion in 2022 — a decline driven primarily by the expiration of trillions in pandemic-era emergency spending. The gap between revenue and spending also shrank in part due to stronger-than-expected tax receipts, as a booming U.S. economy and large corporate profits helped bring in additional funds to federal coffers.

Here’s the part the Trumpsters really don’t want people to hear. (emphasis added)

“The federal deficit went up every year in the Trump administration — every single year he was president,” President Biden told reporters, criticizing the GOP tax law of 2017 that added more than $1.5 trillion to the deficit. “On my watch, things have been different — the deficit has come down both years I’ve been in office, and I’ve just signed legislation that will reduce it even more in the decades to come.”

Trump Republicans use disinformation about the deficit as an excuse to cut programs that help middle class and poor Americans. And when they cut such programs the money doesn’t go into reducing the deficit; it goes instead into more tax breaks for the filthy rich who then show their gratitude by making large contributions to the GOP.

Trump Republicans are big on the same sort of economics that recently created chaos in the UK and brought down Prime Minister Liz Truss.

The perception that the GOP is good for the economy is akin to astrology. At best, their economic policies provide a sugar high for a short period before things come crashing down.

Somehow people forget that both the Great Depression and the Great Recession were brought on by GOP administrations. Democrats were then elected and cleaned up the mess created by GOP predecessors.