via twitter.
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The Congressional Budget Office is predicting the federal budget deficit will reach $960 billion in the 2019 fiscal year and $1 trillion in 2020, higher than the figures previously released. The nonpartisan analysis agency had previously forecast a $896 billion deficit for 2019 and $892 billion gap for 2020. The news comes as President Trump confirmed Tuesday to reporters that he is considering more tax cuts, including a payroll tax cut, which would add to government debt.
via Daily Beast.
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But listen carefully and you can hear the whistle blowing on another train barreling down the tracks.
Call it the Slash Medicare Express. The whistle is still a bit faint, but it is sending a clear warning signal.
A 2018 budget blueprint approved by Congress late last month would reduce Medicare spending by $473 billion over 10 years compared with the current baseline projection, and proposes $1.3 trillion in cuts to Medicaid, various Affordable Care Act (ACA) tax credits and cost sharing subsidies and other health spending. Republicans need the spending reductions to make room for $1.5 trillion in tax cuts, mostly for corporations and wealthy households.
The budget plan does not include the specifics on how these cuts will be achieved. But previous Republican plans for Medicaid - the joint federal and state health insurance program for lower-income people and children - would have been disastrous for millions of older Americans.
via Reuters.
Republicans in the House and Senate have taken aim at entitlement spending in recent days as Congress works to get the tax reform plan on President Trump’s desk by the end of the year. The House passed a final version of the plan on Wednesday.
“We’re going to have to get back next year at entitlement reform, which is how you tackle the debt and the deficit,” House Speaker Paul Ryan (R-Wis.) said earlier this month.
“We have a welfare system that’s trapping people in poverty and effectively paying people not to work,” Ryan added. “We’ve got to work on that.”
via The Hill.
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The federal deficit rose to $747 billion over the past nine months, a 23 percent increase compared to the same period in the previous fiscal year, according to Treasury figures released Thursday.
The Treasury Department said in the same report that the deficit is expected to exceed $1 trillion by Sept. 30, the end of the fiscal year.
Revenue was up 2.5 percent, failing to keep pace with the 6.6 percent rise in outlays.
via The Hill.
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Unless you’re a multinational corporation or someone with a yacht, there’s a lot not to like in the GOP’s tax “reform” plan, which the party wants to ram through Congress by the end of the year – even more to despise if you’re retired, going to retire or underinsured.
To pay for this runaway train of tax goodies for global corporations and the ultra-wealthy, the GOP is raising taxes on the Middle Class and refuses to address the long-term funding shortfalls in Social Security and Medicare. Neither the House nor Senate plan addresses this issue.
via Forbes.
