Politics and Money

[DesertDrifter]

Treasury will again borrow $1 trillion to pay for tax cuts, spending


For the second straight year, the Treasury Department will have to borrow $1 trillion to pay for the government's growing budget deficit, a consequence of juiced government spending and smaller revenues as a result of the late 2017 tax cuts, Bloomberg reports.

The big picture: Treasury borrowing surpassed $1 trillion during President Obama's first term as government spending soared amid the stimulus to combat the 2008 financial crisis, but it has steadily declined in the years since, settling down to $519 billion in 2017 before nearly doubling last year.

Go deeper: U.S. borrowing spiked 84% in 2018 to nearly $1 trillion

https://www.axios.com/treasury-borrowing-debt-government-spending-tax-reform-a5f699d6-31a9-41b1-861a-02329a744797.html?utm_source=facebook&utm_medium=fbsocialshare&utm_campaign=organic&fbclid=IwAR1mCz0hgv9NnrFnhwU3cuO-p_pSMM5e2MMUqC2HvSFoQWkSFRH02hefrk4

The "fiscal conservatives" doing what they do best, exploding the debt while blaming obama.