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US government is running out of money faster than expected, Mnuchin warns
Posted on 7/12/19 at 1:36 pm
Posted on 7/12/19 at 1:36 pm
LINK
Treasury Secretary Steven Mnuchin on Friday issued a warning Friday that the US government is at risk of running out of cash sooner than expected.
In a letter to Democratic House Speaker Nancy Pelosi, Mnuchin wrote that the US might default on its obligations as soon as early September, before Congress returns from its summer recess.
"Based on updated projections, there is a scenario in which we run of out cash in early September, before Congress reconvenes," Mnuchin wrote in a letter.
The federal government has not been able to borrow money since March, when congressionally-mandated borrowing limits went back into force. The US Treasury, which is facing a growing deficit thanks in part to President Donald Trump's 2017 tax cuts, had said it had enough cash to last until the fall.
Treasury Secretary Steven Mnuchin on Friday issued a warning Friday that the US government is at risk of running out of cash sooner than expected.
In a letter to Democratic House Speaker Nancy Pelosi, Mnuchin wrote that the US might default on its obligations as soon as early September, before Congress returns from its summer recess.
"Based on updated projections, there is a scenario in which we run of out cash in early September, before Congress reconvenes," Mnuchin wrote in a letter.
The federal government has not been able to borrow money since March, when congressionally-mandated borrowing limits went back into force. The US Treasury, which is facing a growing deficit thanks in part to President Donald Trump's 2017 tax cuts, had said it had enough cash to last until the fall.
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Posted on 7/12/19 at 1:37 pm to Mickey Goldmill
quote:Me, too.....
US government is running out of money faster than expected,
Posted on 7/12/19 at 1:39 pm to Mickey Goldmill
quote:
The US Treasury, which is facing a growing deficit thanks in part to President Donald Trump's 2017 tax cuts, had said it had enough cash to last until the fall.
Nice, un-biased journalisming right there. Tax receipts went up but data is hard to interpret so I understand the confusion.
Posted on 7/12/19 at 1:40 pm to Mickey Goldmill
quote:
growing deficit thanks in part to President Donald Trump's 2017 tax cuts, had said it had enough cash to last until the fall.
Any yet tax receipts are at record numbers. It is a spending problem not an income problem.
Posted on 7/12/19 at 1:41 pm to Mickey Goldmill
only trump could bring in less money in this economy
Posted on 7/12/19 at 1:43 pm to Mickey Goldmill
The US does not have a revenue problem. They have a spending problem. Entitlements are going to sink this country if free health care for illegals that citizens pay for but some don’t have access to doesn’t first 
Posted on 7/12/19 at 1:43 pm to TBoy
quote:
Don’t worry. Trump will save us all from Trump.
At this point, you can no longer be taken seriously.
Posted on 7/12/19 at 1:44 pm to Mickey Goldmill
What budget would you propose and what cuts would you make?
Please be specific.
Please be specific.
Posted on 7/12/19 at 1:44 pm to wookalar1013
Wookalar, 85% of the deficit increase is due to Medicare and ss
Stop blaming the TCJA
Stop blaming the TCJA
Posted on 7/12/19 at 1:44 pm to Mickey Goldmill
They'll just print more like they always do.
Posted on 7/12/19 at 1:45 pm to TBoy
quote:
Don’t worry. Trump will save us all from Trump.
What branch is responsible for appropriations again? In particular.. which body?
Downvote and be on your way.
Posted on 7/12/19 at 1:46 pm to TBoy
quote:I don't know, maybe it's from the interest payments on the $9,165,082,785,693.40 in debt that the FedGov incurred from 2009-2016?
Don’t worry. Trump will save us all from Trump.
Source, if you're really interested
Posted on 7/12/19 at 1:49 pm to TBoy
Hey vermin tell us what the democrats have done about it
shite tell us anything useful they have done
I got it! Call somebody racist
shite tell us anything useful they have done
I got it! Call somebody racist
Posted on 7/12/19 at 1:51 pm to Mickey Goldmill
quote:
Treasury Secretary Steven Mnuchin on Friday issued a warning Friday that the US government is at risk of running out of cash sooner than expected.
Mnuchin is failing at the simplest and most important job he has, managing the US checkbook.
Posted on 7/12/19 at 1:55 pm to Mickey Goldmill
It's a spending problem.
The Feds take in enough money
The Feds take in enough money
Posted on 7/12/19 at 2:02 pm to Mickey Goldmill
quote:
The US Treasury, which is facing a growing deficit thanks in part to President Donald Trump's 2017 tax cuts,
This is a total lie. The tax revenues went up after the tax cuts, but the spending exceeded the record tax hauls. It's simply math. Stop lying.
Posted on 7/12/19 at 2:04 pm to FearlessFreep
And continues to increase, with no signs of even leveling out. Cmon, you gotta do better than that.
Posted on 7/12/19 at 2:05 pm to Mickey Goldmill
quote:
The US Treasury, which is facing a growing deficit thanks in part to President Donald Trump's 2017 tax cuts
Well, I'm just going to go ahead and have to call bullshite on this, as receipts are up, up, up, month-over-month so, like we've been telling you folks my whole life, the United States Treasury DOES NOT have a revenue problem.
It has a spending problem. One cannot spend one's way into prosperity. The bipartisan "faith" that this isn't true makes it a religion equivalence or worse.
Just taking a few samples of monthly receipts:
April (typically a big month):
2019 - 535.5bn
2018 - 510.4bn
2017 - 455.6bn
2016 - 438.4bn
2015 - 471.8bn
2014 - 414.2bn
2013 - 406.7bn
2012 - 318.8bn
February (typically a low month for receipts)
2019 - 167.2bn
2018 - 155.6bn
2017 - 171.7bn
2016 - 169.1bn
2015 - 139.3bn
2014 - 144.3bn
2013 - 122.8bn
2012 - 103.4bn
So, no, Virginia, we do not have a revenue problem and Trump's tax cuts are NOT increasing the deficit.
Government spending (a bipartisan practice if there ever was one) IS the problem with the debt and deficit. Always has been. Is. Always will be.
This post was edited on 7/12/19 at 2:06 pm
Posted on 7/12/19 at 2:05 pm to wookalar1013
quote:
only trump could bring in less money in this economy
What part of tax receipts being up since the tax cuts is hard to understand?
Spending if the fricking problem, and you are free, welcome, and honest to blame that on Trump all you want. But he's not overseeing a revenue problem.
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