US Spent A Record $4 Trillion In Fiscal 2017, Pushing Deficit To $666 Billion

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One year ago, the CBO forecasted that the Fiscal 2017 US deficit (for the year ended September 30), would be in the mid-$500 billion range. It was not meant to be, however, and on Friday the Treasury reported that with outlays of $341 billion in the last month of the fiscal year, offset by $349 billion in receipts, the full year deficit grew to a nice, round and very memorable $666 billion in fiscal 2017, up $80 billion or 14% from fiscal 2016. The government ran an $8 billion surplus in September, much smaller than the $33 billion surplus in September 2016. Receipts fell 2% while outlays grew 5% last month compared with the same period a year earlier.

For the full year, federal tax receipts reached a record high $3.315 trillion, thanks to slightly faster growth, according to a Treasury official quoted by the WSJ. But government outlays also hit a record high last year at nearly $4 trillion ($3.981 trillion to be precise), 3% higher than they were in the previous fiscal year, thanks to increased spending on Social Security, Medicare and Medicaid, as well as higher interest payments on the public debt. And that’s with interest rates that were near all time lows. We can’t wait until the $20+ trillion in Federal debt starts really hitting the bottom budget line as the Fed starts pushing rates higher.

As a percentage of gross domestic product, the deficit totaled 3.5%, up from 3.2% in fiscal year 2016. The good news is that after contracting for 4 consecutive months in early 2017, federal government receipts have once again started grown on a Y/Y basis.

“Today’s budget results underscore the importance of achieving robust and sustained economic growth,” Treasury Secretary Steven Mnuchin said in a statement accompanying the report. “Through a combination of tax reform and regulatory relief, this country can return to higher levels of GDP growth, helping to erase our fiscal deficit.” It remains unclear how incurring another $1.5 trillion in debt in a time of rising rates to provide debt relief mostly to the wealthy is synonymous with erasing the fiscal deficit.

A more sober voice of reason, that of Mick Mulvaney, the White House budget director, said the figures “should serve as a smoke alarm for Washington” and a reminder to “get our fiscal hour in order.”

Meanwhile, deficit hawks, including some in Congress, warned that a GOP plan to rewrite the tax code could make the country’s fiscal situation worse if it adds to the deficit, which it will: the Senate approved a budget resolution Thursday that would allow Congress to pass a tax cut that lowers federal revenues by $1.5 trillion over the next 10 years.

Declining government revenues and long-term costs associated with an aging population, including higher Social Security and Medicare spending, are expected to continue pushing up deficits over the coming decades.

As a reminder, this is what the CBO – and JPM – forecast the future trajectory of US debt looks like. It also explains why, at this point, the Fed will stop at nothing to cause hyperinflation.

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  • Roy Hobs

    Does it even matter anymore!
    The International Jew will keep anything they want afloat for as long as it serves their interest. When will they be done with the United States of America??? That is the question.

    • darkhorse

      the jews will be done with America when they’ve killed every last white….

      • Freespirit

        Yes, but NOT just white people

        • darkhorse

          I know…they’re beginning with us whiteys…they hate/fear us the most…when they’re done the herd will be culled to 500 million…their slaves…

          • Freespirit

            YOU may find this VERY interesting and INFORMATIVE :

            JEWISH SYSTEM INDICTED by Documentary Record : https://archive.org/stream/TheJewishSystemIndictedByTheDocumentaryRecord/JSI#page/n9/mode/2up
            AND

            from “The American Hebrew” of September 10, 1920:
            “The Bolshevist revolution in Russia was the work of Jewish brains, of Jewish dissatisfaction, of Jewish planning, whose goal is to create a new order in the world.
            What was performed in so excellent a way in Russia, thanks to Jewish brains, and
            because of Jewish dissatisfaction, and by Jewish planning, shall also, through
            the same Jewish mental and physical forces, become a reality all over the
            world.”

            JUDAISM is COMMUNISM: http://smoloko.com/?p=12024 and
            http://educate-yourself.org/cn/jewishcommunismhistory03may06.shtml

            Who was KARL MARX? – he was born “Chaim Hirschel Mordechai”, for those who doubt he was a Jew

          • darkhorse

            thanks…I know this stuff…YOU know this stuff… the horrific torture of the Russian Christians by the jew demons…but the masses don’t know…and don’t WANT to know anything..because then they might have to DO something!! Like THINK FOR THEMSELVES and even worse… get off the couch and TAKE ACTION TO SAVE THEMSELVES!!! A fate worse than death, evidentally.

          • Freespirit

            Exactly

    • Freespirit

      The 50 YEAR OLD LIE which is moving us to SLAVERY , if not World DESTRUCTION with the inevitable “Blowback”: https://zionistreport.com/2017/10/commentary-fifty-years-fifty-lies/

  • darkhorse

    oh yeah sure it’s $666 billion…yeah right..Woo woo scary beast number..we believe it… anyone one have a bible I can thump…just the revelations part…

    • Laurence Almand

      It is probably more than that. Government bureaucrats have always been totally wasteful of the citizen’s money, because they know they can always raise the taxes.
      We have only the DemoSocialists to blame for this mess – Obama was just about the most wasteful president in history!

  • John C Carleton

    Hmmmmmmmm????!!!!!!
    The magical number at which the indoctrinated dirty their unmentionables.

  • Costs a lot of money to keep CIASIS alive when they are facing organized armies like Syria & Russia and the new defeat in the Philippines. Not surprising.

  • But it is not USA dept, it is the Senate/Congress/DoJ/Federal debt, send them into slavery to help pay it off.

    • Laurence Almand

      Obama sent more than $300 million ungrateful Africans. The people of the USA could have used that money to improve our miserable school system.

      • USA has been spending $40bil. per year for fake movies & photos for NAZA per year. USA sends $24bil./yr. of your tax money in aid to Arab countries & a bribe of $4bil./yr. to keep Israel under our thumb. Arming Taliban, Al-Qaeda & ongoing ISIS plus the Iraq, Somalia, Afghanistan wars are in the Trillions. For the profit of Exxon, Chevron, Conoco, BP, Shell & the USA Senate Drug Cartel & Human Trafficking.
        Our public communist school system is sponsored by Your Property Taxes, look at the bill. Even community college is included in CA.

      • It’s not Osama, it’s the profiteers, what are we looking for in Niger & Somalia ?
        Gold, diamonds, gems. Rumors of new found petroleum pockets.

      • We send $24bil. in “aid” to Arab countries yearly, since the 1970s.

  • Elainee Perkins

    Somebody, Anybody needs to bring up ALL the Hurricanes, Fires and everything else that has happen this year. Where do these people who write this stuff think President Trump is getting the money he is sending to these Disaster areas. He certainly isn’t picking it off of a tree. Idiot people writing these stupid Articles.

  • G’ma G

    The graph is quite clear the answer to reducing the deficit is to quit Waring.

    • You can call me Al

      That is far to obvious and alien to their thought patterns.

  • Laurence Almand

    “Fiscal hour” should read “fiscal house” – and yes, our government is a mismanaged mess! Can you imagine any private corporation operating with such giant deficits and debts?
    The US is suffering from 10 years of Obama/Socialist waste and mismanagement. I wonder how much of this money goes to illegals for welfare and prison costs? And how much for aid to ungrateful, corrupt foreign governments?
    The US already pays a fortune for the UN, and what do we get in return.
    Every bona-fide US citizen should join Citizens Against Government Waste, to rein in this bad management, and finally balance our budget.
    Our first step is to call a halt to the mass immigration that has occurred over the past 50 years, and stabilize our population. (German and Japan have stabilized their populations, and they are two of the world’s richest countries.)