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Wed May 24, 2017, 05:52 PM

Trump administration warns tax receipts are coming in slowly, government could run out of cash soone

Source: Washington Post

Trump administration warns tax receipts are coming in slowly, government could run out of cash sooner than expected

By Damian Paletta and Max Ehrenfreund May 24 at 2:27 PM

White House Office of Management and Budget Director Mick Mulvaney on Wednesday said that tax receipts were coming in “slower than expected” and that the federal government could run out of cash sooner than it had thought.

Mulvaney’s comments, which came during a House Budget Committee hearing, resurrected an issue that Congress has mostly ignored in recent months but that will soon force some tough political decisions. ... A few hours later, Treasury Secretary Steven Mnuchin echoed these concerns, telling another House committee, “I urge you raise the debt limit before you leave for the summer.”
....

The Bipartisan Policy Center, which analyzes federal receipts and spending, had estimated that the government had until November to address the debt-ceiling issue, but it recently moved up its projection to Oct. 2 because tax receipts are coming in slower than expected and a huge federal payment is due that day. The government is expected to make a payment of between $70 billion and $80 billion to the Military Retirement Trust Fund. As of Monday, the government's cash balance was $164.9 billion, a figure that will be slowly drawn down over time.
....

If tax receipts are coming in slower than expected, that could increase pressure on lawmakers to raise or suspend the debt ceiling by the August recess. Such votes can be politically unpopular, but many business groups have warned that failing to raise the debt ceiling could lead to a financial crisis because the U.S. government might not have enough money to pay its bills.
....

Max Ehrenfreund writes for Wonkblog and compiles Wonkbook, a daily policy newsletter. You can subscribe here. Before joining The Washington Post, Ehrenfreund wrote for the Washington Monthly and The Sacramento Bee.
Follow @MaxEhrenfreund

Read more: https://www.washingtonpost.com/news/wonk/wp/2017/05/24/trump-administration-warns-tax-receipts-are-coming-in-slowly-government-could-run-out-of-cash-sooner-than-expected/

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Reply Trump administration warns tax receipts are coming in slowly, government could run out of cash soone (Original post)
mahatmakanejeeves May 2017 OP
not fooled May 2017 #1
Achilleaze May 2017 #2
C_U_L8R May 2017 #3
mpcamb May 2017 #12
Demtexan May 2017 #4
keithbvadu2 May 2017 #5
mahatmakanejeeves May 2017 #7
keithbvadu2 May 2017 #8
cstanleytech May 2017 #6
meadowlander May 2017 #9
BumRushDaShow May 2017 #10
They_Live May 2017 #11
Rhett Cohen May 2017 #13

Response to mahatmakanejeeves (Original post)

Wed May 24, 2017, 05:59 PM

1. Mulvaney is a

terrorist who endangers the U.S.

Just because he is a U.S. citizen white guy who has infiltrated the Federal Government doesn't mean he isn't also an economic terrorist.

Using engineered dangers and self-induced threats to incite fear in the populace qualifies him as a domestic terrorist, along with his puppetmasters the koch sociopaths.

Oh, and he's also a teabagging asshole crackpot who shouldn't be allowed anywhere near federal policymaking.

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Response to mahatmakanejeeves (Original post)

Wed May 24, 2017, 05:59 PM

2. the republican role model* accepts full reponsibility

* Comrade Casino, the republican Tax-&-Draft-Dodger in Chief

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Response to mahatmakanejeeves (Original post)

Wed May 24, 2017, 06:09 PM

3. Hey, if Trump doesn't have to pay taxes

Why should anyone else?

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Response to C_U_L8R (Reply #3)

Wed May 24, 2017, 08:46 PM

12. Maybe Donnie-boy could ask his billionaire buddies to kick in a little...

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Response to mahatmakanejeeves (Original post)

Wed May 24, 2017, 06:11 PM

4. We still got money for golf trips every week.

Money for security for New York.

Sort of smells like a shake down to me.

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Response to mahatmakanejeeves (Original post)

Wed May 24, 2017, 06:32 PM

5. How can that be? Trump has been bragging how great his economy is.

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Response to keithbvadu2 (Reply #5)

Wed May 24, 2017, 06:35 PM

7. He inherited a mess. A real mess. The biggest mess. NT

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Response to mahatmakanejeeves (Reply #7)

Wed May 24, 2017, 07:01 PM

8. Golly! That almost sounds like sarcasm. - Almost! - So close.

Golly! That almost sounds like sarcasm.

Even so, Trump was taking credit for the 'great' economy before inauguration so he 'inherited' it from himself.

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Response to mahatmakanejeeves (Original post)

Wed May 24, 2017, 06:34 PM

6. If they were smart (and we know most Repugnants are not) they would raise it high enough now so

that it wont be a political issue until after 2020 because if they do it now by the time the 2018 elections come around the voters will largely have forgotten about it and the risk is less.

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Response to mahatmakanejeeves (Original post)

Wed May 24, 2017, 07:10 PM

9. Cue Republicans in Congress threatening to shut down the govt

if the debt ceiling is raised.

Oh wait...

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Response to mahatmakanejeeves (Original post)

Wed May 24, 2017, 08:09 PM

10. So where is the hysteria about the debt ceiling?

Why is "the media" not creating a do or die scenario against the GOP like they did against Democrats - twice?

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Response to BumRushDaShow (Reply #10)

Wed May 24, 2017, 08:44 PM

11. I know

right?

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Response to mahatmakanejeeves (Original post)

Thu May 25, 2017, 12:56 AM

13. These anti government "Objectivists" are playing a dangerous game...

It's almost as if they don't realize you need a state to prop up failing capitalistic ventures, and that if there is no state, and money and other "assets" become worthless, who's going to protect their entitled asses? These soft bellied weaklings who have never lifted anything heavier than a salad fork, or their administrative assistants dress without permission, are going to have to fend for themselves. Some good souls will take pity, but there is going to be an overwhelming majority who will see them for the useless drain on the new society that they will be. We won't need bankers, financiers, hedge fund managers or any of the other (basically) useless "professionals (I mean think about it, they create nothing, well, except misery for the underclasses, of course). Engineers, scientists, skilled trades, unskilled trades, drivers, cooks/chefs, etc. will all have a place, because they contribute real things.

I'm aware this is all utopian in thinking, but sometimes it's nice to think of a world without these leeches



who are always the cause of bringing the economy and society to the brink of collapse.

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