Here's what I don't get:  Ok, swell, some of us (mostly the richest of us) got this whopper tax cut.  Lots of cheering and touting coming from the current administration.  Fine, but isn't that a bit like your credit card company telling you they are raising you credit limit?  Sooner or later the bill comes due.

WASHINGTON — The Treasury Department announced Monday that the government borrowed a record $488 billion in the January-March quarter, but officials expect borrowing needs will decline sharply for the current April-June quarter.

Treasury said that actual borrowing in the first quarter exceeded the old record of $483 billion set in the first quarter of 2010, a period when the country was struggling to pull out of a deep recession and prop up the financial system following the 2008 financial crisis.

For the current quarter, Treasury said it expects it will only need to borrow $75 billion but that the borrowing needs will rise again in the July-September quarter to $273 billion.

Treasury is facing the need to finance government operations at a time when annual deficits are heading to record levels.

While the huge deficits will drive up the government's borrowing needs, Treasury Secretary Steven Mnuchin said late Monday that he was not concerned that the increased borrowing could send interest rates surging and threaten overall economic growth.

So, let me get this straight ............... you send me your credit card and I'll make sure you can live a better life.  When I leave office, I'll turn the bill over to the next chump replacing me and he/she can figure out how to pay off the debt.  That about right?
 

Last edited by Just Fred (5/06/2018 12:38 pm)