WHAT ABOUT BILLIONS FOR IRAN AND THE HAMAS TERRORISTS? NARCOMEX GOT $4 BILLION!
- 2022: $12 billion in Ukraine aid
- 2022: $3 billion for facilitating Afghan refugees to the United States
White House Blames Republicans for Debt Soaring over $34,000,000,000,000
The White House blamed congressional Republicans on Wednesday for the national debt surpassing $34,000,000,000,000 for the first time in the nation’s history.
The attempt to shift blame to Republicans absolves President Joe Biden’s leadership while justifying his massive spending policies throughout his 35-month tenure:
- 2021: $1.9 trillion coronavirus rescue package
- 2021: $1.2 trillion infrastructure bill
- 2022: $12 billion in Ukraine aid
- 2022: $3 billion for facilitating Afghan refugees to the United States
Though Biden signed the massive spending bills into law, many of the bills were supported by Sen. Mitch McConnell (R-KY), who pushed fellow Republicans to vote for the infrastructure, Ukraine, and Afghan bills.
“If you think about it, Republican tax cuts are responsible [for] about 90 percent of it — of the increase in the debt as a share of the economy over the last two decades, excluding emergency spending,” White House Press Secretary Karine Jean-Pierre replied during a press briefing when asked about the record high debt.
“What they’ve [Republicans] tried to do is continue to give a tax break to the millionaires and the billionaires and that — what they have actually put forward would add more than $3 trillion to the debt,” Jean-Pierre continued. “So that’s what that data shows us.”
House Speaker Mike Johnson (R-LA) said Wednesday that much of the outrageous spending must stop and that curtailing the southern border invasion must come before any taxpayer money is spent to defend Ukraine’s eastern border.
“That’s the message: we have [sic] to secure the border before we can take care of anything else,” he told Larry Kudlow on Fox Business.
“National security, the sovereignty of our nation, is the most important,” Johnson said. “And secondly, Larry, as you and I both know, we talk about all the time we have to limit discretionary spending, non-defense items we’re trying to reduce, as you know widely reported we’re $34 trillion in debt today,” he continued. “We take that very seriously in the Republican conference.”
Follow Wendell Husebø on “X” @WendellHusebø. He is the author of Politics of Slave Morality.
Bensman, author of last year’s Overrun: How Joe Biden Unleashed the Greatest Border Crisis in American History, explains that the administration’s policies opened the border wide for illegal aliens. Anticipating a surge of illegal aliens resulting from the May termination of Title 42, the Biden administration funneled hundreds of thousands of illegal aliens into the country by enabling them to pre-schedule their “legal” entry through the CBP One app. A surge at the border occurred nonetheless. The overwhelming numbers of illegal border crossings and overworked agents also resulted in the Department of Health and Human Services (HHS) losing track of 85,000 unaccompanied alien children.
Credit Crisis Gets Even Worse As 50 Million People Stop Paying Creditors
THE PROOF IS HERE - Tim Scott Has Enough Of 𝐘𝐄𝐋𝐋𝐄𝐍'𝐒 𝐋𝐈𝐄𝐒 About Biden's Team
Federal Government Spending Exceeds CBO Projection by Record Amount
The federal government spent so much more than the Congressional Budget Office (CBO) had expected in Fiscal Year 2023 that the CBO’s projection set a record for inaccuracy, the agency reports in a new analysis.
In “The Accuracy of CBO’s Budget Projections for Fiscal Year 2023,” released on December 15, the CBO compares its May 2022 budget projections for FY2023 (updated them to include the estimated effects of influences like subsequently-enacted legislation) to the final results for the fiscal year, which ended on September 30.
Adjustments made since CBO’s May 2022 budget projections for FY2023 increased revenues by $26 billion (or 0.5 percent), but increased its projections of outlays even more (by $40 billion, or 0.7 percent).
The analysis finds that the Biden Administration spent far more, and took in much less, than the CBO had projected in FY2023:
- The Biden Administration spent $0.6 trillion more than the CBO’s FY2023 projection of $5.9 trillion.
- The 9 percent excess spending was more than four times the average absolute error of 2 percent in outlay projections for 1993 to 2022.
- Federal revenue was $0.5 trillion less than the CBO’s projection of $4.9 trillion for FY2023.
- The 11% revenue shortfall was roughly twice the average absolute error of CBO’s revenue projections for 1983 to 2022 (about six percent).
As a result of the underestimation of spending and the overestimation of revenue, “CBO’s deficit projection of $1.0 trillion for 2023 was $1.0 trillion less than the actual amount.”
That difference was equal to 3.9 percent of Gross Domestic Product (GDP)—more than three-and-a-half times the average absolute error of 1.1 percent of GDP in the agency’s deficit projections from 1985 through 2022.
Misestimates in three categories accounted for nearly three-fourths of the difference between the projected and actual deficit:
- Overestimation of receipts from individual income taxes (accounting for 38 percent of that total difference),
- Underestimation of net interest expenditures (21 percent), and
- Underestimation of spending for higher education (14 percent).
“The errors in CBO’s projections of revenues and outlays in 2023 were larger than the average absolute errors in the agency’s projections for previous years,” CBO reports.
However, the size of the errors wasn’t just “larger than the average” – some projections were so far off that they set records:
- CBO underestimated total outlays in 2023 by 9 percent—the largest error in a projection of total outlays that the agency has recorded.
- CBO underestimated mandatory outlays in 2023 by 10 percent – the second-largest error on record.
- CBO overestimated discretionary spending in 2023 by 4 percent—the largest error in a projection of such spending that the agency has recorded.
- The agency’s projection of receipts from all non-corporate income tax revenue sources exceeded the actual amount by 27 percent—an error larger than any of those in its projections of such receipts for 1983 to 2022.
- CBO overestimated individual income tax revenues in 2023 by 18 percent—a larger error than most of the errors in projections of such receipts for 1983 to 2022.
Effects of the Supreme Court’s June 2023 decision prohibiting the Biden Administration’s planned cancellation of outstanding student loans were excluded from the review analysis.
Nonetheless, the CBO does note that, by
thwarting Biden’s unconstitutional loan-
forgiveness scheme, the Supreme Court
decision reduced the deficit by $333 billion in
Fiscal Year 2023:
“In June 2023, the Supreme Court barred the Administration from implementing its forgiveness plan. Thus, in August 2023, the Administration recorded a $333 billion reduction in outlays for the student loan program. That action reduced the 2023 deficit.”
The business and economic reporting of CNSNews.com is funded in part with a gift made in memory of Dr. Keith C. Wold.
National Debt Hits Record High $34 Trillion
WASHINGTON (AP) — The federal government’s gross national debt has surpassed $34 trillion, a record high that foreshadows the coming political and economic challenges to improve America’s balance sheet in the coming years.
The U.S. Treasury Department issued a report Tuesday logging U.S. finances, which have become a source of tension in a politically divided Washington that could possibly see parts of the government shutdown without an annual budget in place.
Republican lawmakers and the White House agreed last June to temporarily lift the nation’s debt limit, staving off the risk of what would be a historic default. That agreement lasts until January 2025. Here are some answers to questions about the new record national debt.
HOW DID THE NATIONAL DEBT HIT $34 TRILLION?
The national debt eclipsed $34 trillion several years sooner than pre-pandemic projections. The Congressional Budget Office’s January 2020 projections had gross federal debt eclipsing $34 trillion in fiscal year 2029.
But the debt grew faster than expected because of a multi-year pandemic starting in 2020 that shut down much of the U.S. economy. The government borrowed heavily under then President Donald Trump and current President Joe Biden to stabilize the economy and support a recovery. But the rebound came with a surge of inflation that pushed up interest rates and made it more expensive for the government to service its debts.
“So far, Washington has been spending money as if we had unlimited resources,” said Sung Won Sohn, an economics professor at Loyola Marymount University. “But the bottom line is there is no free lunch,” he said, “and I think the outlook is pretty grim.”
The gross debt includes money that the government owes itself, so most policymakers rely on the total debt held by the public in assessing the government’s finances. This lower figure — $26.9 trillion — is roughly equal in size to the U.S. gross domestic product.
Last June, the Congressional Budget Office estimated in its 30-year outlook that publicly held debt will be equal to a record 181% of American economic activity by 2053.
WHAT IS THE IMPACT TO THE ECONOMY?
The national debt does not appear to be a weight on the U.S. economy right now, as investors are willing to lend the federal government money. This lending allows the government to keep spending on programs without having to raise taxes.
But the debt’s path in the decades to come might put at risk national security and major programs, including Social Security and Medicare, which have become the most prominent drivers of forecasted government spending over the next few decades. Government dysfunction, such as another debt limit showdown, could also be a financial risk if investors worry about lawmakers’ willingness to repay the U.S. debt.
Foreign buyers of U.S. debt — like China, Japan, South Korea and European nations — have already cut down on their holdings of Treasury notes.
A Peterson Foundation analysis states that foreign holdings of U.S. debt peaked at 49 percent in 2011, but dropped to 30 percent by the end of 2022.
“Looking ahead, debt will continue to skyrocket as the Treasury expects to borrow nearly $1 trillion more by the end of March,” said Peterson Foundation CEO Michael Peterson. “Adding trillion after trillion in debt, year after year, should be a flashing red warning sign to any policymaker who cares about the future of our country.
HOW COULD IT AFFECT ME?
The debt equates to about $100,000 per person in the U.S. That sounds like a lot, but the sum so far has not appeared to threaten U.S. economic growth.
Instead, the risk is long term if the debt keeps rising to uncharted levels. Sohn said a higher debt load could put upward pressure on inflation and cause interest rates to remain elevated, which could also increase the cost of repaying the national debt.
And as the debt challenge evolves over time, choices may become more severe as the costs of Social Security, Medicare and Medicaid increasingly outstrip tax revenues.
When it could turn into a more dire situation, is anyone’s guess, says Shai Akabas, director of economic policy at the Bipartisan Policy Center, “but if and when that happens, it could mean very significant consequences that occur very quickly.”
“It could mean spikes in interest rates, it could mean a recession that leads to lots more unemployment. It could lead to another bout of inflation or weird going on with consumer prices —several of which are things that we’ve experienced just in the past few years,” he said.
HOW DO REPUBLICANS AND DEMOCRATS DIFFER?
Both Democrats and Republicans have called for debt reduction, but they disagree on the appropriate means of doing so.
The Biden administration has been pushing for tax hikes on the wealthy and corporations to reduce budget deficits, in addition to funding its domestic agenda. Biden also increased the budget for the IRS, so that it can collect unpaid taxes and possibly reduce the debt by hundreds of billions of dollars over 10 years.
Republican lawmakers have called for large cuts to non-defense government programs and the repeal of clean energy tax credits and spending passed in the Inflation Reduction Act. But Republicans also want to trim Biden’s IRS funding and cut taxes further, both of which could cause the debt to worsen.
Both claims are previews of cases that will likely be put to voters in this year’s presidential election.
White House spokesman Michael Kikukawa put the blame on the GOP, saying in a statement that the steady accrual over years was “trickle-down debt — driven overwhelmingly by repeated Republican giveaways skewed to big corporations and the wealthy.”
By contrast, Republican lawmakers have said that borrowing during the Biden administration contributed to the 2022 spike in inflation rates that dragged down the Democratic president’s approval ratings.
Akabas said, “There is growing concern among investors and rating agencies that the trajectory we’re on is unsustainable — when that turns into a more dire situation is anyone’s guess.”
GET THEM OVER THE BORDER, SCATTERED, AND REGISTERED TO VOTE DEM BEFORE THE LEGALS CATCH ON AS TO WHAT IS HAPPENING!
Job Openings Decline in Sign of Cooler Demand for Workers
The red-hot labor market that warmed the economy in recent months, showed signs of cooling in November, with employers looking to fill fewer positions, fewer workers quitting, and the number of hires falling.
The number of vacant jobs fell to 8.79 million as of the last business day of November from an upwardly revised 8.85 million in the prior month, the Bureau of Labor Statistics said in its monthly report on the Job Openings and Labor Turnover Survey, or JOLTS.
This was close to the 8.75 million median expectation of economists surveyed by Econoday and below the 8.82 million median forecast of analysts surveyed by Bloomberg.
Openings fell in the federal government and transportation, warehousing, and utilities decreased in transportation, warehousing, and utilities. Leisure and hospitality openings also declined.
Openings were up in mining, construction, and durable goods manufacturing. Finance and real estate also saw a rise in openings.
A crucial measure of the labor market is the ratio of openings to unemployed workers. This was to 1.4 to one in November, down from 1.8 to one a year earlier. Typically, this is closer to one to one. At its high point in 2022, the ratio was two to one.
The quits rate is a measure of the share of workers voluntarily leaving their jobs. When it is rising, it is typically a sign of a strengthening labor market. In November, it fell to 2.2 percent from 2.3 percent. This is still an elevated level compared with the decade prior to the pandemic.
In November, the number of hires decreased by 363,000 to 5.5 million.
The Federal Reserve has been hoping that its interest rate hikes will cool off demand for labor without significantly increasing unemployment. The decline in openings is evidence of cooling demand.
U.S. Manufacturing Contracts For 14th Straight Month
The manufacturing sector continued to contract in December, a closely watched economic barometer from the Institute for Supply Management indicated on Wednesday.
The ISM purchasing managers’ index, or PMI, rose to 47.4 percent in December, slightly higher than the 47.2 percent analysts had forecast. In the prior month, the PMI came in at 46.7.
Despite the better-than-expected improvement, the figure remains below the 50 percent threshold dividing expansion and contraction for the sector. Levels above 48.7 tend to indicate expansions for the overall economy.
New orders fell 1.2 percent in December. Customer inventories fell to back to negative territory, although this can be seen as a promising development for future demand.
New orders fell 1.2 percentage points to 47.1. The prices paid gauge fell to a level slightly below its three month average. Prices rose 4.1 percent in 2023, according to ISM’s Timothy Fiore, and are expected to rise 3.1 percent this year.
Of the 17 industry sectors tracked by ISM, only primary metals expanded in December.
The survey reflects responses before the Fed’s December meeting and the dramatic shift in expectations for earlier and more frequent interest rate cuts next year.
“Anticipation of the U.S. Federal Reserve holding off on interest-rate changes will encourage more companies to spend on capital investments again. As budgets get approval after the start of the calendar year, this should help drive investment and increase manufacturing activity once again,” a respondent in computer and electronic products said.
Dem NJ Mayor: We Turned Away Migrant Bus Because It’s ‘Major Security Risk’ — Don’t Know If They’re Armed
While speaking to New York ABC affiliate WABC on Monday, Edison, New Jersey Mayor Sam Joshi (D) stated that he turned a bus full of migrants sent to the city back because local police “did not know if any of those 40 individuals were carrying weapons, they couldn’t be identified.” And this is “a major security risk. It’s a health risk. And we’re just not going to tolerate that.” Joshi, who plans to send migrants back to the border, also stated that he doesn’t want to pawn problems off on other mayors.
WABC New Jersey Reporter Toni Yates stated, “The town of Edison, however, has its own answer: A charter bus to send migrants back to the southern border. The bus that arrived the other night was simply ordered to leave.”
She then played a clip of Joshi saying, “Edison Township Police officers did not know if any of those 40 individuals were carrying weapons, they couldn’t be identified. And that is a major problem. That’s a major security risk. It’s a health risk. And we’re just not going to tolerate that.”
After mentioning other arrivals in Edison over the summer and how other mayors say “help and order” are key, Yates played a clip of Joshi stating that “The solution for me, as the Mayor of Edison, is not to pawn it off to another mayor.”
Follow Ian Hanchett on Twitter @IanHanchett
REPORT: Monthly Migrant Encounters in December Exceed 300K for First Time
For the first time ever, migrant encounters along the southern border exceeded 300,000 in a single month, according to a report citing unofficial CBP sources. The report states December was the highest month in history for migrant encounters along the southwest border.
U.S. Customs and Border Protection officials, including Border Patrol agents and CBP OFO officer, encountered 302,000 migrants along the southwest border in December, according to an official source speaking with Fox News on Tuesday. The reported encounters set a new single-month record for CBP encounters and mark the first time this number has exceeded the 300,000-migrant threshold.
If the numbers reported by Fox News are accurate, this brings the first-quarter total number of encounters to more than 785,000 migrants.
The majority of the 302,000 reported migrant encounters in December were migrants apprehended by Border Patrol agents after illegally crossing the border between ports of entry. During the first 28 days of December, that number exceeded 232,000, Breitbart Texas reported.
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- Texas Border Wide Open as Sector Shutters Stations for Catch and Release
The historic surge in migrant apprehensions is hitting the Del Rio and Tucson Sectors especially hard. During the first 21 days of December, Tucson Sector Chief Patrol Agent John Modlin reported his sector apprehended nearly 74,000 migrant apprehensions. This represents the largest single-month total for the Tucson Sector since the last year of the Clinton administration, when agents encountered 76,245 in March 2020. In contrast, during FY20, President Donald Trump’s last full year in office, Tucson Sector agents apprehended only 66,076 migrants.
Del Rio Sector Acting Chief Patrol Agent John Bernal reported the apprehension of more than 22,000 migrants during the week before Christmas — plus another 1,600 known gotaways.
During the first two months of Fiscal Year 24, which began on October 1, Del Rio Sector agents apprehended 81,159 migrants who illegally crossed the border between ports of entry. This represents an apprehension rate of approximately 1,330 migrants per day. The daily apprehension rate in December appears to be in the 2,500 to 3,000 migrants range.
On New Year’s Day, overcrowded NGO shelters and Border Patrol processing centers forced federal officials to release busloads of migrants directly onto the streets of Eagle Pass, Breitbart’s Randy Clark reported. “Most of the migrants huddled outside a local transportation company, hoping to make a quick exit from the small border city,” Clark wrote.
U.S. Customs and Border Protection will report official numbers for December in mid-January.
Bob Price is the Breitbart Texas-Border team’s associate editor and senior news contributor. He is an original member of the Breitbart Texas team. Price is a regular panelist on Fox 26 Houston’s What’s Your Point? Sunday morning talk show. He also serves as president of Blue Wonder Gun Care Products. Follow him on Twitter @BobPriceBBTX.
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