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    Fox News host Chris Wallace repeatedly questioned Sen. Rick Scott (R-FL) on Sunday’s broadcast of “Fox News Sunday” for criticizing government debt but supporting former President Donald Trump’s tax cuts. On President Biden’s build Back Better plan, Scott said, “This has got to end this is this is causing inflation. I mean, this is hurting the poor families. This is not hurting the rich. It’s hurting families like mine growing up that had to struggle to put food on the table. This is ridiculous inflation. Solve that. We have to live within our means like every family does.” Wallace said, “Senator, you talk about living within your means, you talk about the debt, you talk about deficits. The Trump tax cuts, which were passed in 2017, the year before you were elected to the Senate, is estimated by the Congressional Budget Office that it is going to increase the deficit by over $2 trillion over 11 years. So should the Trump tax cuts be repealed?” Scott said, “My experiences, I cut taxes and fees a hundred times over time, over...
    President Joe Biden did not shy away from pitching the virtues of clean energy on his trip home to Scranton, Pennsylvania, while claiming his trillion-dollar cradle-to-grave social welfare and climate spending package would not add to the federal deficit. Biden, who irked Pennsylvanians during the 2020 campaign with his fracking positions, told a crowd at Scranton's Electric City Trolley Museum coal may have "built this town, but we've got to provide other avenues to make the same kind of living." RAHM EMANUEL BECOMES THE LEFT'S LATEST WHITE HOUSE TARGET "It's real,” Biden said Wednesday of clean energy. "I promise you, I won't be around to see it. But I promise you, your kids are going to see a time when they're not, in fact, generating any energy from the homes here in Scranton." Biden traveled to Scranton so he could evoke his past as he tries to push negotiations over his social welfare and climate spending package forward toward an agreement. He and other Democrats are marketing the package as "Scranton" versus "Park Avenue," which is meant to be...
    (CNN)There's a remarkable argument forming in Senate Republican circles as the details of a bipartisan infrastructure plan continue to be hammered out: We have to make sure we pay for it all."The details will matter," Senate Minority Whip John Thune said Tuesday. "I think a lot of our members are going to look at: 'How credible are the pay-fors, how large is this?' For our members, it's really going to come down to whether it's all put on the debt."Really? Actually: REALLY????It appears as though Thune -- and many of his Senate Republican colleagues -- have simply chosen to memory hole the last four years when it comes to government spending.Here's a crash course reminder for Thune -- via Pro Publica:Read More"The national debt has risen by almost $7.8 trillion during Trump's time in office. That's nearly twice as much as what Americans owe on student loans, car loans, credit cards and every other type of debt other than mortgages, combined, according to data from the Federal Reserve Bank of New York..."...The growth in the annual deficit under Trump ranks...
    Democratic candidate for governor in Virginia Terry McAuliffe is being called out for false and misleading statements regarding the state's budget. McAuliffe, who previously served as the state's governor from 2014-2018, is running again for the position. He won the Democratic primary on Tuesday, besting four other candidates ahead of November's election.  The Democrat is now coming under fire due to a series of inaccurate statements he has made over the years regarding the state's budget. During his term as governor, McAuliffe repeatedly claimed that he "inherited a large deficit" of $2.4 billion from the previous Republican administration.  Independent fact-checker Politifact has rated his claims as "False" three separate times – twice in 2015 and most recently in 2019 – stating that it was not possible for the Democrat to inherit a deficit when Virginia's state constitution requires a balanced budget. "No doubt, McAuliffe faced tough financial conditions. But he did not inherit a $2.4 billion deficit from Republicans, as he’s been saying for years. We rate his statement False," said Politifact. However, during the first 48 hours after winning the Democratic primary...
    MSNBC’s Joe Scarborough said Monday that Republicans only care about the national debt and deficits when the presidency is occupied by a Democrat. “They only care about deficits and debt and inflation when a Democrat’s in the White House,” Scarborough said on MSNBC’s “Morning Joe.” The Department of Treasury said that in March, the U.S. went through $660 billion more than the taxes they’ve gathered, according to The Washington Post on April 12. President Joe Biden’s COVID-19 relief package recently came close to setting a record for the country’s monthly deficit, the WaPo reported. (RELATED: Biden Budget Requests Increase In Defense Spending, Identifies China As ‘Top Challenge’) The U.S. government spent $927 billion in March, two times more than the expenditures in the same month last year, the Treasury Department said, according to the WaPo. The high price tag is mostly due to the $1,400 stimulus checks disbursed to Americans as part of the coronavirus relief bill. WATCH:   Republicans have been largely quiet in discussing government spending and taxes “for the past 15 years,” unless the president is...
    “Fox News Sunday” anchor Chris Wallace on Friday’s broadcast of “America Reports” commented on his new colleague former Trump economic advisor Larry Kudlow’s claims about President Joe Biden’s agenda. In a video, Kudlow said, “Behind this bill, there is going to be a so-called infrastructure bill. In that infrastructure bill, which could run $4, $5, $6 trillion, there’s going to be a big Green New Deal, I call it green socialism, that will demolish fossil fuels and put strict limits on almost every part of the economy. It’s really central planning. Government control bill. Aimed to stop fossil fuels, which will kill our economy. And will which will kill our jobs.” Wallace said, “Well, let me say a couple of things. First of all, on the deficit and the debt, it’s so interesting when people are out of office, they are very concerned about that. When they are in office, they are not so concerned about it. Larry Kudlow, when he was working in the Trump White House and passing huge tax cuts and huge spending plans, including multi-trillion-dollar bills for COVID relief, there wasn’t so much concern about the...
    Senator Bernie Sanders appeared on Fox News Wednesday to respond to Republican opposition to giving struggling Americans $2000 — a proposal that has received bipartisan support, including from President Donald Trump. Sanders started out by telling Bret Baier, “I think President Trump is the most dangerous president in the history of our country but he happens to be right on this issue.” Baier asked about Republicans opposed to the $2000 because of concerns they’re raising about the debt. “The debt is a serious issue and you’re right, we are talking about a whole lot of money. But I always find it amusing that sometimes the very same people who voted for a trillion and a half dollar tax break for the 1 percent and large corporations, they didn’t have a worry about the deficit at that point,” Sanders responded. “When it comes to hundreds of billions of dollars in corporate welfare, these large profitable corporations, they don’t worry about the deficit.” He brought up the Pentagon budget in particular before saying, “When it comes to working families, the mom and dad...
    During an appearance on MSNBC’s “The ReidOut,” Rep. Ayanna Pressley (D-MA), a member of the so-called “Squad,” slammed Republicans for opposing additional COVID-19 relief measures in the name of fiscal responsibility. Pressley called that opposition “corrupt” and “cruel,” adding that Congress was able to National Defense Authorization Act with a price tag of $740 billion. “It is more of the same from this GOP-led Senate, who continues to carry the corrupt, cruel and callous water of the Trump administration,” she said. “They are completely disconnected and removed from the hardship that American people are experiencing every day, hardship that has been caused by a pandemic that Donald Trump allowed to rage out of control because of his willful criminality, which has created great economic hardship. At this point, these are not even stimulus checks. These are survival checks. My constituents need these monies to remain safely housed. We are looking at an eviction tsunami, at the threat of a tent city throughout this country, in the midst of a second surge of a pandemic.” “Families need these monies to remain safely...
    Economic attitudes are shifting in as important a way as when we gave up the gold standard. Night Owls, a themed open thread, appears at Daily Kos seven days a week 38 DAYS UNTIL JOE BIDEN AND KAMALA HARRIS TAKE THE OATH OF OFFICE At The Atlantic, Annie Lowrey writes—Stop Worrying About Budget Deficits. Red ink isn’t a problem as long as the country is spending on the right things: Ten years ago, the United States was clawing its way out of a miserable recession. Washington was running an annual deficit of $1.3 trillion, and the national debt had reached $9 trillion, roughly 60 percent of GDP. Those figures were frightening enough to spur the Obama White House and Congress to create a panel of experts to address the long-term budget and to kick-start several rounds of government austerity, making cuts to the defense budget and a wide range of domestic programs. Today, the country is clawing its way out of another miserable recession. Washington is running an annual deficit of $3.1 trillion, and the national debt has reached $21 trillion, more than 100 percent of GDP. Yet even as...
    Monica Murphy The U.S. deficit is already burgeoning and it's set grow even bigger as lawmakers push for a second stimulus package to beat the pandemic fallout. The additional costs of funding the package will have to be through issuing more U.S. Treasurys — but that raises the question of who will buy them. It comes amid new shifts in the geopolitical landscape, as China — previously the top purchaser of U.S. Treasurys — cuts its holdings, analysts pointed out. "While the US economy is gradually healing, the costs of handling the pandemic are still stacking up," wrote Kristjan Mee, a research and analytics strategist at asset manager Schroders. He pointed out that the rolling 12-month U.S. budget deficit was close to $3 trillion as of the end of August, following the CARES Act — the first relief package aimed at tackling the pandemic which added over $2 trillion to the already large deficit.While private foreign investors have continued to purchase Treasuries, this has not been enough to offset the anaemic demand of official institutions.Kristjan MeeSchrodersIf another multi-trillion dollar stimulus...
    Washington (CNN)President Donald Trump and his Democratic opponent Joe Biden have spent the past few months attacking each other on several fronts. While Trump has leveled numerous baseless accusations against Biden, often exaggerating for effect, Biden has also made misleading and false claims about Trump, at times taking the President's words out of context. In preparation for Tuesday's debate, here's a look at 10 attacks Biden and Trump have previously made about each other that are false, misleading or require some context. Trump's attacks Coronavirus shutdownsTrump has repeatedly said that Biden, if elected, plans to shut down the entire country to combat the coronavirus. Read MoreFacts First: This is wrong and needs context. Trump is referring to an interview where Biden was answering a question about a hypothetical scenario, not proposing a national shutdown. During an ABC interview on August 21, Biden was asked what he would do if experts told him to shut down the country if he were president. Biden said, "I would shut it down. I would listen to the scientists."Biden was not suggesting the US should...
    Meaghan Ellis September 14, 2020 0 Comments U.S. Treasury Secretary Steven Mnuchin admitted that he believes lawmakers should not view the country’s financial deficit or the Fed’s balance sheets as a deterrent that prohibits the passing of the next coronavirus relief package. Appearing on CNBC’s “Squawk Box” on Monday, Mnuchin said, “Now is not the time to worry about shrinking the deficit or shrinking the Fed balance sheet.” “There was a time where the Fed was shrinking the balance sheet and coming back to normal. The good news is that gave them a lot of room to increase the balance sheet, which they did,” he added. Mnuchin contributed the sizable stimulus and the Federal Reserve’s implemented measures that enabled the economy to survive despite the impact of the coronavirus pandemic. He added, “And I think both the monetary policy working with fiscal policy and what we were able to get done in an unprecedented way with Congress is the reason why the economy is doing better.” See Mnuchin’s remarks below: Mnuchin went on to explain the positive economic impacts...
    VIDEO1:2701:27Mnuchin: Now is not the time to worry about shrinking the deficitSquawk Box Treasury Secretary Steven Mnuchin said Monday that lawmakers should not allow fears over the size of the federal deficit or the Federal Reserve's balance sheet to delay additional Covid-19 relief. Mnuchin, who with White House chief of staff Mark Meadows has led the administration's Covid-19 relief negotiations, said that the economic crisis warrants extraordinary stimulus from both Congress and the Fed. "Now is not the time to worry about shrinking the deficit or shrinking the Fed balance sheet," Mnuchin told CNBC's "Squawk Box" from the White House. "There was a time when the Fed was shrinking the balance sheet and coming back to normal. The good news is that gave them a lot of room to increase the balance sheet, which they did." "And I think both the monetary policy working with fiscal policy and what we were able to get done in an unprecedented way with Congress is the reason the economy is doing better," he added. Mnuchin's comments critiqued his fellow Republicans who argue that improving...
    Predicting win-loss records for all 32 NFL teams in 2020, Vol. II How Youre Destroying Your Credit Score Without Knowing It 4 Pieces of Really Bad News About Social Security That Should Worry Future Retirees If you're like most Americans, chances are good that Social Security plays a key role in your retirement plans. And you're right to expect at least some income from the popular entitlement program, although it can't be your sole source of retirement funds. © Provided by The Motley Fool 4 Pieces of Really Bad News About Social Security That Should Worry Future Retirees Unfortunately, if you're hoping to get the full amount of your promised benefits, you may be in for an unpleasant surprise. In fact, the Committee for a Responsible Federal Budget has highlighted four pieces of really bad news about Social Security that should prompt you to reconsider how much you can rely on receiving -- and hopefully encourage you to increase your retirement savings so you're prepared if your benefits aren't all you were hoping for.  © Getty Images Broken...
    This article was paid for by AlterNet subscribers. Not a subscriber? Try us and go ad-free for $1. Prefer to give a one-time tip? Click here. Stephanie Kelton has found herself at the center of a blossoming debate over a provocative economic idea known as Modern Monetary Theory (often called MMT) — a theory that seeks to flip much conventional economic wisdom on its head. As one of the foremost advocates and articulators of the theory, she has just come out with a new book called “The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy.” And as fortune would have it, the book couldn’t be more timely. The U.S. federal deficit is swelling as tax revenues are expected to plummet and Congress has authorized heroic rounds of new spending to cushion the blow of the coronavirus-induce recession. Refocusing on the nature, power, and limits of government fiscal capacity — and challenging our assumptions about it — is exactly what we need. So I interviewed Kelton, a professor of economics and public policy at the State University...
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