All right, we got some breaking news out of Washington DC. The Treasury Department is releasing its monthly interest statement and Megan Cassella is all over the story. She's got the details.Megan, Don, that's exactly right. This time it was another big deficit month for the US Treasury. The US running a $345 billion deficit for the month of August.That compares with about $300 billion expected among economists surveyed by Dow Jones. Now, on an adjusted basis, that accounts for standard calendar differences ...

Fiscal Deficit & Debt - The US deficit is at $2 trillion [1] - The national debt is projected to increase from $30 trillion to $50 trillion in 10 years [1] - Current deficits of 6.5% to 7% are unsustainable [2] Fiscal Policy & Solutions - Tariffs will partially offset the deficit [1] - Tax breaks should be re-evaluated and potentially eliminated [3] - Multi-year budgeting could improve fiscal management [3] - Increased tax collection is a potential solution [3] - Congress needs to actively engage in responsible fiscal policy, including line-by-line budgeting [3]

Three months ago, Ray, you said that we were about three years away from the US going broke. A lot has changed since then. The tariffs, liberation day, the markets, no spasms from that.And Moody's downgraded the US debt. They were the third of the ratings agencies to do so. How close are we now, if not 3 years away.>> Well, it really depends on how we're going to deal with this. We are at a juncture right now. If we can soon, very soon, while the economy is still good, cut the deficit to 3% of GDP, which is ...

Government Spending & Taxation - Government spending is viewed as taxation [1] - Lowering employment and evolving a different mindset inside the government are happening [1] Economic Growth & Deficit - Getting growth going is the key to lowering the deficit [2]

Tax Policy & Economic Growth - The new tax policy allows companies to immediately write off 100% of the cost of new equipment in the year of purchase, instead of depreciating it over several years [1][3][4][5] - This 100% expensing is considered a significant pro-growth component of the tax bill, incentivizing equipment purchases, boosting manufacturing, and creating jobs [4][5][11][13] - Senator Langford argues that full expensing is beneficial to the economy and businesses, especially small businesses and manufacturers, by improving their cash flow and reducing the need to borrow money for taxes [3][4][7] Deficit & Budgetary Impact - The Congressional Budget Office (CBO) scores the 100% expensing as a deficit increase due to its 10-year window scoring method, which doesn't account for depreciation beyond that period [6] - However, in real terms, the policy doesn't necessarily affect the actual deficit, as the depreciation would occur regardless, either in a single year or spread out over multiple years [9] - Other tax cuts, such as those on tips and overtime, are not considered as progrowth as the full expensing policy, although they provide tax relief to specific groups [10][11][12]

Fiscal Policy & Debt - The bill is projected to add $4 trillion to the national debt [2] - The bill could lead to deficits reaching 8% of GDP, a level almost unprecedented during peacetime without external shocks [2] - Future reconciliation packages are promised to cut the deficit, but the means to achieve this, especially without raising taxes on the wealthy, are unclear [6][7] Tax Implications & Distribution - The tax breaks in the bill may negatively impact poorer, working-class Americans while benefiting the wealthy [3] - Approximately 60% of the benefits are expected to go to individuals earning over $220,000 [14] - Certain aspects of the bill, such as no tax on tips, the child tax credit, and permanent no tax on overtime, could be supported in isolation [14] Market & Economic Impact - The bond market's reaction to the bill has been surprisingly muted [8] - There is a concern that tariff policy is slowing the economy, which, combined with massive deficit spending, could put pressure on interest rates [10] - Permanent expensing and making tax cuts permanent could be attractive to businesses and spur investment [12][13]

we would amend the house product. Uh I encourage them to amend it as uh lightly as possible. They went uh a little further than uh than than many of us would have preferred.But we have the product now. We are going to try to to to to uh answer all those concerns and get this bill delivered on time as we expected and hope from the very beginning. So a lot of work ahead, but that's that's the job.So we'll get it done. All procedural and legislative options are on the table. Do you expect the entire caucus to ...

Tax and Spending Bill & Economic Impact - The alternative to passing the bill is a $4 trillion tax hike on American workers and businesses, potentially leading to recession and increased debt [3] - Passing the bill is expected to stimulate the economy through investment incentives like full expensing on new factories and equipment, potentially leading to reshoring and manufacturing resurgence [4] - The bill is projected to reduce the deficit by approximately 85% to 11 trillion over time [5] - The CBO's deficit calculations are considered incomplete as they do not fully account for economic growth, tariff revenue, and administrative reductions resulting from the bill [5] Revenue Generation - The bill is expected to generate approximately $4 trillion in increased revenue over a decade from improved economic growth due to tax incentives, deregulation, and increased investment [8] - Tariff revenue is projected to contribute $3 trillion over a decade towards deficit reduction [6][9] - Spending reductions from government efficiency efforts are estimated at $15 trillion over a decade [9] - Reduced interest expenses due to decreased borrowing are expected to contribute $15 trillion over a decade [9] Tariff Policy & Trade - The US has various tariff programs in place, each with different justifications, including national security, anti-dumping measures, and addressing trade deficits, all of which generate revenue [12] - Current tariff levels are close to the President's campaign trail proposals of 10% on the whole world and 50% on China [14] - The US anticipates framework announcements by July 9th, with countries potentially offering concessions to maintain lower tariff rates and increase access to US goods [15] China Trade Relations - The future of China tariffs depends on concessions made by the Chinese government [19] - The Phase One trade deal in 2019 included chapters on intellectual property and market access, but the Chinese walked away from it [18][19]

The House of Representatives waiting to see if the Senate signs off on President Trump's sweeping tax and cut spending cut and spending bill. Joining us right now with where things stand at the moment is Ways and Means Committee Chairman Jason Smith. And chairman, thank you for being with us today.It's always great to be with you. So, Congressman, let's talk through what's happening. The House sent a bill to the Senate, told them, "Don't touch much of this because we have very thin margins in the House. If ...

US Debt/Deficit - US "deficit/debt bomb"问题需要两党合作才能可持续解决 [1]