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Why does every new US president always try to outdo their predecessor in boosting the debt? RT’s Boom Bust explores… | Why does every new US president always try to outdo their predecessor in boosting the debt? RT’s Boom Bust explores… |
(about 16 hours later) | |
The US’ federal budget deficit is on track to reach an enormous $2.3 trillion in the fiscal year 2021 – the second-highest deficit since World War II – according to a forecast by the Congressional Budget Office. | The US’ federal budget deficit is on track to reach an enormous $2.3 trillion in the fiscal year 2021 – the second-highest deficit since World War II – according to a forecast by the Congressional Budget Office. |
The projected deficit, which is 25 percent larger than expected, doesn’t account for the 1.9 trillion stimulus bill. Larry Summers, a lead player in Democrat financial policies since the 1990s, said the debt levels, coupled with stimulus spending, could cause an overheated economy with severe inflation. | The projected deficit, which is 25 percent larger than expected, doesn’t account for the 1.9 trillion stimulus bill. Larry Summers, a lead player in Democrat financial policies since the 1990s, said the debt levels, coupled with stimulus spending, could cause an overheated economy with severe inflation. |
RT’s Boom Bust was joined by Rick Sanchez, host of the News with Rick Sanchez, to debate the deficit issue and try to figure out if a reversal of the long-standing trend is likely to be on the cards in the foreseeable future. | RT’s Boom Bust was joined by Rick Sanchez, host of the News with Rick Sanchez, to debate the deficit issue and try to figure out if a reversal of the long-standing trend is likely to be on the cards in the foreseeable future. |
“Unlike some other governments in the world, we here in our great United States of America, are constantly trying to outdo each other,” said the anchor. | “Unlike some other governments in the world, we here in our great United States of America, are constantly trying to outdo each other,” said the anchor. |
Sanchez reminded Boom Bust’s hosts how the 44th US president, Barack Obama, had increased the deficit and the debt, comparing the subsequent coming of Donald Trump to the behavior of a drunken sailor, as he’d been increasing both even further before the Covid-19 crisis hit. | Sanchez reminded Boom Bust’s hosts how the 44th US president, Barack Obama, had increased the deficit and the debt, comparing the subsequent coming of Donald Trump to the behavior of a drunken sailor, as he’d been increasing both even further before the Covid-19 crisis hit. |
“He [Trump] was making money supercheap to borrow by lowering interest rates,” he said. | “He [Trump] was making money supercheap to borrow by lowering interest rates,” he said. |
“And now [Joe] Biden comes into office and seems to be doing the same thing. If, Heaven forbid, Biden passed away tomorrow, and President [Kamala] Harris took over, she would say, ‘OK, now I need to put my stamp on another 1.9 trillion,’ or whatever the future number might be,” Sanchez added. | |
For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |