Federal Borrowing Crosses the Rubicon

Posted on March 12, 2019 11:17 am
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URL https://www.activistpost.com/2019/03/federal-borrowing-crosses-the-rubicon.html 

By Clint Siegner

A year ago, Republicans in control of Congress suspended the cap on federal borrowing. The limit was automatically re-imposed on March 1st. Politicians now have a few months to hammer out legislation to raise the cap as the Treasury employs “extraordinary measures” to fend off default.

The federal deficit is mushrooming once again. The 2017 tax cuts have taken a bite out of receipts at the IRS and economic growth has not met expectations.

This year’s borrowing to fill the gap between government tax revenue and expenditures may reach a trillion dollars for the first time since

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