1. GALLUP Says Things Look Bad For GOP in November
2. Congress Quietly Passes Another Huge Stop-Gap Spending Bill
3. Major Central Banks Are Reducing Their Balance Sheets
4. Trillion Dollar Budget Deficits to Become “New Normal”
5. US Debt Tops $21.5 Trillion, More Than Doubles in a Decade
We touch on several topics today, rather than one main issue. Sometimes, that’s more interesting. Let’s get started.
Congress quietly passed a new bill expanding federal spending by an additional $854 billion last week before they left Washington. It hardly made any news at all. Sadly, that $854 billion only funds the government through early December.
On another front, major central banks are beginning to reduce their holdings of government debt. The US Fed has been doing this for a while now, along with raising interest rates. The question is whether the US economy is strong enough to withstand both.
Next, the US federal budget deficit is projected to top $1 trillion in FY2019, which began yesterday, and continue to rise over the next decade. Our national debt of $21.5 trillion could approach $30-35 trillion over the next 10 years. This is very bad.
But before we get to those topics, I want to repeat something I wrote about in my Blog last Thursday, which is important for all of my readers, not just those who subscribe to my Blog. If you read my Blog every week, indulge me. Everyone needs to know about this.
GALLUP Says Things Look Bad For GOP in November