Quick debt limit move needed as tax receipts slow: Pelosi

[Eugene]

Source: Reuters

BUSINESS NEWS | Fri Jun 2, 2017 | 3:30pm EDT

Quick debt limit move needed as tax receipts slow: Pelosi

By Richard Cowan and David Morgan | WASHINGTON

The top Democrat in the U.S. House of Representatives said on Friday Congress should promptly raise the federal debt limit, partly because Washington's tax revenues appear to be slowing on expectations of a possible tax cut to come.

The warning from House Democratic leader Nancy Pelosi echoed earlier remarks from Treasury Secretary Steven Mnuchin, who has urged Congress to raise Washington's borrowing limit before lawmakers leave for a long August recess.

"It should probably be done before we leave (at) the end of July," Pelosi told reporters in the Capitol. "Many entities in our country are thinking they're going to get a big tax break from President Trump for next year, and so the revenues are not coming in as fast this year as they should."

President Donald Trump and fellow Republicans in Congress have promised to overhaul the tax code, including slashing tax rates.

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Read more: http://www.reuters.com/article/us-usa-debt-congress-idUSKBN18T2ED

[ck4829]

1. Why? I was told Donald Trump was a financial genius/golden god and we'd never worry about debt again

What happened?

[MedusaX]

2. Shouldn't present a problem...if tax cuts are fiscally warranted then there should be no negative

Impact as a result of slow or no payment this year by those entities who will benefit from the proposed tax cuts.
The current trend (payment submission delay) is basically just an expedited implementation of the new tax structure.... Why wait?

Unless, of course, said tax cuts ARE NOT fiscally warranted....
and will actually have a profound negative impact on the federal budget...

But that would just be silly, right???