Out of Control Spending

The Treasury Department announced today that the nation’s borrowing needs have reached a 7-year low for the current quarter of the year and, if projections hold, the next quarter will be lower once again.

via Bloomberg

The U.S. Treasury said its borrowing needs this quarter declined to the lowest level for the period since 2007 as stronger economic growth boosts tax receipts.

Treasury plans to borrow $192 billion in the July-September period, about $22 billion more than it projected three months ago, with an end-of-September cash balance of $150 billion, the Treasury said today in Washington. Next quarter, Treasury plans to borrow $187 billion, with $140 billion in cash Dec. 31.

The reduced borrowing need is at least partially attributed to GDP growth of 4 percent between April and June, which is a far cry from the beginning of the year when a harsh winter (not Obamacare) snuffed out growth.

While it was not achieved without sacrifice, I still believe robbing the Republican party of their deficit talking points, adopting them as his own, was one of the smartest moves of the Obama presidency. Not just for his administration but the next one as well.

The next administration will have no financial roadblocks to implement their mandate because of the groundwork of President Obama. And yes, I assume the next administration will be Democratic. Have you looked at the field of Republican hopefuls lately? It’s even more hopeless than their 2008 and 2012 fields were.