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Trump told Gary Cohn to ‘print money’ to lower debt: Woodward book

The vignette is one of many in the acclaimed investigative reporter’s book that describes a chaotic White House and a president being handled by top aides concerned by his behavior and decision-making.

Several people in Trump’s orbit have called the book’s accuracy into question, while Woodward has maintained several times that he stands by his reporting. In a note at the beginning of “Fear,” the author notes that the work “is drawn from hundreds of hours of interviews with first-hand participants and witnesses to these events.”

Cohn on Tuesday pushed back on the Woodward book. The former Goldman Sachs banker told Axios: “This book does not accurately portray my experience at the White House. I am proud of my service in the Trump Administration, and I continue to support the President and his economic agenda.”

Trump, meanwhile, has dismissed the book as a “scam” filled with “made up” quotes.

The president also floated an idea for making money from the recent rise in interest rates, according to Woodward.

“We should just go borrow a lot of money, hold it, and then sell it to make money,” Trump reportedly said.

The president also made clear that he was not pleased by the Federal Reserve’s current policy toward moving interest rates back to historical levels after suppressing them during the decade that followed the 2008 financial crisis. Cohn said he supported the Fed’s move to raise rates.

Trump then told Cohn that he wouldn’t pick him to be Fed chair, according to the book.

“That’s fine,” Cohn said, Woodward reports. “It’s the worst job in America.”

Trump chose Jerome Powell to succeed Janet Yellen as Fed chair. However, the president has criticized the Fed for raising rates while the economy surges.

“I’m not thrilled,” he told CNBC’s Joe Kernen in a July interview. “Because we go up and every time you go up they want to raise rates again. I don’t really — I am not happy about it. But at the same time I’m letting them do what they feel is best.”

This content was originally published here.

House Democrats introduce bill to require two years of debt-free college across the US

As the price of college tuition increases, students face financial struggles that may stop them from attending a university or collecting a significant debt – prompting Democrats to craft a debt-free college legislative proposal.

“We want a world where parents do not have to choose between college or their kids or paying the rent,” said Rep. Susan Davis, D-Calif., at a press conference at the Capitol on Tuesday. “Where borrowers do not have a lifetime of debt because of a college degree where race gender and socioeconomic status do not determine professional success.”

House Democrats have countered the GOP’s legislation with an alternative version of the act.

PHOTO: House Democratic Leader Nancy Pelosi speaks at a press conference at the U.S. Capitol July 24, 2018 in Washington.Win McNamee/Getty Images

House Democratic Leader Nancy Pelosi speaks at a press conference at the U.S. Capitol July 24, 2018 in Washington.

In 2017, U.S. scholars owed more than $1.3 trillion in student loans, the Pew Research Center reports. Democrats on the House Education and Workforce Committee says the new proposal will lower these costs and provide future students with a debt-free college education. Already, more than 20 states have programs in place with similar goals.

“This is a common sense, comprehensive bill that works for the young people of this country,” said Rep. David Cicilline, D-Rhode Island “It increases investments in financial aid and make the majority of Pell grant funding mandatory and creates new incentives that will offer states to offer two-years of tuition-free community college – as we’ve already done in my state of Rhode Island.”

The Congressional Budget Office claims the PROSPER Act may cut nearly $15 billion from student aid if enacted. Democrats fear the GOP’s legislation will move federal dollars toward low-quality, for-profit programs and put corporate interests above the needs of students.

“This strong legislation will invest boldly in America’s students and family now and into the future,” said Nancy Pelosi, D-Calif., House Minority Leader. “We will continue to press for progress to ensure debt-free, quality and meaningful college education that is within reach for every student. Democrats will continue to fight for all Americans on the road to success.”

This content was originally published here.

A 13-Minute Plan for the Millions of Americans in Debt

Sponsored Content Disclaimer

DISCLOSURE:

Some of the links in this post are from our sponsors. We’re letting you know because it’s what Honest Abe would do. After all, he is on our favorite coin.

Initially, I was going to frontload this article highlighting the number of Americans who carry debt — some until they’re six feet under.

But I think we all understand the burden of debt and don’t really need more statistics to rub it in.

Instead, let’s just focus on being positive, proactive and breaking free.

How to Pay Off Debt: A 13-Minute Guide to Get Started

Any amount of debt is overwhelming. And when something’s overwhelming, we tend to procrastinate — or even shut down entirely.

We’re human, after all. Sometimes, the problem can seem so big that the biggest obstacle is simply knowing where to start.

But creating a plan to pay off debt doesn’t have to be too complicated. It’s just a matter of sitting down and focusing; it takes less time than you might think.

If you’ve got 13 minutes to spare, we’ve got a list of tips for putting together a rock-solid plan for paying off your debt.

That’s less time than it takes to get caught up on your friends’ Snapchat stories.

Deep breath. Ready to learn how to pay off debt?

1. Take a Deep Breath and Look at Your Credit Score

A woman breathes before beginning yoga.
Tina Russell/The Penny Hoarder

Your credit score is important. The better your score, the better deal you’ll get on a mortgage, car loan or credit card. We’re talking big money here.

Even if you’re not buying a house anytime soon, a lousy credit score means you’ll get hit with a high security deposit whenever you rent a car or move into a new apartment.

But did you know your credit score could be inaccurate? One out of five credit reports have an error, according to a .

To keep a closer eye on your credit, get your credit score and . It breaks down exactly what’s on your credit report in layman’s terms, how it affects your score and how to address it.

Because it simplifies everything, you should be able to spot any errors. For instance, if you find an “unpaid” credit card that you know you paid, or a bill in collections you know never existed, you can dispute the incorrect information and raise your credit score.

James Cooper, a motivational speaker, . Now he talks to high school students about the importance of having good credit and uses what he’s learned through Credit Sesame as a blueprint for his lessons.

“We want to touch the Z Generation,” Cooper says “We’re not in the business of fixing credit. We want to get to you before you have to fix your credit.”

Total time: Two minutes

2. Let This Company Pay Off Your Credit Cards

When you think about how much debt you have, you might feel a little anxious.

That’s where a company like can be helpful. It can help you find personalized lending options to refinance or consolidate your debt to potentially save thousands dollars in interest.

Even will show you all the lenders willing to help you pay off your credit card and eliminate the headache of paying bills by allowing you to make one payment each month.

You can borrow up to $100,000 (no collateral needed) and compare interest rates, which start at 4.99%. The idea is to secure a loan at a lower interest rate, potentially helping you save thousands. Repayment plans range from 24 to 84 months.

Take, for example, , who faced $12,000 in credit-card debt. Holding her back? The 15.24% interest rate. By refinancing with a 5%-interest, seven-year personal loan, she saved $12,000 in interest.

If she’d kept on the same road, she would have paid something like $14,000 in interest alone over 25 years. Yikes.

So even if you’re simply curious about what’s out there, know that checking rates on Even Financial won’t hurt your credit score — and can probably save you in interest.

Total time: Three minutes

3. Earn Rewards When You Repay Your Debt on Time

Woman at her desk paying bills
GaudiLab/Getty Images

When you were a kid, your mom probably gave you an allowance for washing the dishes and sweeping the floor. Now all you get for doing that is a kitchen that’s clean for, like, 15 minutes.

Now that you’re a grown-up, you no longer get rewarded for just doing the things that are expected of you — like, for instance, paying bills on time.

Not until now, anyway. , a free app for managing your personal finances, will reward you for things like paying your bills and monitoring your credit — even just setting up an account in the app.

Much like that childhood allowance, it’s basically bribing you to be good.

You’ll earn points in the app’s rewards program, and you can redeem them for gift cards to more than 15,000 retailers, including places like Walmart, Applebee’s and Amazon.

If you want to take it a step further and work on paying down debts, for example, MoneyLion can help with a loan to consolidate your debt and potentially reduce your interest rates. And it’ll reward you for that, too!

Total time: Five minutes

4. Find Some Hidden Cash

Before you start hashing out a plan to tackle your debt, it might make you feel better to find areas in your life where you can save. Then you can funnel that money directly toward those outstanding balances.

Sure, a lot of us know how to save money on groceries, but what about everything else?

Try digging up some extra cash with Paribus — a tool that gets you money back for your online purchases. It’s free to sign up, and once you do, it will scan your email for any receipts. If it discovers you’ve purchased something from one of its monitored retailers, it will track the item’s price and help you get a refund when there’s a price drop.

For more consistent savings, , an app that’ll negotiate your bills, cancel unwanted subscriptions and refund your bank fees. On average, Truebill customers get $12 in credits off their cable bills each month.

Total time: One minute

5. Start Saving Without Trying

Saving money is tough. So what if you could do it in a way where you wouldn’t even notice?

makes that possible.

This innovative app automates saving for you. Simply link it to your checking account, and its algorithms will determine small (and safe!) amounts of money to withdraw into a separate, FDIC-insured savings account.

Bonus: Penny Hoarders will get an extra $5 just for signing up! Additionally, savers will receive a 1% bonus every three months.

Using this set-it-and-forget-it strategy, one Penny Hoarder saved $4,300 without noticing — .

If you need that money sooner than expected, you’ll always have access to it within one business day.

Digit is free to use for the first 30 days, then it’s $2.99 per month afterward.

Total time: Two minutes

It’s 13 minutes later and look at you! You’ve laid out a solid plan to tackling your debt!

Congratulations.

Bonus: See How Your Finances Stack up to Your Peers’

Picture this: You’re sitting across from your longtime friend at the local diner. You catch up on life, then, because you’re curious, you ask your friend about her income, her student loan debt and her savings.

How many of you just cringed?

Most of us don’t have friends — or even family members — who are willing to talk explicitly about these numbers.

is an app that allows you to anonymously compare your financial situation with your peers without asking those awkward, prying questions. Tap into this database and you’ll be able to compare your income, debt, interest rates, credit score, spending… you name it.

By seeing how others are doing, you can see what you need to work on — or where you can sit back a little and just breathe easy.

Carson Kohler (@CarsonKohler) is a staff writer at The Penny Hoarder. When it comes to finances, she’s a professional procrastinator.

The Penny Hoarder Promise: We provide accurate, reliable information. Here’s why you can trust us and how we make money.

Ready to stop worrying about money?

Get the Penny Hoarder Daily

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This content was originally published here.

Trump on Coming Debt Crisis: ‘I Won’t Be Here’ When It Blows Up

Since the 2016 presidential campaign, Donald Trump’s aides and advisers have tried to convince him of the importance of tackling the national debt.

Sources close to the president say he has repeatedly shrugged it off, implying that he doesn’t have to worry about the money owed to America’s creditors—currently about $21 trillion—because he won’t be around to shoulder the blame when it becomes even more untenable.

The friction came to a head in early 2017 when senior officials offered Trump charts and graphics laying out the numbers and showing a “hockey stick” spike in the national debt in the not-too-distant future. In response, Trump noted that the data suggested the debt would reach a critical mass only after his possible second term in office.

“Yeah, but I won’t be here,” the president bluntly said, according to a source who was in the room when Trump made this comment during discussions on the debt.

“I never once heard him talk about the debt.”
— Former Senior White House official

The episode illustrates the extent of the president’s ambivalence toward tackling an issue that has previously animated the Republican Party from the days of Ronald Reagan to the presidency of Barack Obama.

But for those who have worked with Trump, it was par for the course. Several people close to the president, both within and outside his administration, confirmed that the national debt has never bothered him in a truly meaningful way, despite his public lip service. “I never once heard him talk about the debt,” one former senior White House official attested.

Marc Short, who until recently worked for Trump as his legislative affairs director, said he believed the president recognized “the threat that debt poses” and he pointed to Trump’s concern “about rising interest rates” as evidence of his concern for the matter.

“But there’s no doubt this administration and this Congress need to address spending because we have out-of-control entitlement programs,” Short said, adding, “it’s fair to say that… the president would be skeptical of anyone who claims that they would know exactly when a [debt] crisis really comes home to roost.”

Recent reports have suggested that Trump is determined, at least rhetorically, to address the issue. Hogan Gidley, a spokesman for the president, noted that the president and his team have proposed policies to achieve some deficit reduction, “including in his first budget that actually would’ve balanced in 10 years, a historic, common-sense rescissions proposal.”

But Gidley also passed the buck to the legislative branch. “While the president has and will continue to do everything in his power to rein in Washington’s out-of-control spending,” he said, “the Constitution gives Congress the power of the purse and it’s time for them to work with this president to reduce the debt.”

Those close to Trump say that one reason the issue of debt reduction has never been an animating one for him is because he is convinced that it can be solved through means other than tax hikes or sharp spending reductions.

Stephen Moore, a conservative economist at the Heritage Foundation and an economic adviser to Trump’s 2016 campaign, recalled making visual presentations to Trump in mid-2016 that showed him the severity of the debt problem. But Moore told The Daily Beast that he personally assured candidate Trump that it could be dealt with by focusing on economic growth.

“That was why, when he was confronted with these nightmare scenarios on the debt, I think he rejected them, because if you grow the economy… you don’t have a debt problem,” Moore continued. “I know a few times when people would bring up the enormous debt, he would say, ‘We’re gonna grow our way out of it.’”

Moore has since championed this approach to tackling the debt as a key part of “Trumponomics,” and has co-authored a book supporting it.

As Moore recalled, a belief that robust economic growth would solve all problems was the way Trump—starting in 2016—justified the cost of his ambitious proposals to slash taxes, pursue big infrastructure projects, and simply avoid massive cuts to Social Security and Medicare. Since then, the president has continued to show indifference over the national debt, to the consternation of more traditionally conservative associates.

One current senior Trump administration official vented that Trump “doesn’t really care” about actually attacking the debt “crisis,” and prefers simply “jobs and growth, whatever that means.”

For the most part, the Republican Party has gone along. Over the first two years of the Trump administration, congressional Republicans have slashed taxes dramatically while increasing defense and discretionary spending, all without giving much indication that they’re going to take a stab at dramatically gutting certain popular entitlements.

The results have not been what Trump and Moore have promised; at least not yet. Economic growth increased over the past year—including a robust 4.1 percent in the second quarter of 2018—but the federal deficit has ballooned as well, in part because the government has taken in less revenue because of the tax cuts. Current forecasts are not too rosy about the future economy.

Recently, both Trump and some Republican lawmakers have hinted at regret over their approach. Earlier this year, Trump conveyed his disappointment with signing a large spending bill, particularly after he saw typically friendly allies on Fox News tear into him for supporting legislation that they viewed as funding Democratic priorities, exacerbating the national debt, and ditching his pledge to build a gigantic border wall, according to a report at the time in Axios.

Sources close to the president tell The Daily Beast that Trump was genuinely taken aback by the severity of this mini-revolt from MAGA loyalists.

However, right-leaning reformers shouldn’t be holding their breath.

The Washington Post recently reported that Trump had instructed his Cabinet to devise plans to trim their budgets in an effort to reduce the federal deficit. But Trump also set strict limits on what sorts of programs could be cut—and quickly proceeded to propose increased spending in other areas of the federal government.

“He understands the messaging of it,” the former senior White House official told The Daily Beast. “But he isn’t a doctrinaire conservative who deeply cares about the national debt, especially not on his watch… It’s not actually a top priority for him… He understands the political nature of the debt but it’s clearly not, frankly, something he sees as crucial to his legacy.”

The former Trump official adding, “It’s not like it’s going to haunt him.”

This content was originally published here.

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How to Pay off Debt: Make a Plan in 13 Minutes

DISCLOSURE:

Some of the links in this post are from our sponsors. We’re letting you know because it’s what Honest Abe would do. After all, he is on our favorite coin.

But I think we all understand the burden of debt and don’t really need more statistics to rub it in.

Instead, let’s just focus on being positive, proactive and breaking free.

How to Pay Off Debt: A 13-Minute Guide to Get Started

Any amount of debt is overwhelming. And when something’s overwhelming, we tend to procrastinate — or even shut down entirely.

We’re human, after all. Sometimes, the problem can seem so big that the biggest obstacle is simply knowing where to start.

But creating a plan to pay off debt doesn’t have to be too complicated. It’s just a matter of sitting down and focusing; it takes less time than you might think.

If you’ve got 13 minutes to spare, we’ve got a list of tips for putting together a rock-solid plan for paying off your debt.

That’s less time than it takes to get caught up on your friends’ Snapchat stories.

Deep breath. Ready to learn how to pay off debt?

1. Let This Company Pay Off Your Credit Cards

When you think about how much debt you have, you might feel a little anxious.

That’s where a company like can be helpful. It can help you find personalized lending options to refinance or consolidate your debt to potentially save thousands dollars in interest.

Even will show you all the lenders willing to help you pay off your credit card and eliminate the headache of paying bills by allowing you to make one payment each month.

You can borrow up to $100,000 (no collateral needed) and compare interest rates, which start at 4.99%. The idea is to secure a loan at a lower interest rate, potentially helping you save thousands. Repayment plans range from 24 to 84 months.

Take, for example, , who faced $12,000 in credit-card debt. Holding her back? The 15.24% interest rate. By refinancing with a 5%-interest, seven-year personal loan, she saved $12,000 in interest.

If she’d kept on the same road, she would have paid something like $14,000 in interest alone over 25 years. Yikes.

So even if you’re simply curious about what’s out there, know that checking rates on Even Financial won’t hurt your credit score — and can probably save you in interest.

Total time: Three minutes

2. Find out Whether You’re Paying Too Much for Car Insurance

You’re probably overpaying for car insurance. And how would you know, really?

Have you shopped around lately? Have you compared rates from the 20 largest auto insurers that do business in your area? That sounds kind of difficult and time-consuming, doesn’t it?

Fortunately, a service called will do it for you, and you don’t even have to fill out any forms. Simply link your insurance account and provide your driver’s license number, and Gabi will go to work.

Once you link your insurance account to Gabi, it will:

Gabi says it finds an for its customers.

It is a true apples-to-apples comparison at the same coverage levels and deductibles you currently have. Once you sign up, you never have to shop again. Gabi’s software has your policy on file and keeps on monitoring for savings as your life changes.

Total time: two minutes.

3. Find Some Hidden Cash

Before you start hashing out a plan to tackle your debt, it might make you feel better to find areas in your life where you can save. Then you can funnel that money directly toward those outstanding balances.

Sure, a lot of us know how to save money on groceries, but what about everything else?

For consistent savings, , an app that’ll negotiate your bills, cancel unwanted subscriptions and refund your bank fees. On average, Truebill customers get $12 in credits off their cable bills each month.

You can also try digging up some extra cash with Paribus — a tool that gets you money back for your online purchases. It’s free to sign up, and once you do, it will scan your email for any receipts. If it discovers you’ve purchased something from one of its monitored retailers, it will track the item’s price and help you get a refund when there’s a price drop.

One of our favorite ways to save on everything is with , a cash-back site that rewards you nearly every time you buy something online. For example, Ebates gives you 10% cash-back on online purchases at Walmart. Plus, you’ll get a free $10 gift card to Walmart for giving the site a try.

Total time: One minute

4. Earn Rewards When You Repay Your Debt on Time

When you were a kid, your mom probably gave you an allowance for washing the dishes and sweeping the floor. Now all you get for doing that is a kitchen that’s clean for, like, 15 minutes.

Now that you’re a grown-up, you no longer get rewarded for just doing the things that are expected of you — like, for instance, paying bills on time.

Not until now, anyway. , a free app for managing your personal finances, will reward you for things like paying your bills and monitoring your credit — even just setting up an account in the app.

Much like that childhood allowance, it’s basically bribing you to be good.

You’ll earn points in the app’s rewards program, and you can redeem them for gift cards to more than 15,000 retailers, including places like Walmart, Applebee’s and Amazon.

If you want to take it a step further and work on paying down debts, for example, MoneyLion can help with a loan to consolidate your debt and potentially reduce your interest rates. And it’ll reward you for that, too!

Total time: Five minutes

5. Start Saving Without Trying

Saving money is tough. So what if you could do it in a way where you wouldn’t even notice?

makes that possible.

This innovative app automates saving for you. Simply link it to your checking account, and its algorithms will determine small (and safe!) amounts of money to withdraw into a separate, FDIC-insured savings account.

Bonus: Penny Hoarders will get an extra $5 just for signing up! Additionally, savers will receive a 1% bonus every three months.

Using this set-it-and-forget-it strategy, one Penny Hoarder saved $4,300 without noticing — .

If you need that money sooner than expected, you’ll always have access to it within one business day.

Digit is free to use for the first 30 days, then it’s $2.99 per month afterward.

Total time: Two minutes

It’s 13 minutes later and look at you! You’ve laid out a solid plan to tackling your debt!

Bonus: Make Extra Money Hanging out With Pups

If you’re looking for a flexible, independent way to earn money — and you love hanging out with dogs — might be your perfect gig.

The online network connects dog walkers and sitters to local dog owners through its 4.9-star-rated app, so you don’t have to staple flyers on every utility pole across town.

Rover says sitters can earn as much as $1,000 a month.

Rover dog-sitter requirements vary by location. In general, you must:

Here’s how it works: You’ll create an online sitter profile where you’ll answer questions about your experience with puppers and your schedule availability.

You can choose to offer a variety of services, including dog walking, overnight boarding at your home or theirs, and daycare. Boarding is the app’s most popular service, so offering it can get you more gigs. You set your own rates. (Rover keeps a small percentage as a service fee.)

Dog owners will reach out to you. Accept which gigs you want, then start snugglin’ pups. As soon as you complete a service, you’ll be paid within two days.

Carson Kohler (@CarsonKohler) is a staff writer at The Penny Hoarder. When it comes to finances, she’s a professional procrastinator.

The Penny Hoarder Promise: We provide accurate, reliable information. Here’s why you can trust us and how we make money.

Ready to stop worrying about money?

Get the Penny Hoarder Daily

This content was originally published here.

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Kansas City Royals’ Brady Singer Pays Off Parents’ Debt for Christmas: ‘You Deserve the Best’

Kansas City Royals pitcher Brady Singer gave his parents an extra special Christmas gift to pay them back for the many years they supported his baseball dreams.

Singer, 22, on Wednesday shared footage of the sweet moment, showing his parents sitting at a dining room table as his mother read a letter from him. In it Singer wrote of his mom and dad’s dedication and all they sacrificed to help him achieve his goals.

“You both always wanted me to have the best stuff to help me pursue my dreams. The money you both spent on traveling, gear, hotel, food and all those Gatorades I drank is much more than I could ever give you,” he wrote. “But there is something I want to give to you. I am paying off the loan from the bank I’ve paid off all your debt as well.”

Singer’s clip shows his mom becoming emotional, pausing briefly before she continues reading the letter in tears.

“Now instead of trying to save money every weekend to replace the savings account you drained on traveling to see me pay baseball, you can spend it on yourselves,” he told them in his letter.

Today is very special to my heart. To give back to the two people who have given up everything to support my brother and I. I can’t thank them enough. Love you Mom and Dad pic.twitter.com/AFHi2Xma0c

— Brady Singer (@Bsinger51) December 25, 2018

https://platform.twitter.com/widgets.js

“Because you deserve the very best. I want you both to know how much I appreciate you and how none of this would be possible without you,” Singer wrote. “Your giving hearts helped to shape my tiny dream into a reality.”

Singer’s star has been on the rise: Earlier this year, he was awarded the Dick Howser Trophy as college baseball’s player of the year, according to the Associated Press. The Royals picked him 18th overall in the 2018 draft, the reported.

He received a $4.25 million signing bonus from the team, according to the Star, and officials were excited to have the talented pitcher join the team.

“He is gonna be what people in Kansas City are gonna love to come to the ballpark to see,” Royals scouting director Lonnie Goldberg said during a news conference at the time, according to the Star.


View this post on Instagram

Dream come true today! Pumped to be part of the @kcroyals family. Big thanks to Gator Nation for the past 3 years and everyone who has supported me along the way! Now the journey begins. Go Gators & Go Royals!

A post shared by Brady Singer (@bsinger51) on Jul 3, 2018 at 5:28pm PDT

//www.instagram.com/embed.js

With all his success, Singer has shared grateful posts praising his parents and close friends on social media.

Upon joining the team, he shared a sweet Instagram photo of himself smiling alongside his mom and dad.

“Dream come true today! Pumped to be part of the @kcroyals family,” he captioned the picture. “Big thanks to Gator Nation for the past 3 years and everyone who has supported me along the way! Now the journey begins. Go Gators & Go Royals!”

This content was originally published here.

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Paul Ryan’s record on federal debt, deficit, GOP tax law – Business Insider

In an interview on Thursday, Rep. Paul Ryan said one of the biggest disappointments from his term as House speaker was his inability to address the growing mountain of federal debt.

“On healthcare itself and debt and deficits, it’s the one that got away,” Ryan said at a Washington Post event.

As speaker, Ryan helped oversee a rise in spending that is already adding to the deficit. Under his tenure, the amount of outstanding federal debt grew by just over $2 trillion, and the federal deficit expanded from $438 billion in the 2015 fiscal year to $779 billion in the 2018 fiscal year.

And it’s projected to get even more pronounced from here. The Congressional Budget Office estimates that the deficit in the 2019 fiscal year — which began October 1 — will be $981 billion. For the 2020 fiscal year, the CBO projects that the deficit will eclipse $1 trillion for the first time since the depths of the financial crisis.

Andy Kiersz/Business Insider

While there are plenty of reasons for the growing deficit, recent legislation spearheaded by Ryan has only added to it.

Ryan has had a reputation as a policy wonk, and he entered the speakership with goals to address rising spending on entitlement programs. During his tenure as speaker, however, the House did not embark on any significant effort on that front.

The nonpartisan Committee for a Responsible Federal Budget estimates that 46% of the deficit in the 2019 fiscal year, or $445 billion, will be derived from legislation passed since Trump took office. A little more than half of that amount comes from the GOP tax law — which Ryan has cited as one of his major accomplishments — with most of the rest coming from the bipartisan budget agreement.

In 2018, Ryan’s last year in Congress, the US is expected to issue $1.3 trillion in new debt, up 146% from the 2017 amount and the most in one calendar year since 2010.

The Tax Cuts and Jobs Act is also projected to add to the deficit and debt for years to come. The CBO expects the tax law to add about $1.5 trillion to the federal deficit through 2028, even after factoring in any increase in economic growth caused by the bill.

Andy Kiersz/Business Insider

This content was originally published here.

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Business Debt Solutions That Can Help Prevent Liquidation | Business Gross

If you are a business owner struggling to keep your company going, especially during these tough economic times, the thought of having to liquidate is certainly a frightening one. Most small business owners see their organizations as a part of themselves because they have invested so much of themselves and so much time, effort, and money into the company. Therefore, they would hate to see their projects fail, and would definitely want to do whatever possible to keep from having to close the doors forever on the business they built from the ground up.

Even if your business is currently doing fine, you should look into your options in the event that your finances take a turn for the worse. In this way, you will be prepared and ready to tackle the challenges ahead to keep your business thriving. You will know what to do to avoid liquidation and you will also be able to make the best decisions for your business and for your employees, who depend upon you and their jobs to make ends meet.

What is Liquidation?

Liquidation of a business occurs when it can no longer make profits to cover expenses and payroll as well as future investments into itself. When a business can no longer thrive on its own, the best option for all of the people involved may be liquidation, a process during which the business is closed and all of its assets are sold in order to pay off remaining debts. Whatever money is left over is returned to the owners.

Debt Solutions to Prevent Liquidation

Business owners want to do their best to avoid having to liquidate in the first place. Many companies offer business debt solutions to struggling organizations who would otherwise not know what to do. Speaking to a specialist in the field of debt solutions will help you if you are business owner who is currently struggling to pay off debt.

One service that business debt solution specialists can offer you is a bank account specifically set up for depositing an agreed upon amount of money each month, depending upon what your business can handle. Once your account has accumulated enough funds, the debt specialists will call your creditors, vendors, and anyone else with whom you have outstanding debt and they will work out an agreement to get your debt paid off. Many times, they can negotiate terms that include not having to pay off the entire amount owed. While you are accumulating the funds into your account, your creditors will not be able to contact you.

Experts in business debt solutions also know how to negotiate terms and conditions with banks and others to whom your business owes money. They can even consolidate your debt, making it easier to pay off in time.

The great thing about hiring a company that handles business debt solutions is that you can put your own mind at ease about how you are going to pay off your debt without liquidating. These professionals will thoroughly assess your unique situation to get you the help you need.

About the author:

Lisa writes for www.realbusinessrescue.co.uk, a site that offers resources to small business owners seeking solutions to common problems, especially issues related to finances and debt. She enjoys offering advice to business owners who are struggling.

Lisa writes for www.realbusinessrescue.co.uk, a site that offers resources to small business owners seeking solutions to common problems, especially issues related to finances and debt. She enjoys offering advice to business owners who are struggling.

This content was originally published here.

General Electric Arm to Divest Project Finance Debt Business

The divestment deal is currently subject to customary conditions and will likely close by third-quarter 2018.

In a bid to become a high-tech industrial company, General Electric is currently restructuring its entire business portfolio. In sync with this, the company intends to shrink exposure of its GE Capital business over time. The aforementioned spin-off will reduce the size of GE Capital’s existing asset base and thereby, make it more focused and smaller, going forward.

General Electric is poised to grow on the back of its strategic restructuring moves, strong international presence and robust end-market sales.

However, over the past month, shares of this Zacks Rank #3 (Hold) company has lost 7.9%, as against 2.2% growth registered by the industry.

Two better-ranked stocks in the same space are listed below:

Carlisle Companies Incorporated CSL carries a Zacks Rank #2 (Buy). The company generated an average positive earnings surprise of 12.85% over the trailing four quarters.

Last year, it generated $8 billion in global revenues. By 2020, it’s predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce “”the world’s first trillionaires,”” but that should still leave plenty of money for regular investors who make the right trades early.

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Starwood Property Moves Into Energy Finance With $2.6B Debt Deal

Starwood Property Moves Into Energy Finance With $2.6B Debt Deal

Its acquisition of GE Capital’s Energy Financial Services’ Project Finance Debt Business is part of the REIT’s push to be a “multi-cylinder finance company.”

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