President Donald Trump’s “Big, Beautiful Tax Bill” ran into some brief opposition from budget hawks in the U.S. House over its projected budget deficit increases ranging from $3.8 trillion to $5.3 trillion through 2035.

Note: The budget hawks are talking about increases to the projected deficits, which are (conservatively) expected to ramp up on their own to a jolly $21.785 trillion through 2035.

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Committee for a Responsible Federal Budget
Permanent Ways & Means Bill Could Add $5.3 Trillion to Deficits
May 13, 2025 – The House Ways & Means Committee is set to mark up its title of the Fiscal Year (FY) 2025 reconciliation bill on Tuesday. The Joint Committee on Taxation (JCT) estimated that the bill as written would increase deficits by $3.8 trillion through 2034, or 1.1 percent of Gross Domestic Product (GDP); if all of its expiring policies are extended permanently, we estimate it would add $5.3 trillion to deficits, or 1.5 percent of GDP.

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The House budget hawks are not being forthright about the alternatives. Under the current Congressional Budget Office (CBO) 10-year deficit projections, without any of the Trump tax plan provisions, the federal government is on track to add $21.785 trillion in additional deficits for the years 2026-2035. All in all, these budget hawks are ‘quibbling’ about adding another $3.8 to $5.3 trillion on top of the $21.785 trillion.

Federal Budget Deficit Projections – Congressional Budget Office
The Budget and Economic Outlook: 2025-2035 projects budget deficits ranging from $1.713 trillion 2026 to $2.531 trillion by 2035. Actual deficits for the out years are likely to be higher than CBO projections, based upon history (“actual” versus “projected”).

Congressional Budget Office (CBO) Deficit Projections 2025-2035

CBO deficit projections for target period (2026-2035)
2026: $1.713 trillion
2027: $1.687 trillion
2028: $1.911 trillion
2029: $1.938 trillion
2030: $2.140 trillion
2031: $2.233 trillion
2032: $2.371 trillion
2033: $2.637 trillion
2034: $2.597 trillion
2035: $2.531 trillion
Total deficits projected 2026-2034: $21.758 trillion

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Again, without Trump’s “Big, Beautiful, Tax Bill,’ the U.S. will be adding $21.785 trillion to the national debt over the next 10 years. And what is worse, since the CBO employs a ‘rosy scenario’ economic forecast in its projections, the ‘actual’ deficits will unquestionably be higher than the CBO ‘projected’ deficits.

The GAO has warned, “The federal government is on an unsustainable fiscal path that poses serious economic, security, and social challenges if not addressed.”

Neither the Trump “Big, Beautiful Tax Bill,” nor the budget hawks’ alternative course will do anything to meaningful change the dynamic on America’s massive, snowballing debt load. Neither will do anything to effect wide-scale entitlement program reductions. Neither will do anything to broadly restore financial health to millions of working American families.

Fortunately for Washington Republicans, there is an economic acceleration plan which will cover President Trump’s goals and eliminate deficits.

The most powerful debt elimination / economic revitalization plan in the world will revitalize America’s economy, restore financial security for millions of U.S. citizens, and generate $36.568 billion budget surpluses in each of its first five years of activation (2026-2030).

The Leviticus 25 Plan is loaded up and ready to launch.

The Leviticus 25 Plan is a dynamic economic initiative providing direct liquidity benefits for American families, while at the same time scaling back the role of government in managing and controlling the affairs of citizens.  It is a comprehensive plan with long-term economic and social benefits for citizens and government.

The inspiration for this plan is based upon Biblical principles set forth in the Book of Leviticus, principles tendering direct economic liberties to the people.

The Leviticus 25 Plan – An Economic Acceleration Plan for America

$90,000 per U.S. citizen – Leviticus 25 Plan 2026 (28421 downloads )

Total deficits projected 2026-2030: $9.691 trillion

Yes… $23.7 trillion

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A look back…

Neil Barofsky, the Special Inspector General of the Troubled Asset Relief Program filed an official SIG TARP report in July 2009 projecting the government’s “Total Potential Support Related to Crisis” at an astounding $23.7 trillion.

Barofsky’s report was immediately criticized as being misleading in its characterizations, prompting him to respond on May 12, 2014 to one of the chief critics, Tim Geithner, who was Secretary of the Treasury during the crisis years.

The SIG TARP report did not say that the government might “lose” $23.7 trillion, as critics claimed.

Barofsky: “What the report actually ascribes to that number (at page 138) is the “Total Potential Support Related To Crisis” (and not potential losses) of the myriad pledges of support to the financial system from an alphabet soup of agencies and programs. The numbers underlying that estimate, of course, were provided to us by Treasury and other governmental agencies, the report was vetted with Treasury before it was issued, and the report makes clear in a series of caveats that it was not an estimate of actual potential losses.

Again, the U.S. government’s “Total Potential Support Related to the Crisis” weighed in at an astounding $23.7 trillion.

The effects of that “support” for main street America were marginal, with the best of it short-lived.
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The Leviticus 25 Plan features a Citizens Credit Facility – to serve as the conduit, from the Fed through the U.S. Department of the Treasury, for direct liquidity access by U.S. citizens – the same direct of access that was granted to Wall Street financial heavyweights during the crisis.

The Leviticus 25 Plan will provide for massive ‘ground level’ debt elimination and restore financial health for millions of American families. Money would still flow into the banking system – after first passing through the hands of U.S. citizens and the millions of small businesses in main street America.

The Leviticus 25 Plan would re-ignite powerful, long-term economic growth and put America on track for substantial budget surpluses. It would drastically scale back government control over the daily affairs of citizens. It would restore basic social freedoms and economic liberty for all.

Question:  What would be the U.S. government’s “Total Potential Support Related to The Leviticus 25 Plan?”

Answer: $21.6 trillion – all of which would get ‘repaid’ to the government over a 10-15 year period.

The Leviticus 25 Plan is a dynamic economic initiative providing direct liquidity benefits for American families, while at the same time scaling back the role of government in managing and controlling the affairs of citizens.  It is a comprehensive plan with long-term economic and social benefits for citizens and government.

The inspiration for this plan is based upon Biblical principles set forth in the Book of Leviticus, principles tendering direct economic liberties to the people.

It is time for an economic recovery plan that grants access to liquidity for all Americans, not just Wall Street and the wealthy ‘elite.’

Loaded up and ready to launch: The Leviticus 25 Plan 2026.

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Global Banks 2008: “We need a transfusion.” And $23.7 trillion later, the Fed said: “Tell Us When to Stop.”

And transfuse they did.

The U.S. Treasury turned the spigot into the ‘flow’ position with the Troubled Asset Relief Program (TARP).

And the Fed followed up by turning the spigot into the ‘gusher’ position with their emergency lending, discount window lending, and their QE-based purchases of cesspool-grade MBS and agency debt from various global lending institutions.

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Notes on the liquidity transfusions:
1. SIGTARP, the oversight agency of the Troubled Asset Relief Program (TARP), in its July 2009 report, vetted by Treasury, noted that the U.S. Government’s “Total Potential Support Related to Crisis” (page 138) amounted to $23.7 trillion. While this figure represents a backstop commitment, not a measure of total potential loss, it is nonetheless an astounding degree of support, in the form of liquidity infusions, credit extensions and guarantees, various other forms of assistance for financial institutions and other business entities affected by the financial crisis.

One example of the mechanics of these backstop commitments involved two of the major investment-banks which were at the forefront of the U.S. financial crisis, Goldman Sachs and JP Morgan who, through their high-risk exposure to subprime debt and derivatives, received enormous financial assistance at the expense of U.S. taxpayers.

Goldman Sachs and J.P. Morgan received these direct liquidity infusions during the financial crisis via Fed disbursements through the Primary Dealer Credit Facility and numerous other credit facilities. The two (according to ZeroHedge 4-1-11) “had the temerity to pledge bonds that had defaulted (i.e. had a rating of D)… as in bankrupt, and pretty much worthless. . . that have no value whatsoever. . .” Goldman Sachs received $24.7 million and JP Morgan $1.4 million on the worthless collateral (September 15, 2008). Goldman Sachs pledged D-rated securities again September 29, 2008 and received $82.7 million (Citigroup received $102.8 million; Merrill Lynch – $217.8 million; Morgan Stanley – $261.0 million; UBS – $202.2 million).

In addition, the same two investment banking giants, Goldman Sachs and JP Morgan, earned free interest (again at taxpayer expense) through their access to credit extensions at the Federal Reserve discount window. Within two years, Goldman Sachs was paying out $111.3 million in “delayed bonuses” for the years 2007 and 2009 (NY Times 12-15-10).

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U.S. citizens deserve nothing less than to be grated the same direct access to credit extensions for resolving liquidity issues of their own at the family level, than those that were so graciously provided by the Fed to major domestic and foreign financial institutions.

The initial credit extension outlay with The Leviticus 25 Plan ($21.6 trillion – assuming an 80% participation rate by U.S. citizens) would hardly be prohibitive, in light of the trillions of dollars in Federal Reserve and Treasury outlays over the past 5 years to major U.S. banking and financial institutions (Morgan Stanley, Citigroup, Bank of America, State Street Corp, Goldman Sachs, Merrill Lynch, JPMorgan Chase, Wachovia, Lehman Brothers, Wells Fargo, Bear Stearns) and major foreign financial institutions (Royal Bank of Scotland, UGS AG, Deutsche Bank AG, Barclays, Credit Suisse. Dexia, BNP Paribas).

The Federal Reserve’s various credit facilities, discount window transactions, emergency loans, Foreign Exchange swap lines, Interest on Excess Reserves (IOER) for foreign banks, and Treasury’s TARP and stimulus programs have done little to improve the financial status for the majority of American families. These government programs have also done nothing to change the dominance and risk profile of “too big to fail banks,” and they have done little to lessen the counterparty default risk in the global derivatives markets.

The time is now to rebalance the financial dynamics of America – and grant U.S. citizens the same direct access to liquidity that was provided to Wall Street’s financial sector.

The Leviticus 25 Plan is a dynamic economic initiative providing direct liquidity benefits for American families, while at the same time scaling back the role of government in managing and controlling the affairs of citizens.  It is a comprehensive plan with long-term economic and social benefits for citizens and government.

The inspiration for this plan is based upon Biblical principles set forth in the Book of Leviticus, principles tendering direct economic liberties to the people.

The Leviticus 25 Plan – An Economic Acceleration Plan for America

$90,000 per U.S. citizen – Leviticus 25 Plan 2026 (28046 downloads )

GAO Reports an Estimated $162 billion in Improper Payments Across the Federal Government in Fiscal Year 2024

WASHINGTON (March 11, 2025) GAO today issued its report on federal agencies’ improper payments estimates for fiscal year 2024, reporting that agencies identified $162 billion in payment errors. Improper payments are those that should not have been made or were made in the incorrect amount. A longstanding, government-wide issue, improper payments are a result of overpayments, inaccurate recordkeeping, fraud, or other causes. $135 billion of this year’s improper payments estimate, or roughly 84 percent, were due to overpayments. While today’s report shows a $74 billion decrease in improper payments from the previous fiscal year, GAO continues to make recommendations aimed at reducing these payment errors and safeguarding federal funds.

“Federal agencies need to tackle the massive problem of improper payments to be responsible stewards of taxpayer dollars,” said Gene L. Dodaro, Comptroller General of the United States and head of the GAO. “This issue needs heightened attention and additional actions by federal departments and agencies as well as strong Congressional oversight.”

The fiscal year 2024 improper payments estimate is based on reporting from 68 federal programs across 16 federal agencies, though 75 percent of improper payments recorded were concentrated in just five program areas. Those include Medicare, Medicaid, the Earned Income Tax Credit, Supplemental Nutrition Assistance Program, and the Restaurant Revitalization Fund. Eighteen programs reported improper payment rates of over 10 percent and six programs reported rates of over 20 percent.

The $74 billion decrease in improper payments from fiscal year 2023 is attributed to terminating or winding down certain programs, such as those specific to the COVID-19 pandemic. Eight program areas saw substantial declines in improper payments this past year. For example, payment errors under the Department of Labor’s Pandemic Unemployment Assistance program decreased by $44 billion because of the program’s termination.

Improper payments are different than fraud because they can be the result of payments made in error or for the wrong amount. Payments that are considered fraudulent involve an actor, or “fraudster,” who willfully misrepresents themselves to unfairly benefit from a government program. All fraudulent payments are considered improper, though not all improper payments are the result of fraudulent activity.

GAO has made numerous recommendations to federal agencies to help reduce payment errors, calling for better monitoring of federal programs and planning that would help identify improper payments. We’ve also raised matters for Congress to help agencies better identify susceptible programs, develop reliable methods for estimating errors, and implement effective corrective action. These include designating all new federal programs making more than $100 million in payments in any one fiscal year as susceptible to improper payments and establishing a permanent data analytics center of excellence to aid the oversight community in identifying improper payments and fraud.

The full report is available on GAO’s website.

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The Leviticus 25 Plan will eliminate literally billions of the claims filed each year for reimbursement from Medicare, Medicaid, Earned Income Tax Credit, Supplemental Nutrition Assistance Program. It will make fraud detection in these programs and others far simpler, and by orders of magnitude, more efficient, and potentially save federal, state, and local government agencies hundreds of billions of dollars annually.

The Leviticus 25 Plan – An Economic Acceleration Plan for America

$90,000 per U.S. citizen – Leviticus 25 Plan 2026 (28046 downloads )

Waste Of The Day: Bank CEOs Earned Millions Before Government Bailout

ZeroHedge, Mar 06, 2025 – Authored by Jeremy Portnoy via RealClearInvestigations,

Topline: The Federal Deposit Insurance Corporation was forced to spend $31.6 billion to protect customers at three failed banks in early 2023. While taxpayers footed the bill, the CEOs of the three banks made out nicely, each collecting millions in compensation right before their banks folded, according to a Feb. 20 report from the Government Accountability Office.

Key facts: First Republic Bank gave CEO James Herbert II $17.8 million in compensation in 2021, according to the GAO. Silicon Valley Bank awarded CEO Greg Becker $9.9 million in 2022 and Signature Bank paid $8.7 million to Joseph DePaolo the same year. 

All three CEOs had base salaries below $1.2 million but multiplied their earnings with performance-based incentives, mostly paid out as stock in the bank.

All three sold off large portions of their stock in the two years leading up to their banks’ failures, the GAO found. Between 2021 and 2023, Herbert II sold $52.9 million of his stock, DePaolo sold $39.8 million and Becker sold $30.7 million.

Herbert II and Becker were still selling stock in the first quarter of 2023, just weeks before their banks closed down. They collected $5.5 million and $3.6 million, respectively, the GAO said.

Each bank had at least four other executives earning more than $1 million per year, the GAO reported.

Background: The bank failures were the three largest in U.S. history aside from Washington Mutual’s closure in 2008. 

The FDIC had to spend $31.6 billion of taxpayer money to reimburse depositors for their losses: $16.1 billion for Silicon Valley, $13 billion for First Republic and $2.5 billion for Signature.

The FDIC also reimbursed several foreign businesses. Former vice president Mike Pence wrote in an op-ed for the Daily Mail that “Americans will also be paying to guarantee the deposits of many Chinese companies that were Silicon Valley customers. We have to stop the insanity of bailing out failing businesses.”

Search all federal, state and local government salaries and vendor spending with the AI search bot, Benjamin, at OpenTheBooks.com. 

Critical quote: “You were paying out bonuses until literally hours before regulators seized your assets,” Sen. Sherrod Brown told Becker during a 2023 Congressional hearing. “Workers face consequences, executives ride off into the sunset. Only in corporate boardrooms can you run your business into the ground, take the whole economy along with you and come out ahead.”

Summary: Something is amiss when a business closure hurts the government’s finances more than it does the executives running the business.

The #WasteOfTheDay is brought to you by the forensic auditors at OpenTheBooks.com

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America’s hard-working, tax-paying U.S. citizens have been called upon repeatedly to fund these such bailouts, along with the TARP bailout during the GFC, and the massive direct and indirect support that major banks received during the Covid crisis years.

It is time now for America’s hard-working, tax-paying U.S. citizens to receive the same direct liquidity extensions that major banking concerns have been receiving for the past several decades.

The Leviticus 25 Plan is a dynamic economic initiative providing direct liquidity benefits for American families, while at the same time scaling back the role of government in managing and controlling the affairs of citizens.  It is a comprehensive plan with long-term economic and social benefits for citizens and government.

The inspiration for this plan is based upon Biblical principles set forth in the Book of Leviticus, principles tendering direct economic liberties to the people.

The Leviticus 25 Plan – An Economic Acceleration Plan for America

$90,000 per U.S. citizen – Leviticus 25 Plan 2026 (28046 downloads )