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Government Borrows Nearly Half Of What It Spends

December 10, 2012 by  

Government Borrows Nearly Half Of What It Spends
PHOTOS.COM

Nearly half of every dollar the Federal government has spent since the beginning of the 2013 fiscal year, which began Oct. 1, has been borrowed, according to the latest data from the Congressional Budget Office released on Friday.

In just the first two months of the fiscal year, the Federal government racked up a deficit of $292 billion, borrowing 46 cents on every dollar it has spent. The government has spent $638 since October and managed to bring in only $346 billion in revenues despite tax revenues being up $30 billion, about 10 percent higher than they were last year.

Spending is up even more. The government has spent an outstanding $87 billion more than it had at this time last year, according to the CBO report; that’s 14 percent higher than it was in fiscal 2012. The budget watchers contend, however, that the higher spending is a result of timing of month-to-month payments.

Taking that into account, the government said that the overall deficit is actually $8 billion lower this year.

The biggest budgetary problem spots, not surprisingly, are related to mandatory expenditures on Social Security, Medicare and interest on already accumulated government debt. These also continue to be major points of contention among Republican and Democratic lawmakers as the fiscal cliff negotiations trudge on.

The CBO says the following about those increases:

  • Social Security, Medicare, and Medicaid—Expenditures for each of the three largest entitlement programs were higher, with outlays for Social Security benefits increasing the most—by $8 billion (or 7 percent). Spending for Medicare rose by $6 billion (or 8 percent) and outlays for Medicaid rose by $4 billion (or 9 percent).
  • Other Activities—Expenditures in this broad category increased by $7 billion (or 4 percent). Spending increased for the Departments of Agriculture and Justice and for several other programs.
  • Net interest—Outlays for net interest on the public debt were $2 billion (or 5 percent) higher, reflecting both the growing debt held by the public and higher payments for inflation-indexed securities.

Meanwhile, the CBO reported a decrease in government spending on unemployment benefits (down by $4 billion) and defense spending (down by $2 billion) from the same period last year.

Sam Rolley

Staff writer Sam Rolley began a career in journalism working for a small town newspaper while seeking a B.A. in English. After learning about many of the biases present in most modern newsrooms, Rolley became determined to find a position in journalism that would allow him to combat the unsavory image that the news industry has gained. He is dedicated to seeking the truth and exposing the lies disseminated by the mainstream media at the behest of their corporate masters, special interest groups and information gatekeepers.

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  • CHRISTOPHER ALLEN HORTON

    TOO MANY PEOPLE ARE GOING TO JAIL FOR FOOLISH REASONS. IT DOES NOT MATTER IF YOU ARE A CORPORATE BANKER, OR, A DRUG DEALER; PEOPLE WILL ALWAYS BE “SLICK” AND KNOW HOW TO MAKE A “SLICK” BUCK. United States Department of Justice WOULD SAVE A LOT OF MONEY IF IT STOPPED ITS OBSESSION WITH “WRONG-DOING.” NO ONE TRIED TO STOP THAT HALF-AFRICAN ILLEGAL. SO, WHAT IS THE POINT OF CATCHING OTHER CRIMINALS?

    THIS ELECTION HAS CAUSED ME TO NOT CARE WHAT HAPPENS ANYMORE; OPEN THE JAIL-CELL DOORS AND LET EVERYONE OUT. THINGS WOULD BE NO WORSE.

  • Warrior

    Oh, and I see the “head waiter n chief” is heading to the “private sectors” table to present the “bill”. But, but, but, we didn’t even receive our “appetizers” yet! Well, can we at least get a comment card? The service really sucks here!

    • http://roberttitle.wordpress.com roberttitle

      It’s called government “welfare” which is no different than the Wall Street Banksters and money-junkies bailout and the gifts from the Federal Reserve in terms of dollars that the taxpayers are ultimately responsible for. Even if the top margin rates are passed, more IRS loopholes will be added to the Tax Codes 72,000 pages to offset the increases. It’s all just criminal.

  • roger gunderson

    Our legislators are killing America.

    • wheels

      And then “THEY” complain about the “FATTENED COW” disappearing before “THEIR” very eyes when “THEY” damn weii know “THEY” are the cause of it’s diaappearance! Very
      ironic and shows how much contempt both “ELITE” partys have for the people. Time for a revolution anyone?

  • anon

    And another 4million for his holiday vacation to HI on the tax payers dime….AGAIN….who the hell does he think they are….King and Queen of the USA????

    • Warrior

      Nope. They haven’t changed from what they have always been. Gubmint teet suckers! Anyone present this guys qualifications to be president yet? Haven’t seen em yet.

    • Right Brain Thinker

      Same old tired talking points from the right. Google a little and find out some truth about presidential “extravagance” on vacation costs. Here are just a couple of quotes from almost exactly one year ago.

      “Bush Spent 5 Times More On Flights To Texas Than Obama‘s Christmas Vacation Costs”

      “Those who criticize the cost of Obama’s Christmas vacation don’t want you to know that George W. Bush spent at least $20 million taxpayer dollars just on flights to his ranch in Crawford”.

      “The right wing has been outraged at the four million dollar plus price tag for Obama’s family Christmas vacation, and they constantly hold George W. Bush up as an example of how thrifty a president should be when going on vacation”.

      “The problem is that W. wasn’t thrifty. He was the most expensive vacation president in US history. Not only did Bush spend more days on vacation than any other president, but he used Air Force One more often while on vacation than any other president”.

      King and Queen O’Bama? No, just the duly elected (twice) President of the United States of America—-and he is entitled to take vacations, yes? And we do need to take the necessary precautions, yes? And we do want him to be able to do the nation’s work if necessary while away from DC, yes? So we don’t send him by Jet Blue coach with Barney Fife for a bodyguard, put him up in a Red Roof Inn, and have him exchange text messages with the White House twice a day. to “stay in touch”.

      Why do you folks always pollute a conversation about topic A with the same dull old axes that you want to grind on topics X, Y, or Z? This conversation that Sam is trying to start is about borrowing, not X,Y,and Z.

      • Steve E

        Stop you obsession. Bush is history. But your last statement about the Roman Empire is true.

      • Steve E

        I meant: Les’s last statement about the Roman Empire is true.

      • http://roberttitle.wordpress.com roberttitle

        Good comments on the Bush era. He and Cheney should be charged, tried and convicted of war crimes as well both for 911 and for the unconstitutional wars in Iraq and Afghanistan.

      • Ted Crawford

        Was our deficit at $16.3 Trillion, was our Credit Rating at AAa, was unemployment at 7.7%, was America facing the dreaded “fiscal cliff”?while Bush was in office?
        There have been times when I didn’t worry over spending $5,000 on furniture and then there were times when I dared not spend even $50 on a used easy chair! Timing is everything and priorities need always be considered!

      • Gordon

        Bush went back to his his home in Texas. Obama don’t go back to chicago; It’s not his home. So comparing the two is irrelavent. Essentially Obama has no “home” by definition, except the government owned housing he lives in today.

      • Right Brain Thinker

        Steve E says: “Stop you obsession. Bush is history.”

        Hey, Steve,
        One, everything from two seconds ago is “history”, and we need to look at all of it to understand “now” and where we may want to go in the future.
        Two, almost all the “obsessions” in this country come from the inflexible non-thinkers on the right, not from RBT’s who are always willing to look at new facts and arguments
        Three, if I’m obsessed with anything, it’s with the pursuit of rational analysis of facts that leads to good opinions, logical arguments and sustainable conclusions.

      • phideaux

        “Bush Spent 5 Times More On Flights To Texas Than Obama‘s Christmas Vacation Costs”

        “Those who criticize the cost of Obama’s Christmas vacation don’t want you to know that George W. Bush spent at least $20 million taxpayer dollars just on flights to his ranch in Crawford”.

        Typical RBT non thinking. He is comparing ONE trip by obama to ALL the trips over 8 years by Bush.

      • Steve E

        RBT you lefties always use Bush as an excuse. It sounds like a broken record with no open mind in sight.

      • wheels

        Right Brain Thinker keep thinking those supportive obama thoughts until he spends his way and regulates his way right out of your income.

      • Right Brain Thinker

        phideaux says: “He is comparing ONE trip by obama to ALL the trips over 8 years by Bush”.
        Steve E says: “RBT you lefties always use Bush as an excuse. It sounds like a broken record with no open mind in sight”
        wheels says: “Right Brain Thinker keep thinking those supportive obama thoughts until he spends his way and regulates his way right out of your income”

        Uh, guys—-why is it so hard for you to stay on topic? I responded to a totally irrelevant comment from anon by throwing a couple of related quotes out there. My real message was contained in the question: “Why do you folks always pollute a conversation about topic A with the same dull old axes that you want to grind on topics X, Y, or Z? This conversation that Sam is trying to start is about borrowing, not X,Y,and Z”. It has NOTHING to do with O’Bama or Bush with respect to their vacations. And wheels throws a brand new ax into the equation—-it’s not related to vacations, debt, or borrowing so why are we seeing it here? Like I said, the obsessions are almost the exclusive property of the right.

  • Les

    Why this sounds like every American household today. Credit Cards all maxed out. House bought with little or no money down. Cars bought with little or no money down. And you think the people running the country are any different. They like you are just kicking the can down the road hoping the checks don’t bounce on their watch. I like how people rationalize this or any other president taking vacations multimillion dollar vacations. I haven’t had a vacation in 15 years. Oh sure I get days off but I stayed close to home or went to places within 20 minutes or used the time to fix things that needed to be repaired like my house or car. I would love to own a new car or vacation in Hawaii but not at someone else’s expense. Too bad most of the nation doesn’t feel that way.

    The Roman Empire didn’t see the end coming and neither it seems will the former USofA.

  • http://roberttitle.wordpress.com roberttitle

    I just hope Jesse Ventura means it when he says he will run as an Independent in 2016 IF he’s on the ballot in all 50 states. This man speaks the truth about everything from 911 to the failures of the GOP to nominate someone who is a real Constitutionalist.

    • Ted Crawford

      YEA MAN! Maybe he could get that other Neanderthal Richard Trumpka to run as his Vice President! I guess it couldn’t be much worse than the current Administration!

  • http://yahoo.com Joann Flanagan

    Well how else is Ceasar Obomas Abominus going to get the money to pay for bread and curcuses?
    Don’t forget that religious persecution he’s starting! Religious persecutions are an expensive business.
    Collusiums cost money.
    So do lions and concentration camps.
    Do you have any idea what it costs to have police badger anyone suspected of not having health insurance? This is assuming the police,the sherriffs,FBI ect are permitted to go after suspected Obomacare boycotters exclusively instead of also being expected to perform more traditional law enforcement duties eg.handing out traffic tickets and investigateing murders too!
    The Government will have to double if not triple the law enforcement departments just for that! The cost of taking these law enforcers off their usual beat costs society in more ways than money.
    Of course when you have a religious persecution like Ceasar Obomas Abominus and Kethleen Sebelious are starting you undermine the economy by putting those singled for persecution out of business.
    For a while you can confiscate the property of all members of the scapegoated group(s).
    In the long run this backfires. When you loot eh confiscate the assets of the victims ultimately you sabotage a source of taxes. So you get short time gain at the expence of a long term tax revenue loss.
    The demand for human skin lampshades is limited. So it might not cover these long term losses that occur once the “health care mandate” rationalised religious persecution these religious persecuters desire escalates. You could charge admission for execution of martyrs but in the long run people will get jaded and stop buying tickets.
    Joann Flanagan

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