Monday, December 10, 2012

Federal Budget Deficit Totaled $292 Billion for the First Two Months of 2013, CBO Estimates.

"There are two ways to conquer and enslave a nation... One is by sword... The other is by debt."John Adams 1826

WHICH MEANS ACCORDING TO THE CBO: Feds Borrowing $4.8 billion Per Day in FY 2013, So Far

The federal budget deficit was $292 billion for the first two months of fiscal year 2013, $57 billion more than the shortfall recorded in October and November of last year, CBO estimates in its latest Monthly Budget Review. Revenues rose by $30 billion, or 10 percent, but outlays increased by $87 billion, or 16 percent.
Without shifts in the timing of certain payments in each year, however, outlays would have risen by only $22 billion, or 4 percent, and the deficit for the two-month period would have been about $8 billion lower this year than in fiscal year 2012, CBO estimates. read complete document  (pdf, 28 kb)
The Monthly Budget Review was prepared by Elizabeth Cove Delisle, Barbara Edwards, David Rafferty, Dawn Sauter Regan, and Joshua Shakin.

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