2013 Deficit Spending Nearly $5 Billion Per Day

Posted: Dec 09, 2012 12:01 AM

Just two months into FY 2013, the government has racked up nearly $300 billion of red ink – nearly $5 billion per day of deficit spending – a virtual guarantee of the fifth consecutive year of deficit spending in excess of a trillion dollars.  With the economy barely expanding, the federal government is spending 4 percent more than the FY 2012 level.  Spending on the big three entitlement programs is up by more than 8 percent over just last year.  Interest on the debt is up 5%. 

Following is an excerpt from The Hill:

The federal budget deficit has reached $292 billion just two months into fiscal 2013, the Congressional Budget Office estimated Friday.

That is a fast start for a fiscal year that CBO already predicted will have a deficit of more than $1 trillion — the fifth year in a row that has happened, all under President Obama.

The deficit was $172 billion in November, CBO estimates.

For October and November, the deficit is $57 billion more than the deficit for the first two months of fiscal 2012. The fiscal year for the federal government begins in October.

A large portion of this results from the shifts in payments due to the timing of weekends. If not for timing, the deficit for this year is actually $8 billion lower.

Despite all the battles between President Obama and Congress over the last two years on the budget, spending is 4 percent higher — or $22 billion — this year compared to 2012, even with timing shifts taken into account.

Social Security is up 8 percent, Medicare by 8 percent and Medicaid by 9 percent. Interest payments are up 5 percent.  Read more

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