Budget deficit rises to $120 billion in October

Comments (19)
Harry079 wrote:

Since the Debt Limit deal last August the over spending has averaged about $120 billion a month.

Nov 13, 2012 2:42pm EST  --  Report as abuse
Harry079 wrote:

August of 2011 I should have said.

Nov 13, 2012 2:42pm EST  --  Report as abuse
Mott wrote:

Why is this much of news now?

We were doing well till an unintelligent guy at the top started the tax handouts that reduced revenues and started wars lasting decades, leading to these deficits.

Stop both and you’ll get some stability – majority in congress is determined to keep both, leaving the public to misery.

God help.

Nov 13, 2012 2:54pm EST  --  Report as abuse
Joe106 wrote:

Cheney volt and other plug-in hybrids are important key to our sick economy. These cars will reduce our reliance on foreign oil and make politics in Middle East irrelevant.

Nov 13, 2012 3:32pm EST  --  Report as abuse
brotherkenny4 wrote:

Mott, it’s news because we have to upset the masters wishes. To get back to reasonableness we will have to become adults once again, and stop kowtowing to our owners. We will have to be free and think for ourselves.

Most people prefer to be slaves, so it’s a big emotional event to ask them to grow up, and be adults. It’s much easier to just be guided by priests and politicians.

Nov 13, 2012 3:39pm EST  --  Report as abuse
Adam_S wrote:

If only Romney had won, then it would be zero. I’m totally positive. Grover Norquist would see to it himself.

Nov 13, 2012 4:32pm EST  --  Report as abuse
swanto wrote:

Despite partisan dissembling, deficits caused by
increases in spending cannot be blamed on tax cuts.

Nov 13, 2012 6:16pm EST  --  Report as abuse
presydent wrote:

To help fix our U.S. debt, Obama has offered to relinquish his entire salary and benefits for being our President as well as the vast fortune that he and Michelle have amast during the past 4 years.

Nov 13, 2012 7:27pm EST  --  Report as abuse
xyz2055 wrote:

Some bozo here will eventually post that it’s Obama’s spending that’s out of control. This article doesn’t specify where the spending increases were. But two things are for sure…other than renaming a few post offices and other government buildings in the past year..Congress has been deadlocked. No new legislation increasing spending was passed into law by Congress or signed by Obama. Secondly, Obama can’t spend 1 dime of tax payer money without congressional approval. Without more information…my guess would be that automatic increases in various programs passed way before Obama was elected are the cause.

Nov 13, 2012 7:42pm EST  --  Report as abuse
iq160 wrote:

I guess buying votes through social programs is more expensive than thought.

Besides, why care about the fiscal cliff now? Barry completely ignored it in his campaign and he was re-elected. Therefore, nobody considered it important just a week ago.

Everybody get ready for the ride of your lives over the next 4 years!

Nov 13, 2012 7:51pm EST  --  Report as abuse
Telstar wrote:

Defund the military by 35%. End of overspending. Now pay for their benefits.

Nov 13, 2012 7:59pm EST  --  Report as abuse
JHD2 wrote:

Watch as we spend our way to oblivion

Nov 13, 2012 9:49pm EST  --  Report as abuse
DeannaTx wrote:

America’s military spending accounts for half of the world’s combined military spending which is now up 83% from 2000. 83%!!!!!!!!!!!!!!!
The military efforts in Iraq and Afghanistan along with other “US War on Terror” expenses tallied $2.68 trillion by FY2011E. And that’s just the cost of those wars.
In FY2000 the military budget was $295 billion. By FY2007 it had more than doubled. FY2011 saw it raise to $708 billion.
In 2001 the Bush tax cuts reduced the federal revenue on average $360 billion dollars.. per year!
The finger gets pointed at federal spending being on the rise, it’s actually not. It’s actually steadily reducing. But the annual defense dept spending is consuming the savings from our unsustainable lowered revenue levels.
Let the Bush era tax cuts expire, go back to taxing investment income at the standard rate, reduce defense spending by 15% and cut entitlement spending 3%. The budget is balanced.

Nov 13, 2012 11:17pm EST  --  Report as abuse

Who to trust or believe? September, the end of the 2012 USA fiscal year, saw a slight budget surplus, shrinking the year’s deficit to just over a crushing $1 Trillion.
Then, oops, October(the trick or treat month) and start of a new fiscal year, saw a reversal — staggering $120 billion deficit for the month.
Who the hell is running the USA anyway: the Caligula family?

Nov 13, 2012 11:31pm EST  --  Report as abuse
thesafesrufer wrote:

At that pace the next twelve months will see a $1.5 trillion dollar deficit. We have 7.9% unemployment despite $4.5 trillion in deficit spending since President Obama was elected.

Federal government deficit spending does not create jobs. If deficit spending created jobs California and Illinois would be booming.

Nov 14, 2012 12:35am EST  --  Report as abuse
PKFA wrote:

This is not really news; more of an update on the decline of America. Sort of like a submarine boatswain giving the captain a depth report as the boat continues to sink. How far to implosion?

Nov 14, 2012 7:04am EST  --  Report as abuse
Lloyd_L wrote:

@DeannaTx

I agree with you that military spending has to be cut.

Having said that, I don’t know where you are getting your numbers but they don’t seem to add up. Here is a link to the White House’s web site showing the Federal budget. Look at table S-5. You will see that outlays are divided into three categories;
1. Appropriated (discretionary) programs. This includes education, welfare, food stamps, transportation, military, Homeland Security and etc.
2. Mandatory programs. This includes S.S., Medicare, Medicaid, government pensions and etc.
3. Net interest. This is interest on our national debt.

What you will see in fiscal year 2012 is that the total of mandatory expenses plus interest on the national debt exceeded total revenue received by the U.S. Government. In other words, we could have reduced spending to $0 on discretionary programs and the budget still would not have been balanced.
http://www.whitehouse.gov/sites/default/files/omb/budget/fy2013/assets/tables.pdf

The numbers for fiscal year 2013 are somewhat better. However, if you leave spending on mandatory programs untouched, you will have to cut discretionary spending (education, welfare, food stamps, transportation, military, Homeland Security and etc.) by $900B (71%).

I am over 60 years old and nearing retirement. I don’t want to see Social Security and Medicare cut but the reality is that you cannot get anywhere near a balanced budget without cuts to those programs.

One of the best ways to reduce the budget is to reduce health care costs. You will see that in Fiscal Year 2013, we will spend $806B on Medicare and Medicaid but only have $214 in revenue from Medicare. Unfortunately, in the last 12 years, neither Republicans nor Democrats have focused on doing this. A good place to start would be to require doctors and hospitals to post their fees. You wouldn’t buy groceries, an auto or anything else without knowing what it costs. Why do we buy medical services without knowing the cost?

Nov 14, 2012 9:59am EST  --  Report as abuse
TheNewWorld wrote:

@Mott

The Bush tax cuts has cost us a little over a trillion dollars, and the wars a little over 2 trillion dollars. Bush and Obama has grown the deficit by 11 trillion dollars in the last 12 years. We are a lot worse off than just the 2 wars and tax cuts.

Nov 16, 2012 6:03pm EST  --  Report as abuse
TheNewWorld wrote:

@DeannaTX

Your numbers appear to be wrong. Per the CBO letting the tax cuts expire will bring in $1 trillion in revenue over the next 10 years. That is $100 billion a year, not the near $400 billion you are posting. Reducing Defense spending %15 I can agree with, there is another $100 billion a year. Discretionary spending is $1289 billion of the budget, cutting it 3% will get you a little under $39 billion. Your suggestion gets us $239 billion a year, no where near the $1.1 trillion budget deficit. You need to come up with another $800+ billion a year.

Nov 16, 2012 6:13pm EST  --  Report as abuse
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