Central Government Borrows 46 Cents For Every Dollar Spent In Fiscal 2013

Doug Ross calls this a “grim milestone“, and he’s right

(Washington Times) The federal government borrowed 46 cents of every dollar it has spent so far in fiscal 2013, which began Oct. 1, according to the latest data the Congressional Budget Office released Friday.

The government notched a $172 billion deficit in November, and is already nearly $300 billion in the hole through the first two months of fiscal year 2013, underscoring just how deep the government’s budget problems are as lawmakers try to negotiate a year-end deal to avoid a budgetary “fiscal cliff.”

Higher spending on mandatory items such as Social Security, Medicare and interest on the debt led the way in boosting spending compared with the previous year, which also highlights the trouble spots Congress and President Obama are struggling to grapple with.

Imagine, dear reader, that you ran your household finances or business using this model: how long till you were forced into bankruptcy?

Doug goes on to ask if there are any Democrats with virtue remaining in Washington. The answer is no. Most refuse to acknowledge that there is a spending problem, that there is a serious debt/deficit problem, nor a problem with the safety net programs. The leaders, including Obama and Reid, want all entitlement reforms off the table in the fiscal cliff talks. In fact, they want to spend more. This only makes sense if Democrats are completely divorced from reality or want to intentionally bankrupt America.

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2 Comments

Comment by john
2012-12-10 17:39:08

Fortunately we are able to borrow at near negative interest rates. These defictits are/were caused by a huge drop in revenue, remember how the Dow fell from 14000 to 6500 before the stimulus was passed?

 
Comment by Gumball_Brains Subscribed to comments via email
2012-12-10 18:33:03

are any Democrats with virtue remaining in Washington. The answer is no.

And no republicans either.

so, we spend $1.00 and borrow $0.46. And we only take in about $0.25. Nothing like spending for the future.

But, don’t worry. Raising taxes on a few thousand folk will most definitely balance out our budget. Oh, and we’ll raise even more money when they move to another country.

 

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