Skip to comments.Budget deficit rises to $120 billion in October
Posted on 11/13/2012 11:35:32 AM PST by mdittmar
The budget deficit rose in October, the first month of fiscal year 2013, as looming negotiations over expiring tax cuts and imminent spending reductions dominated the post-election political landscape.
The Treasury said on Tuesday the October deficit was $120 billion, larger than economist forecasts for a $114 billion gap and up from $98 billion in October of 2011.
Growth in expenditures outpaced rising receipts, deepening the deficit. Outlays grew to $304 billion from around $262 billion in the same month last year while receipts rose to $184 billion from $163 billion.
Following President Barack Obama's election to a second term last week, the debate in Washington has quickly shifted to the combination of expiring tax breaks and new spending reductions known as the "fiscal cliff."
(Excerpt) Read more at reuters.com ...
The USA is like the family of 2007 riding a wave of false prosperity based on maxxed out credit cards and helocs.
Instead of leased luxury SUVs and a McMansion, we have entitlements used to buy votes.
Baracka Claus had a busy month in October
Did you hear the Baraqua Claus song on Rush today, it’s funny as hell.
There is no budget. There hasn’t been a budget for 3 years.