Posted on 12/07/2012 3:32:12 PM PST by Libloather
Deficit already at $292 billion for fiscal 2013
By Erik Wasson - 12/07/12 12:28 PM ET
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.
In contrast, the costs of unemployment benefits are 22 percent lower and defense spending is 2 percent less, CBO estimates.
Senate Budget Committee Ranking Member Jeff Sessions (R-Ala.) said the figures highlight the inadequacy of President Obama's proposal to reduce the deficit in the fiscal cliff talks.
"Deficit totals are higher than last year and confirm predictions for yet another trillion-dollar deficit. The proposed solution from Secretary Geithner is to increases taxes $1.6 trillion and increase spending growth by $1.2 trillion. In other words, hike taxes to pay for new spending. The result is adding $8.6 trillion in new debt over 10 years, instead of $9 trillion," he said.
The new deficit numbers come as Obama and Congress are wrangling over $600 billion in deficit cuts slated for January. Those sudden tax increases and spending cuts would do a lot to lower the 2013 deficit but would bring on a recession, CBO says. CBO has urged lawmakers to find a long-term grand bargain to get the deficits and debt under control.
Obama can be very expensive
we have lost man too many morons on the dole!
It is impossible to introduce into society a greater change and a greater evil than this: the conversion of the law into an instrument of plunder. - Bastiat 1801-1850
See the socialist time-bomb that will explode into totalitarian control at the time of their choosing...here...
Socialism Is Legal Plunder - Bastiat 1801-1850
BIG GOVERNMENT IS CRONY SOCIALISM
DEFUND DEFUSE DISMANTLE DEPOPULATE
Socialists/Totalitarians are useless eaters of our productivity
live - free - republic
Remember when Bush was the most evil president ever for running 300 Billion ANNUAL deficits?
Remember when Bush was the most evil president ever for running 300 Billion ANNUAL deficits?
Out of control government and a bunch of cowards in the House.
I do not see how the budget increases 7% a year when there are no budgets. Wouldn’t it make more sense to simply keep using the same numbers as the lasy budget passed?
The US Constitution gives the House of Representatives the power to appropriate funds. In addition all tax bills must originate in the House.
The Republicans have controlled the House since January 2011. Every dollar of federal spending in 2012 and 2013 was authorized by the Republican House. Republicans can blame Obama for many things but they have the power to stop the spending any time they want by refusing to appropriate the money. The fact the spending continues to spiral out of control indicates they give lip service to controlling spending and the deficit.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.