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.
That’s great, in an economy not even moving at a 2% increase, we increase our federal spending by over 18% over last year. Brilliant!
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.
Outlays doubled our receipts.
Has anyone noticed that the federal spending today is more than the federal spending with our stimulus package years of 2009 and 2010?
The little article finishes with something curious…….
The 2012 budget gap was $1.089 trillion, smaller than last year’s deficit of $1.297 trillion largely because of higher corporate income tax receipts and less spending.
Uhmm, no, that’s not correct. We spent more last year, not less. We didn’t spend a lot more, but more, we did. I’d also direct your attention to the estimated decrease of the deficit.
I’m wondering, with an 18% increase in the first month of the fiscal year, and a doubling of our outlays to receipts, when are we going to decrease the deficit? Prolly after Jan 1.