Dec 8, 2012
The federal government ran a deficit of $292 billion for the first two months of fiscal year 2013 – October and November 2012 – amounting to $4.8 billion of borrowed money each day.
“The federal budget deficit was $292 billion for the first two months of fiscal year 2013, $57 billion more than the shortfall recorded in October and November of last year,” CBO said in its Monthly Budget Review Friday.
This means that the government borrowed $4.8 billion for each calendar day so far in 2013. If the Treasury Department restricted its borrowing to only weekdays, its per day average would jump to $6.5 billion per day thus far in fiscal year 2013.
CBO reported that federal revenues rose by $30 billion – a 10 percent increase over last year, but spending increased more, going up by $87 billion or 16 percent.
This article was posted: Saturday, December 8, 2012 at 8:44 am