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CBO: Feds Borrowing $4.8 billion Per Day in FY 2013, So Far

Posted By admin On December 8, 2012 @ 8:44 am In Money Watch | Comments Disabled

Matt Cover
CNS News [1]
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 [2] 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.

Full article here [1]


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URLs in this post:

[1] CNS News: http://cnsnews.com/news/article/cbo-feds-borrowing-48-billion-day-fy-2013-so-far

[2] said: http://www.cbo.gov/publication/43754?utm_source=feedblitz&utm_medium=FeedBlitzEmail&utm_content=812526&utm_campaign=0

[3] Obama Plans to Reduce Budget Deficit to $533 Billion by 2013: http://www.prisonplanet.com/obama-plans-to-reduce-budget-deficit-to-533-billion-by-2013.html

[4] November Budget Deficit $150.4 Billion, Worse Than $138 Billion Consensus, Biggest November Deficit On Record: http://www.prisonplanet.com/november-budget-deficit-150-4-billion-worse-than-138-billion-consensus-biggest-november-deficit-on-record.html

[5] US Debt Soars To $16,159,487,013,300.35, +$93 Billion; Or How To Kick Off Fiscal 2013 With A Bang: http://www.prisonplanet.com/us-debt-soars-to-16159487013300-35-93-billion-or-how-to-kick-off-fiscal-2013-with-a-bang.html

[6] US August Budget Deficit Soars To $192 Billion, $1.17 Trillion In Fiscal 2012: http://www.prisonplanet.com/us-august-budget-deficit-soars-to-192-billion-1-17-trillion-in-fiscal-2012.html

[7] US deficit seen at record 1.845 trillion dlrs: http://www.prisonplanet.com/us-deficit-seen-at-record-1845-trillion-dlrs.html

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