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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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[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

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