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US August Budget Deficit Soars To $192 Billion, $1.17 Trillion In Fiscal 2012

Posted By admin On September 11, 2012 @ 2:43 am In Money Watch | Comments Disabled

Zero Hedge [1]
Sept 11, 2012

While the official number from the FMS is not out yet, according to an advance look by the CBO, the August deficit soared from a modest $70 billion to a whopping $192 billion, the highest August deficit in history, and coming at a time when traditionally the US Treasury does not generate substantial deficits. It also means that “that” $59 billion budget surplus [2]in April, coming after 42 straight months of deficits, and which surprised so many, was just as we suspected, nothing but a play on the temporal mismatch between treasury receipts and outlays. Most importantly, with one month left in the fiscal year, a month which, too, will likely come well above last year’s $63 billion, the US has now spent $1.165 trillion more than it has received via various taxes. Finally so much for the year over year improvement: at $1.23 trillion deficit in the LTM period, this is only 3.2% less than the August 2011 LTM deficit which was $1.27 trillion, despite nearly 2 million more workers employed (at least according to the BLS [3]) and generating tax revenue. Expect the US to end Fiscal 2012 with a total deficit of well over $1.2 trillion, which in turn means that the average burn rate of $100 billion in new debt issuance each month, will continue into the indefinite future.

US August Budget Deficit Soars To $192 Billion, $1.17 Trillion In Fiscal 2012 US%20deficit%20august 0 [4]

As a reminder…

US August Budget Deficit Soars To $192 Billion, $1.17 Trillion In Fiscal 2012 Obama%20deficit 0 [5]


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URLs in this post:

[1] Zero Hedge: http://www.zerohedge.com/news/us-august-budget-deficit-soars-192-billion-117-trillion-fiscal-2012

[2] that” $59 billion budget surplus : http://www.zerohedge.com/news/us-posts-first-budget-surplus-42-months-and-it-less-meets-eye

[3] BLS: http://research.stlouisfed.org/fred2/data/PAYEMS.txt

[4] Image: http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2012/09/US%20deficit%20august.jpg

[5] Image: http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2012/09/Obama%20deficit.jpg

[6] US budget deficit nears 1 trillion dlrs: Treasury: http://www.prisonplanet.com/us-budget-deficit-nears-1-trillion-dlrs-treasury.html

[7] 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

[8] 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

[9] U.S. Budget Gap Exceeds $1 Trillion for Fiscal Year: http://www.prisonplanet.com/u-s-budget-gap-exceeds-1-trillion-for-fiscal-year.html

[10] US budget deficit hits record $1.4 trillion: govt: http://www.prisonplanet.com/us-budget-deficit-hits-record-1-4-trillion-govt.html

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