Skip to comments.US Budget Deficit Soars In October As Government Spends Over $300 Billion In One Month
Posted on 11/13/2012 11:43:12 AM PST by mojito
Moments ago the MTS [Monthly Treasury Statement] released the final October budget report. It was not pretty, although those who read our report on how much debt was added - $195 billion to be precise - in the first month of the 2013 Fiscal Year will know where this is going. The US budget deficit was expected to soar after the September surplus of $75 billion, driven entirely by calendar shifts and pre-election propaganda, to -$113 billion. That was optimistic: the total amount of overspending in October was $120 billion. What is distressing is that this was well above the $98.5 billion deficit from a year ago, and confirms that the long-term trendline of ever greater spending continues. This was also the fourth largest October deficit in history. And looking merely at the spending side of the ledger, the US government's outlays in October alone were $304 billion. This is the third biggest October monthly spend for the government ever, and just shy of the all time high $320.4 billion record in October 2008....
(Excerpt) Read more at zerohedge.com ...
There were a lot of votes to buy.
poor Barry sure inherited a mess.(sarc)
“O” has a deliberate and calculated plan to run the wheels off this country... as quickly as possible.
THEN-the master coup will be forced on us... in a flash it will be OVER!
It’s a good thing we have a great leader as president.
If the US tips into a recession, watch-out for a huge vicious cycle to begin.
recession means less tax revenue, and more unemployed. It will mean greater deficits, and more need to print money and more push to raise taxes. Either or both of which will further dampen the economic climate, furthering the downward spiral and larger deficits
Yup! For those that know history...we does sees it a comin’ round the bend.
Good thing dem’ trains be runnin’ on time to da’ camps.
Shut up, there was an election to buy.
Its called Cloward and Pivins strategy. It comes from a lefty
strategy out of Harvard in the 60’s. Its to destroy the country by overwhelming it with entitelments.
It’s ok though....they found the money inside a book at a garage sale. And they are not even asking it get paid back in any way shape or form so it’s all good.
Nephew lost his job with a big int’l company the other day.
I made the comment that his parents (both lefties) voted him out of a job.
He didn’t laugh...
The way to handle it is to prepare to NOT be in that soup line.
They don’t have you by the jubblies if you can feed and defend yourself.
“If the rich were paying their fair share, this wouldn’t be a problem.” /Obama voter
Problem is, larger deficits will eventually run smack dab into no or only high rate lending. That will result in either a cold turkey evaporation or overly quick withrdawal or lending. Either will cause significant withdrawal symptoms.
Takers beware, your social security, medicare, medicaid, foodstamps, HUD checks, etc., are only one missed payment by a disfunctional beauracracy away from ending.
$200B deficit in October equals approximately $650 in new debt that every man, woman, and child (rich or not) now owes for government spending beyond its means just during October of 2012. Last years total was around $1.2T, or $4,000 per man, women and child. Before interest...