CBO and OMB Agree: Federal Spending Will Top $4T for First Time This Year

CNSNEWS.Com ^ | July 6, 2017 | Terence P. Jeffrey

[BradtotheBone]

(CNSNews.com) - Both the Congressional Budget Office and the White House Office of Management and Budget project that federal spending will top $4 trillion for the first time in fiscal 2017, which began on Oct. 1, 2016 and will end on Sept. 30.

In its “Update to the Budget and Economic Outlook: 2017 to 2027” published last week, CBO projected that total federal spending in fiscal 2017 will hit $4,008,000,000,000.

That is up from the approximately $3,853,000,000,000 that CBO and OMB say the federal government spent in fiscal 2016.

In President Donald Trump’s fiscal 2018 budget proposal, the OMB estimates that federal spending in fiscal 2017 will hit $4,062,000,000,000.

The $4,008,000,000,000 the CBO estimates the federal government will spend this fiscal year equals $33,805 for each of the 118,562,000 households the Census Bureau estimated were in the United States as of March.

[BradtotheBone]

33,805 in annual spending for each household!!! This has got to stop!!!

[mewzilla]

=8-0

[rdcbn]

The federal Budget for 2016 was $3,853,000,000,000 and total tax receipts were a record 2,909,000,000,000 for just under a trillion dollar a year deficit.

[mountn man]

How much of the added $209 Billion is added interest payments and federal pensions, plus SS AND increased Medicare/Medicaid for people avoiding Obamacare?

[Boomer]

It’s the debt that concerns me. At some point we won’t own America any longer.

[Avalon Memories]

And yet to hear most politicians tell it, that amount is still not enough. How we stop it, I don’t know, because not a single politician of any persuasion is serious about reducing spending. President Trump is, but I don’t consider him a politician in the traditional sense. So thankfully his administration is cutting back where it can.

[SaveFerris]

[At some point we won’t own America any longer]



"And my idiot supporters helped me make it possible, as I fed them the lies of homosexual perversion, transgender bathrooms, taxpayer-funded "healthcare" with death panels, and, of course, the ever-popular "Global Warming". Thanks, my little useful idiot SJW's."

[Major Matt Mason]

There is no way that we can continue to spend $4 trillion+ per year. It was not that long ago that we were spending less than $2 trillion, and even that was a ridiculous amount.

[NormsRevenge]

Madne$$ UNleashed.. ala Gangnam CONgre$$ style