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CHART BOOK INDEX Fiscal Policy Outlook: August, FY2019 Snapshot 2018: $779 Billion Deficit Higher Than Average Spending And (Eventually) Taxation Mandatory Spending Crowds Out The Budget Major Components Of Mandatory Spending Entitlements And Interest Is Squeezing Other Priorities Mandatory Spending Is Bad: Interest Is Even Worse The U.S. Is Borrowing To Pay Interest Costs The U.S. Runs A Structural Primary Deficit Debt Ultimately On An Upward Trajectory Debt Ultimately Approaches 1.5 Times The Size Of The Economy What Drives Our Debt? Congressional Budget Process Timetable SHARE CHART BOOK Read more: https://www.americanactionforum.org/chartbook/budget-chart-book-fy2019-q4/#ixzz5ygwA6HrG Follow us: @AAF on Twitter

Illinois has redefined what it means to have a late budget. Other states have gone several months without a spending plan before, and Illinois has had prior delays that caused great anxiety. But going an entire fiscal year without a full budget? It’s the only time in post-World War II history it’s happened in the country. “Late budgets will have a new meaning after you guys are done,” said Arturo Perez, a fiscal analyst with the National Conference of State Legislatures who has researched past overdue budgets nationally. …

Happy New Year! But leave the hats and horns in the closet. There's nothing to celebrate. Today marks the start of the 2010 federal fiscal year. The only thing good about it is that FY'09 is finally over. It was the fiscal year in which the U.S. suffered the worst economic downturn since the Great Depression and government numbers reflected that. It was as if a fiscal tsunami struck and flooded the nation with red ink. By the time the final numbers are in for the fiscal year just ended, the federal deficit will have hit an all-time high in...

State Controller John Chiang delivered more grim evidence of the state's budget meltdown Thursday. Chiang's office released cash figures showing that California overspent by $3.9 billion in the fiscal year just ended. General fund expenditures for the 2007-08 fiscal year that ended June 30 totaled $107.3 billion, while total receipts were $103.4 billion. Receipts would have been even lower had the governor and Legislature not borrowed $3.3 billion earlier this year. "Without counting bond proceeds, the gap between last year's revenues and expenditures was more than $7 billion," Chiang said in a statement. "Without a spending plan in place, the...

WASHINGTON – The Treasury Department says the federal deficit swelled to $263.3 billion in the first five months of this budget year as record spending during the period outpaced record revenues. The department's latest snapshot of the government's balance sheets, released Wednesday, shows that the deficit for the budget year that began Oct. 1 was up a whopping 62 percent from the red ink of $162.2 billion for the corresponding five-month period last year. The latest year-to-date budget deficit of $263.3 billion was an all-time high, the government said. Spending totaled a record $1.23 trillion, while revenues totaled $967.2 billion,...

SACRAMENTO (AP) - California was on the brink of entering the new fiscal year without a state budget for the fifth time in a row after lawmakers deadlocked Thursday over a tiny fraction of spending in a plan likely to exceed $115 billion next year. The Assembly adjourned for the holiday with plans for party leaders to work on a compromise over the weekend with Gov. Arnold Schwarzenegger, but senators were called back into session late Thursday for a possible vote on a Democratic budget plan. Senate President Pro Tem Don Perata, D-Oakland, said he would keep members in session...