By Peter Schroeder -The Hill
The federal government’s deficit continues to grow, according to the latest numbers from the nonpartisan Congressional Budget Office (CBO).
The government is expected to run a deficit of $830 billion in the first six months of fiscal 2011, a $113 billion increase from the same period last year, the CBO reported Thursday.
The latest numbers could serve as fresh ammunition for Congressional Republicans caught in a fight over government spending with their Democratic counterparts. Lawmakers are currently haggling over both a short-term spending package to avert a government shutdown and a longer-term budget proposal for fiscal 2012. And indications the deficit is still on the rise could bolster arguments to make major spending cuts.
The CBO reported that both government spending and revenue collection were up in 2011 when compared to 2010, by 11 percent and 7 percent, respectively.
In March alone, the federal deficit stood at $189 billion, which is $124 billion more than the same month last year.
The organization’s data shows government spending rising in nearly every major category. Spending on defense, Social Security, Medicare and Medicaid were up in preliminary fiscal 2011 numbers when compared to 2010, as CBO estimated government outlays were up $179 billion in the first six months of fiscal 2011. Spending dropped 22 percent on unemployment benefits over that same period.
Government revenues were also slightly up over that time frame, growing 6.9 percent or $66 billion. However, receipts in March were down about $3 billion when compared to March 2010, driven by declines in individual income as well as payroll, estate and gift taxes.
TO read more, visit:Â http://thehill.com/blogs/on-the-money/budget/154645-cbo-deficit-on-the-rise
Don’t let the MSM censor your news as America becomes Great Again. Over 500,000 Americans receive our daily dose of life, liberty and pursuit of happiness along with Breaking News direct to their inbox—and you can too. Sign up to receive news and views from The 1776Coalition!
We know how important your privacy is and your information is SAFE with us. We’ll never sell
your email address and you can unsubscribe at any time directly from your inbox.