Federal Budget Deficit 24% Higher Over Same Time Period Last Year

By on December 7, 2012 in Current Events with 14 Comments

According to the CBO’s latest monthly budget review, the federal budget deficit was $292 billion for the first two months of FY 2013, a 24% increase over the same time period last year.

The U.S. Treasury reported a deficit of $120 billion for October and $172 billion in November. The deficit in November is about $35 billion (or roughly 26%) more than last November’s deficit.

The CBO noted that for the first 2 months of FY 2013, revenues rose by $30 billion, but outlays increased by $87 billion, indicating an ongoing steady increase in spending. Most of the gains in revenues came from increases in net receipts from individual and payroll taxes which were up 8%.

However, expenditures for each of the three main entitlement programs were higher than the same period last year accounting for the growing increase in spending. Social Security benefits increased the most; expenditures for it are up $8 billion or 7%; Medicare rose $6 billion or 8%, and Medicaid rose $4 billion or 9%.

A recent GAO report stated that the federal government is on an unsustainable long-term fiscal path, due primarily to the entitlement programs cited in the CBO’s monthly report.

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Ian Smith is one of the co-founders of FedSmith.com. He enjoys writing about current topics that affect the federal workforce. Ian also has a background in web development and does the technical work for the FedSmith.com web site and its sibling sites.

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  1. Lclon says:

    These two wars contributed to a large percentage of the deficit. With the complete ending of both wars will reduce it some.
    Fixing the tax codes and cutting out tax loop holes for big companies, cutting out medicare fraud, and cutting out unnecessary pet projects will also reduce the defit.  Also creating jobs will reduce the deficit because employees will be paying taxes that will go into the treasury budget.  If congress will work together in getting the deficit reduced, this country will be in a better place.  Playing politic when making decisions or voting rather than being concerned about the health of the country economy is ridiculous and foolish.

  2. NP says:

    Sign and share the petition to mandate a balanced federal budget:

    https://petitions.whitehouse.g

  3. Mike says:

    The CBO blames Social Security, Medicare and Medicade.  Other blame federal employees and thier FAT pay and FAT benefits.  Everybody blames and never comes up with good, concrete solutions.  It always someone else’s fault.   Its time to stop making blanket accusations and look at each of the programs and what is really being spent on and who it is being spent on.  How many “entitled” citizens are drawing from those programs and have never paid a penny in to any of them??  SS definitely needs some rework, but it doesn’t need or shouldn’t be a pot that anyone (including our polititions) can draw freely from.  Those who have worked and paid into the program for years should be the prime recpients. 

  4. DON_Supervisor says:

    If the out of control spending is going to continue then everybody will have to pay more taxes.  0bama start’s with the Top 2% but if you think it is going to stop there you are delusional.  I despise Howard Dean but he said taxes on everybody is going to have to go up.  Taxes on the Top 2% won’t amount to a hill of beans.  0bama will have the debt up to over $20T by the time he leaves in 4 years.  It’s all part of his social justice scheme.

  5. Badfed says:

    It’s Bush’s fault

    • D Byte says:

      Yes, there was no better plan than to invest in the destruction of the viability of the SSA and all other retirement trusts by giving unfunded tax cuts.  After all, our biggest donors get what they want and some extra cash!  Then when the money’s gone we ask to reduce those nasty entitlement programs.

  6. wombat1951 says:

    For the entire year of FY07, the deficit was “only” $166B.   Now we exceed that in a month.
    :
    The annual “take” from Obama’s tax the rich demands are estimated to be around $70B.   Or not even one half of the deficit for just this past November.
    :
    It’s the spending, folks.   The spending.

    • Realistic says:

      Until people wake up and smell the hypocrisy that forms the basis of the democratic party, nothing is going to change and we will bankrupt ourselves from the inside out. Democrats say they are for the poor but their policies hurt the very people they say they are championing. As examples 1) they promote green energy without having the technology in place to support such technology which demands huge subsidies and results in increased energy and food prices which hurt the….you guessed it…the very people they claim to be supporting…the poor 2) they promote unionization of unskilled labor such as Wallmart when most employees I know that work there are happy with current conditions for no other reason but to provide for campaign contributors (union bosses) which again would raise prices and hurt….you guessed it….the poor the most. Not only does this hypocrisy hurt the very people they claim to support, it is also contributing to our future demise if not corrected in timely manner. Although most would agree that republicans promote agendas which favor the wealthy, most would also agree that they openly and forthcoming about their agenda. On the other hand, the same can not be said about the hypocratic democrat machine. Hypocrisy at it’s best at the behest of the nation.

  7. HRguru says:

    But it was the wars, or something.

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