Home > posts > CBO: U.S. is Still Broke
December 4th, 2009 5:22 pm
CBO: U.S. is Still Broke
Posted by Print

No surprises here … the U.S. spends more money than it collects.  The Congressional Budget Office (CBO) just released its monthly budget review and it’s not pretty.

Through the first two months of FY 2010, the federal deficit is already $292 billion.  For perspective (based on my shoddy math skills), if you placed that money ($1 bills) end-to-end, it would stretch from the Earth to the Moon 115 times (placed end-to-end the deficit is over 27 million miles and the distance from the Earth to the Moon is only 238,857 miles).

That’s a long sad debt train.  In addition, that debt train could also carry you to Venus, which is only 23.7 million miles from Earth (at its closest).

This would be a big deficit for a single year, but unfortunately the government has ten more months of taxing and spending left.  Year-to-date, this deficit figure is $11 billion more than the shortfall from last year.  Not good.

The deficit from the month of October alone was $176 billion.  The CBO projects another $115 billion deficit for December.

As the report noted, “Excluding outlays for the TARP and net cash infusions for Fannie Mae and Freddie Mac, however, spending in 2010 rose by $51 billion (or 10 percent).”

Sooner or later, 269 people (218 in the House and 51 in the Senate) will be elected to Congress who actually care about reducing spending and cutting the deficit.

Comments are closed.