CBO: Feds Borrowing $4.8 billion Per Day in FY 2013, So Far

December 7, 2012 - 3:52 PM
Budget Deficit

This Tuesday, Nov. 13, 2012, photo shows the Capital building in Washington. (AP Photo/J. Scott Applewhite)

(CNSNews.com) – The federal government ran a deficit of $292 billion for the first two months of fiscal year 2013 – October and November 2012 – amounting to $4.8 billion of borrowed money each day.

“The federal budget deficit was $292 billion for the first two months of fiscal year 2013, $57 billion more than the shortfall recorded in October and November of last year,” CBO said in its Monthly Budget Review Friday.

This means that the government borrowed $4.8 billion for each calendar day so far in 2013. If the Treasury Department restricted its borrowing to only weekdays, its per day average would jump to $6.5 billion per day thus far in fiscal year 2013.

CBO reported that federal revenues rose by $30 billion – a 10 percent increase over last year, but spending increased more, going up by $87 billion or 16 percent.

Overall, the two-month deficit figure was $57 billion higher than the October-November 2012 deficit.

CBO reported that shifts in when the government made certain payments accounted for some of the increase in spending.

Spending on Medicare, Medicaid, and Social Security were about seven percent higher -- $8 billion than last year. Had these shifts in the timing of government spending not occurred, the two-month deficit figure would have been $8 billion lower than last year’s figure – about $227 billion.