Monthly Federal Expenditures Topped $1 Trillion in February, Says U.S. Treasury

March 4, 2011 08:04


(CNSNews.com) – Monthly federal expenditures topped $1 trillion in February, says the U.S. Treasury Department. A majority of this money was disbursed to meet the government’s escalating debt obligations.

By Terence P. Jeffrey at CNSNews.com


EXCERPTS:

Although the budget documents that were released by the White House last month estimated that the federal government would bring in $2.174 trillion in revenue this fiscal year and spend $3.819 trillion—running an annual deficit of $1.645 trillion—these calculations cloaked the biggest factor in actual federal spending: maintaining the government’s massive and constantly churning debt load.

In February, in fact, according to the Treasury Department’s Daily Treasury Statement, the government needed to spend $585.08 billion from its cash accounts to just pay off the holders of Treasury securities that matured during the month and were redeemed.

A review of the Treasury Department’s Daily Treasury Statements for the past decade indicates that October 2008 was the first time the Treasury ever disbursed more than $1 trillion in a single month. In that month, total federal expenditures were $1.069960 trillion—sharply up from $748.106 billion in September of 2008.

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