Outlays for the first two months of fiscal year 2019 were $761 billion, +$115 billion higher than they were during the same period last year CBO estimates.
The federal government ran a deficit of $203 billion in November 2018. The Congressional Budget Office (CBO) estimates that it was only $64 billion more than the deficit in November 2017. Outlays in November were affected by shifts in the timing of federal payments that otherwise would have been due on a weekend. This increased outlays by $45 billion. If not for those calendar quirks, the deficit would have been $158 billion, a whopping $19 billion more than the deficit in November 2017. The actual deficit in October 2018 was $100 billion – in other words double our U.S. non-money.
Not that it matters according to traditional Republican double-speak. Such gigantic deficits are only a problem if they occur when the Democrats are in power. When Republicans cut taxes for the wealthiest and run up huge deficits it’s – don’t laugh – good for the economy. Worse, the federal budget deficit was $303 billion for the first two months of fiscal year 2019, says CBO. That’s $102 billion more than the deficit recorded during the same period last year. Revenues and outlays were higher, by 3% and, ahem, 18%, respectively, than in October and November 2017.
Is the flag is at half mast for the plight of the fading middle class that will pay for the deficit?
Because December 1, 2018, fell on a weekend, this year’s outlays were boosted by the shift of some payments from December to November. Although last year’s outlays for the same period were reduced by a similar amount because of payment shifts from October 2017 into fiscal year 2016. (October 1, 2017, the first day of fiscal year 2017, also fell on a weekend). If not for those timing shifts, outlays and the deficit through November would have been larger last year and smaller this year. Outlays so far this year would have been $27 billion, or +4% larger than those in the same period last year, and the deficit would have risen by $13 billion.
Total Outlays: +18% in the First Two Months of Fiscal Year 2019
Outlays for the first two months of fiscal year 2019 were $761 billion, +$115 billion higher than they were during the same period last year, CBO estimates. If not for the shift of payments from October to September 2018 (which reduced outlays in the first two months of fiscal year 2017) and from December to November 2018 (which increased outlays for the same period in fiscal year 2018) that year-to-year increase would be smaller but still problematic at $27 billion rather than $115 billion.
The largest increases in outlays were:
- Outlays for the largest mandatory spending programs increased by 2%:
- Social Security benefits rose by $8 billion (or 5%). because of increases both in the number of beneficiaries and in the average benefit payment.
- Medicare and Medicaid outlays were about the same as last year.
- Outlays for net interest on the public debt increased by $5 billion (or 8%). because interest rates are substantially higher in 2019 than they were during the same period in 2018 and the amount of federal debt is larger than it was a year ago.
- Spending for military programs of the Department of Defense rose by $9 billion (or 9%) mostly in the area of operation and maintenance.
- Outlays for the Department of Veterans Affairs increased by $5 billion (or 17 %) because of a rise in the number of disability compensation beneficiaries and an increase in the average benefit payment.
The Largest Decreases in Outlays:
- Outlays recorded for the Department of Homeland Security decreased by $7 billion (or 41%) largely because spending for disaster relief was greater than usual (climate denial?) in the fall of 2017.
- Spending by the Department of Agriculture decreased by $4 billion (or 10%) largely because of lower payments to farmers by the Commodity Credit Corporation.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
Making the Budget Deficit Great Again. November at $203 billion. Interest for Debt up $5 Billion
Outlays for the first two months of fiscal year 2019 were $761 billion, +$115 billion higher than they were during the same period last year CBO estimates.
The federal government ran a deficit of $203 billion in November 2018. The Congressional Budget Office (CBO) estimates that it was only $64 billion more than the deficit in November 2017. Outlays in November were affected by shifts in the timing of federal payments that otherwise would have been due on a weekend. This increased outlays by $45 billion. If not for those calendar quirks, the deficit would have been $158 billion, a whopping $19 billion more than the deficit in November 2017. The actual deficit in October 2018 was $100 billion – in other words double our U.S. non-money.
Not that it matters according to traditional Republican double-speak. Such gigantic deficits are only a problem if they occur when the Democrats are in power. When Republicans cut taxes for the wealthiest and run up huge deficits it’s – don’t laugh – good for the economy. Worse, the federal budget deficit was $303 billion for the first two months of fiscal year 2019, says CBO. That’s $102 billion more than the deficit recorded during the same period last year. Revenues and outlays were higher, by 3% and, ahem, 18%, respectively, than in October and November 2017.
Is the flag is at half mast for the plight of the fading middle class that will pay for the deficit?
Because December 1, 2018, fell on a weekend, this year’s outlays were boosted by the shift of some payments from December to November. Although last year’s outlays for the same period were reduced by a similar amount because of payment shifts from October 2017 into fiscal year 2016. (October 1, 2017, the first day of fiscal year 2017, also fell on a weekend). If not for those timing shifts, outlays and the deficit through November would have been larger last year and smaller this year. Outlays so far this year would have been $27 billion, or +4% larger than those in the same period last year, and the deficit would have risen by $13 billion.
Total Outlays: +18% in the First Two Months of Fiscal Year 2019
Outlays for the first two months of fiscal year 2019 were $761 billion, +$115 billion higher than they were during the same period last year, CBO estimates. If not for the shift of payments from October to September 2018 (which reduced outlays in the first two months of fiscal year 2017) and from December to November 2018 (which increased outlays for the same period in fiscal year 2018) that year-to-year increase would be smaller but still problematic at $27 billion rather than $115 billion.
The largest increases in outlays were:
The Largest Decreases in Outlays:
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn. He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe. Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap. AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks. Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.