In case you missed it: US posts 19th consecutive monthly deficit
What’s of note in this particular month’s deficit is that April, because it is the month federal income taxes are collected, usually posts a monthly surplus. But not this one:
The United States posted an $82.69 billion deficit in April, nearly four times the $20.91 billion shortfall registered in April 2009 and the largest on record for that month, the Treasury Department said on Wednesday.
As it turns out not the last one either, although it is telling that the deficit for this April was so much larger than last – it simply demonstrates the depth of the unemployment problem.
It was twice as large as it was predicted to be. And I had to laugh at this:
For the first seven months of fiscal 2010, which ends September 30, the cumulative budget deficit totals $799.68 billion, down slightly from $802.3 billion in the comparable period of fiscal 2009.
Outlays during April rose to $327.96 billion from $218.75 billion in March and were up from $287.11 billion in April 2009. It was a record level of outlays for an April.
Department officials noted there were five Fridays in April this year, which helped account for higher outlays since most tax refunds are issued on that day.
Uh, no – there were higher outlays because government is still spending too damn much money. It wouldn’t particularly matter how many “Fridays” there were in a month if the spending was cut, would it?
The U.S. full-year deficit this year is projected at $1.5 trillion on top of a $1.4 trillion shortfall last year.
That PAY-GO thingie is impressive as hell, isn’t it? Aren’t you glad Congressional Democrats reinstituted it?
White House budget director Peter Orszag told Reuters Insider in an interview on Wednesday that the United States must tackle its deficits quickly to avoid the kind of debt crisis that hit Greece.
More lip service from an administration that seemingly equates that with taking action.
You’re in good hands, people.