Federal Government Borrows 46 Cents For Every Dollar It Spends

Debt SinkingWhile President Obama is out campaigning for higher taxes on the rich, which won’t do anything to bring down the national debt, the government is piling on the debt debt by borrowing 46 cents for every dollar it spends.

The federal government borrowed 46 cents of every dollar it has spent so far in fiscal year 2013, which began Oct. 1, according to the latest data the Congressional Budget Office released Friday.

The government notched a $172 billion deficit in November, and is already nearly $300 billion in the hole through the first two months of fiscal year 2013, underscoring just how deep the government’s budget problems are as lawmakers try to negotiate a year-end deal to avoid a budgetary “fiscal cliff.”

Higher spending on mandatory items such as Social Security, Medicare and interest on the debt led the way in boosting spending compared with the previous year, which also highlights the trouble spots Congress and President Obama are struggling to grapple with.