Great news: October deficit higher than October 2011

posted at 8:51 am on November 14, 2012 by Ed Morrissey

The official CBO estimate of the federal deficit for FY2012, which concluded on September 30th, came to $1.1 trillion.  That represented a $200 billion improvement over FY2011, helped along by an estimated $75 billion surplus in September 2012 to finish off the fiscal year on a positive note.  That positive note came after an August deficit of $191 billion, though, and the average deficits for FY2012 came to nearly $100 billion a month.

So far, FY2013 is off to a worse start — and even worse than last year’s start:

The budget deficit rose in October, the first month of fiscal year 2013, as looming negotiations over expiring tax cuts and imminent spending reductions dominated the post-election political landscape.

The Treasury said on Tuesday the October deficit was $120 billion, larger than economist forecasts for a $114 billion gap and up from $98 billion in October of 2011.

The White House can’t blame a decline in tax revenues, either.  This comes from a 16% increase in federal spending in October 2012 over October 2011 even while tax revenues increased by nearly 13%:

Growth in expenditures outpaced rising receipts, deepening the deficit. Outlays grew to $304 billion from around $262 billion in the same month last year while receipts rose to $184 billion from $163 billion.

The Obama administration estimated that the FY2013 budget deficit would stay below a trillion dollars for the first time in Obama’s presidency.  At this rate, though, we are on pace for a $1.2 trillion deficit, more than 20% higher than the OMB’s August 2012 projection of the FY2013 deficit at $991 billion, and 25% higher than their earlier projection of $901 billion.

This news comes in the context of budget negotiations as the fiscal cliff arrives.  Barack Obama wants to postpone spending cuts while attempting to wring $1.6 trillion in tax hikes over ten years to close the gap.  But $1.6 trillion over ten years comes to an addition of roughly $13.34 billion a month in higher tax revenues during that period.  We added more than 150% of that amount of tax revenue last month over the same month the year before, and the deficit went up, not down.  This isn’t a revenue problem — it’s a spending problem.


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Obama’s economy.

Own it.

tom daschle concerned on November 14, 2012 at 8:53 AM

“We gotta keep obama in president … you know … he give us a phone … he gonna do more!”

Pork-Chop on November 14, 2012 at 8:56 AM

How do we get a “budget deficit” when we haven’t had an actual budget in years?

HotAirian on November 14, 2012 at 8:56 AM

Good times man, good times.

VegasRick on November 14, 2012 at 8:57 AM

So what – who cares – it’s only numbers.

It’s not like, it will like, effect anyone except like, rich azzholes.

/typical obama voter

tru2tx on November 14, 2012 at 8:58 AM

I believe that AmeriKa needs to burn to the ground so that a new and revived USA will rise from the ashes. The good part is that the democrats would not make it.

royzer on November 14, 2012 at 8:59 AM

Republic of Texas baby, Republic of Texas.

WordsMatter on November 14, 2012 at 8:59 AM

This wont be asked at the Presser today

Blame gop will be his mantra along with i won

cmsinaz on November 14, 2012 at 8:59 AM

“We gotta keep obama in president … you know … he give us a phone … he gonna do more!”

Pork-Chop on November 14, 2012 at 8:56 AM


Yikes

HotAirian on November 14, 2012 at 8:59 AM

This isn’t a revenue problem — it’s a spending problem.

But how does the GOP get all the greedy selfish takers to understand that? All the rat-eared wonder talks about is raising taxes on the rich. He and his entire filthy party has offered nothing else in the way to avoid the fiscal cliff. Yet they seem to be avoiding all blame of partisanship.

This is why I think we need to go over that fiscal cliff. The takers need to miss a few government checks, a few meals, and running out of minutes on their Obamaphones before they realize that we need entitlement reform and not just adding to the makers who are subsidizing all the welfare of these greedy stupid people.

Happy Nomad on November 14, 2012 at 8:59 AM

happy days are here again.

gerrym51 on November 14, 2012 at 8:59 AM

Postpone spending cuts…..means never gonna happen
once again the dems want their stuff now and the gop stuff will come later *wink wink*

Cave…. cripe

cmsinaz on November 14, 2012 at 9:02 AM

I think this last election is basically irrelevant in that this poor sick Republic will soon be totally broke with no recourse other than printing worthless money.

rplat on November 14, 2012 at 9:02 AM

I don’t care…
Obama is awesome.

Electrongod on November 14, 2012 at 9:02 AM

breaking

petraeus to testify

blatantblue on November 14, 2012 at 9:03 AM

This isn’t going to take very long.

bitsy on November 14, 2012 at 9:04 AM

Whatevs. Gimme my stuff.

forest on November 14, 2012 at 9:05 AM

IF the GOP rolls over in the upcoming negotiations I will be jumping on the L.i.b. bandwagon. I have heard Harry Reid wants to raise the Debit limit up past 18tillion. I can hear the MSM Obama Success Story. By solving the deficit problem we only had to raise the debt ceiling by 2 trillion dollars (instead of 2.1trillion) I think a good local visual protest would be for fifteen people dressed in black, each holding a 2×3 poster board with the numbers $18000000000000 printed on it. This debt and the 6000 new regulations in 120 days is going to take us to our knees. I am not even considering Obamacare.

Whiterock on November 14, 2012 at 9:05 AM

in related news: Paul Krugman wakes up with a massive b0ner

Slade73 on November 14, 2012 at 9:07 AM

Second look at $ecession?

stackedeck on November 14, 2012 at 9:07 AM

This isn’t going to take very long.

bitsy on November 14, 2012 at 9:04 AM

From bondage to spiritual faith;
From spiritual faith to great courage;
From courage to liberty;
From liberty to abundance;
From abundance to complacency;
From complacency to apathy;
From apathy to dependence;
From dependence back into bondage.

236 years for most of the process. I think 4 – 6 years to complete the cycle.

VegasRick on November 14, 2012 at 9:08 AM

Ridiculous. Recall that Bush’s deficit for all of 2006(the year before the Dems retook Congress) was $162 billion, 33% more than what we just incurred IN ONE FREAKING MONTH! No way in hell do we make it through the next 4 years without this entire thing collapsing.

Doughboy on November 14, 2012 at 9:08 AM

When we go over the cliff, the repubs will catch the blame for it. That’s how this works. I’m sure the prezzy will address this issue in his presser today, along with coming clean on F&F and Benghazi. A girl can dream, right?

Kissmygrits on November 14, 2012 at 9:09 AM

Second look at $ecession?

stackedeck on November 14, 2012 at 9:07 AM

Doesn’t matter.

Californians will still pour into my state and then vote for free sh1t.

Electrongod on November 14, 2012 at 9:10 AM

“Who cares about the deficit?”

“Big Bird keeps his funding and Romney can’t starve the 47% to death while banning abortion and giving laid-off workers cancer.”

–the American electorate

MidniteRambler on November 14, 2012 at 9:11 AM

A girl can dream, right?

Kissmygrits on November 14, 2012 at 9:09 AM

A girl can vote for lady parts. That is all.

Slade73 on November 14, 2012 at 9:11 AM

A girl can dream, right?

Kissmygrits on November 14, 2012 at 9:09 AM

:)

As long as you do it in the “Draft” folder…
dreams do come true.

Electrongod on November 14, 2012 at 9:12 AM

fug it who cares

p0s3r on November 14, 2012 at 9:12 AM

But if we tax the rich can uh, well, pay for 2 weeks of deficit spending.

gwelf on November 14, 2012 at 9:12 AM

Second look at $ecession?

stackedeck on November 14, 2012 at 9:07 AM

Apparently Drudge is looking at it if his headline is any indication. It’s a subject people shouldn’t treat lightly cuz any scenario where this country goes down a road like that would not be a peaceful one. Hopefully when this economy does crash, enough Americans can band together to rebuild it. No doubt the more fiscally conservative and responsible states will have to take the lead.

Doughboy on November 14, 2012 at 9:15 AM

Faster, please.

And more cowbell!

(Can we throw in a Humpbot?)

Kraken on November 14, 2012 at 9:18 AM

The White House can’t blame a decline in tax revenues, either. This comes from a 16% increase in federal spending in October 2012 over October 2011 even while tax revenues increased by nearly 13%:

Growth in expenditures outpaced rising receipts, deepening the deficit. Outlays grew to $304 billion from around $262 billion in the same month last year while receipts rose to $184 billion from $163 billion.

That $184 billion is a new October record, outstripping the $178 billion seiz…er, taken in by the federal government in October 2007.

On the deficit side, it’s the 4th-highest October deficit in history, with 2008, 2009 and 2010 topping the October 2012 deficit.

Steve Eggleston on November 14, 2012 at 9:18 AM

And yet Teh SCOAMF wants an effective 50% top marginal tax rate.

Steve Eggleston on November 14, 2012 at 9:19 AM

Who cares?

Give me my Obama-Phone. Oh, and Romney Sucks.

sentinelrules on November 14, 2012 at 9:19 AM

Electrongod, you in OR or WA?
’cause that is what is happening up here.
V.A.T here we come. It’s the easy way out you know.
I hear Gore is pushing the Carbon Tax again.
If we only had a Speaker of the House that would fight to stop this now. I have a feeling they just want to do “something” and then “home for the holidays”.
Hey newsflash Johnny B, (friend of Johnny W Black) all of the House seats were up for grabs, and the GOP won the Majority of them. Turn around, put the ball back on the field and start playing like a winner. Geesh … sick of all this …
Been a bad week for Liberty and Freedom. Good week for reading Democracy in America.

Whiterock on November 14, 2012 at 9:20 AM

haha

you can’t say $ecession

HA is really sucking – Amnesty for all, and to the GOP an good night

Slade73 on November 14, 2012 at 9:22 AM

Texas had 80000 sigs on their $ECESSION petition last I checked.

Slade73 on November 14, 2012 at 9:24 AM

HA is really sucking – Amnesty for all, and to the GOP America a good night

fify

Whiterock on November 14, 2012 at 9:25 AM

Is $ecession a bad word or something? Does it scare HA?

stackedeck on November 14, 2012 at 9:31 AM

This isn’t going to take very long.

bitsy on November 14, 2012 at 9:04 AM

No, it won’t. Math is hard, but they can’t actually do math in DC they just pretend on TV.

Ratchet up taxes and all the “makers” will go Galt. They will quit. You doubt me? It’s happened before.

In Massachusetts and in Texas. Two experiments in socialism failed when the takers took and took and took. The folks doing the work saw the layabout parasites living off of their labor and said, “No.”

Those who refuse to learn from history and all that.

dogsoldier on November 14, 2012 at 9:37 AM

stackedeck on November 14, 2012 at 9:31 AM

They don’t want to discuss that here. Please, respect that.

dogsoldier on November 14, 2012 at 9:38 AM

And yet Teh SCOAMF wants an effective 50% top marginal tax rate.

Steve Eggleston on November 14, 2012 at 9:19 AM

Which will have some unexpected results. The demwits can’t seem to grasp and are always surprised at the results of their actions.

dogsoldier on November 14, 2012 at 9:39 AM

Electrongod, you in OR or WA?

Whiterock on November 14, 2012 at 9:20 AM

Idaho..
But the same is happening in my home state of Montana..

Electrongod on November 14, 2012 at 9:40 AM

Which will have some unexpected results. The demwits can’t seem to grasp and are always surprised at the results of their actions.

dogsoldier on November 14, 2012 at 9:39 AM

I think you misspelled (un)expected.

Steve Eggleston on November 14, 2012 at 9:45 AM

The more we give, the more they spend. Go figure.

But it’s Bush’s fault anyway. Just ask any lemming.

GarandFan on November 14, 2012 at 9:45 AM

We are out of Iraq but we are spending more?

maddmatt on November 14, 2012 at 9:46 AM

Learn to embrace thesuck!

All Hail the Messiah

dmann on November 14, 2012 at 9:47 AM

They don’t want to discuss that here. Please, respect that.

dogsoldier on November 14, 2012 at 9:38 AM

That leaves the question why they refuse to discuss it. When it was just Texas that was one thing but all 50 states have active petitions now. If anything that points out that the rat-eared wonder did not get a mandate on November 6th and that we are truly a divided country. Both of these conclusions were threads last week.

This week it has been nothing but speculation about the sex life fo flag officers and cheerleading for amnesty for millions of illegals and caving over tax hikes. It is as if the DNC/RINO class has taken over HA.

Happy Nomad on November 14, 2012 at 9:48 AM

But how does the GOP get all the greedy selfish takers to understand that?

Happy Nomad on November 14, 2012 at 8:59 AM

Apparently by caving on immigration, abortion, religion, guns, taxes, freedom, liberty…you know, those old tropes.

catmman on November 14, 2012 at 9:51 AM

They don’t want to discuss that here. Please, respect that.

dogsoldier on November 14, 2012 at 9:38 AM

*If we ignore it, maybe it will go away*

stackedeck on November 14, 2012 at 9:54 AM

50 states have active petitions now.

Happy Nomad on November 14, 2012 at 9:48 AM

OK, the States do not have petitions for secession.

People from 50 states have started petitions, not the States. These are individuals acting independently.

I know to the MSM its a distinction without a difference, but we need to be precise in our words when discussing the topic – which is OT anyway, so…

Back to the subject at hand.

catmman on November 14, 2012 at 9:56 AM

Obama voter, “I want Obama to finish what he started.”

conservative pilgrim on November 14, 2012 at 10:03 AM

Thursday, 9 August 2012 to Friday, 9 November 2012, the national debt increased by $328,894,249,547.79 ($328.9 BILLION).

That’s 13 weeks or $25,299,557,657.52 ($25.3 BILLION) per week.

That’s 93 days or $3,536,497,306.97 ($3.5 BILLION) per day.

That’s 2,232 hours or $147,354,054.46 ($147.4 MILLION) per hour.

That’s 133,920 minutes or $2,455,900.91 ($2.5 MILLION) per minute.

That’s 8,035,200 seconds or $40,931.68 per second.

To put that into perspective and assuming no behavioural changes, increases in debt services, and increases in government spending (IOW, completely unrealistic assumptions):

Increasing the 25/28/33/35 tax brackets to 28/31/36/39.6 will raise:

FY2013: $40 billion or 11.43 days of government funding.

FY2013-2014: $95 billion or 27.14 days of government funding.

FY2013-2022: $730 billion or 208.57 days of government funding.

Go ahead and raise taxes on the “evil rich,” if it will make you feel better. I just don’t care anymore. Any revenue impact will be negligible, but the costs to employees will be painful. The country has a SPENDING problem. Period. Story. End of.

As for the GOP, it should either go off the fiscal cliff or give Obama everything that he wants and every hour of every day for the next 4 years remind the country that Obama and Democrats OWN the new recession. Republicans warned about, predicted the failure of and voted against the Supercalifragilisticexpialidocious Stimulus Act of 2009 en masse and en banc. It did fail and the majority of Americans continue to believe that it failed; hence, the banishment of the very word and the new hotness of “investments.” No “compromises.” Don’t put your name on anything.

As for the conservatives, who stayed home last week, you have forfeited your right to complain. Just STFU, already!

As for my fellow libertarians, who voted for that winnah, Gary Johnson, congratulations on your meaningless protest vote. Light up a doobie, bro, and tune into Alex Jones. I think he’ll be talking about transhumanism and Rick Perry’s plot to takeover the world today. You’re idiots.

As for my fellow Americans, who voted for the vulgar, hateful, ignorant, and irresponsible child in the White House, “[I] ask not your counsels or your arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that you were [my] countrymen.”

Resist We Much on November 14, 2012 at 10:07 AM

Apparently by caving on immigration, abortion, religion, guns, taxes, freedom, liberty…you know, those old tropes.

catmman on November 14, 2012 at 9:51 AM

So in other words, the GOP needs to act like a battered wife. For example…If we only agree to amnesty the Hispanics will love us. Or, it really is our fault we lost since we didn’t agree to federal funding of abortion.

In short, I’ve pretty much had it after a week of so-called Republicans lecturing us that we need to abandon principle and give away the store in order to be liked by the takers out there responding to free stuff from a rat-eared Oprah (or Santa).

Happy Nomad on November 14, 2012 at 10:09 AM

Michael Ramirez nailed it on Monday…

http://www.investors.com/editorial-cartoons/michael-ramirez/633207-barack-obama-election-2012-free-stuff

Common Sense Floridian on November 14, 2012 at 10:10 AM

The Democrats’ plan is coming together beautifully.

The Cloward – Piven plan, that is.

UltimateBob on November 14, 2012 at 10:10 AM

How do we get a “budget deficit” when we haven’t had an actual budget in years?

HotAirian on November 14, 2012 at 8:56 AM

I guess the CBO is just looking at how much we spend vs. how much we collect in revenues.

UltimateBob on November 14, 2012 at 10:11 AM

Not to worry, Bark has the unions and “labor fairness advocates” at the White House to hammer-out some plans to make everything right again.

Best and Brightest working on our behalf, yessir.

Bishop on November 14, 2012 at 10:21 AM

“President Obama won because he promised to steal more things from the people who didn’t vote for him …

…. and give what he stole to the people who did vote for him.”

Peter Schiff

How Barack Obama Secured the Most Important Voting Demographic: The Idiots
http://www.youtube.com/watch?v=dz7boAzeV7s&feature=player_detailpage

Galt2009 on November 14, 2012 at 10:22 AM

Oh. /forehead slap

That’s red ink in the picture, not blood.

Works either way.

ElectricPhase on November 14, 2012 at 10:27 AM

The demwits can’t seem to grasp and are always surprised at the results of their actions.

dogsoldier on November 14, 2012 at 9:39 AM

Example going on right now: twitter is aflitter with knuckleheads calling on boycotting business that HAVE TO lay off people (a lot of them who are screeching) or cut hours because of Obamacare. Boycotts will ruin already hurting businesses.

Can’t connect the dots in a child’s game.

tru2tx on November 14, 2012 at 10:31 AM

The Obama administration estimated that the FY2013 budget deficit would stay below a trillion dollars for the first time in Obama’s presidency.

What’s this “budget” thingy you keep talking about?

LoganSix on November 14, 2012 at 10:31 AM

What’s this “budget” thingy you keep talking about?

LoganSix on November 14, 2012 at 10:31 AM

An unproven theory like Bigfoot or unicorns.

Happy Nomad on November 14, 2012 at 10:34 AM

Is $ecession a bad word or something? Does it scare HA?

stackedeck on November 14, 2012 at 9:31 AM

Ed will warn you, then ban you for bringing it up. I was already warned when I just tried to link to an article about the petitions.

dominigan on November 14, 2012 at 10:39 AM

I think you misspelled (un)expected.

Steve Eggleston on November 14, 2012 at 9:45 AM

We expect it. They don’t. They seem to think people will keep on earning and slaving for them no matter how much of their money is stolen from them.

Look how surprised they are that people are fleeing France. All over the EU they are freaking out over “deposit flight.” Do you think the surprise is genuine?

I do. Dems work on feelings, not facts.

dogsoldier on November 14, 2012 at 10:54 AM

When record revenue results in a deficit, more revenue will not help.If spending is unchecked, no amount a revenue will cover the deficit. EVER !

Jabberwock on November 14, 2012 at 10:57 AM

Example going on right now: twitter is aflitter with knuckleheads calling on boycotting business that HAVE TO lay off people (a lot of them who are screeching) or cut hours because of Obamacare. Boycotts will ruin already hurting businesses.

Can’t connect the dots in a child’s game.

tru2tx on November 14, 2012 at 10:31 AM

Their boycotts will fail. BTW Please everyone support your local Applebees. They really support Veterans and Active Military.

This past Sunday, they fed us.

dogsoldier on November 14, 2012 at 10:58 AM

Example going on right now: twitter is aflitter with knuckleheads calling on boycotting business that HAVE TO lay off people (a lot of them who are screeching) or cut hours because of Obamacare. Boycotts will ruin already hurting businesses.

Can’t connect the dots in a child’s game.

tru2tx on November 14, 2012 at 10:31 AM

Since “They” didn’t build it, they have no hesitatation to tear it down.

Jabberwock on November 14, 2012 at 11:17 AM

Get ready for four more of the same yearly trends.

jake49 on November 14, 2012 at 11:28 AM

At the end of Obama’s eight years in office, he will have increased the debt roughly 10 trillion dollars. If we were to save at a rate of one million dollars a day, it would take over 27,400 years to save 10 trillion dollars.

STL_Vet on November 14, 2012 at 11:32 AM

At the end of Obama’s eight years in office, he will have increased the debt roughly 10 trillion dollars. If we were to save at a rate of one million dollars a day, it would take over 27,400 years to save 10 trillion dollars.

STL_Vet on November 14, 2012 at 11:32 AM

I’ve got it at $12 trillion, but who’s counting? Monty Brewster couldn’t spend the cash fast enough.

Steve Eggleston on November 14, 2012 at 11:37 AM

Monty Brewster couldn’t spend the cash fast enough.

Steve Eggleston on November 14, 2012 at 11:37 AM

And, about half of the country has now “progressed” to the “Teddy Brewster” stage. Soon, they’ll be charging San Juan Hill staircases and digging “locks for the Panama Canal” in basements.

They’ve gone stark, raving, batshyt, crazy mad.

Resist We Much on November 14, 2012 at 11:51 AM

The low information voter that is the Democrat and liberal decided they couldn’t get enough of Jersey Shore and still enthralled with Obama and couldn’t be bothered with having to realize the danger this country is in. They voted for him, they own the result.

TulsAmerican on November 14, 2012 at 1:27 PM

Unexepectedly?

ShainS on November 14, 2012 at 1:27 PM

The thumbnail picture for the article on the front page is blood pouring out of the elevators from The Shining. Very apropos.

JimC on November 15, 2012 at 12:34 AM