Tags: governments | spending | CBO | defense | social security | medicare

Govt Spending Rises Despite Cut Efforts

Tuesday, 08 Nov 2011 11:59 AM

Despite concerted government efforts to cut spending, expenditures actually grew in fiscal year 2011. Spending increased $145 billion, according to the Congressional Budget Office, The Hill reported.

The spending deal worked out in April cut more than $38 billion, but previous authorizations and mandatory spending continued unabated, accounting for the increase. Defense spending was up 1 percent, Social Security 3.5 percent and Medicare 4 percent, according to the Hill.

Interest on the debt was up by 16 percent. The federal budget deficit at the end of fiscal 2011 was $1.299 trillion, slightly above fiscal 2010’s number of $1.294 trillion, according to the Hill.

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Despite concerted government efforts to cut spending, expenditures actually grew in fiscal year 2011. Spending increased $145 billion, according to the Congressional Budget Office, The Hill reported. The spending deal worked out in April cut more than $38 billion, but...
governments,spending,CBO,defense,social security,medicare
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2011-59-08
 

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