Despite the fact that revenues are increasing from the slow recovery and despite the so-called Budget Control Act, we are actually spending more money than last year. Take a look at this Hill report on the latest monthly Treasury statement on outlays and revenues:
The federal government posted close to a $200 billion deficit in March, the Treasury Department reported on Wednesday, pushing it closer to a fourth consecutive year of $1 trillion deficits.
Higher spending fueled the $198 billion deficit, a $10 billion increase over March 2011. And with the fiscal year halfway over, the cumulative 2012 deficit stands at $779 billion.
The government spent almost $370 billion in March, the most in any month since President Obama took office. Accelerated benefits payments and higher spending related to the Troubled Asset Relief Program (TARP) appear to have played a role in that increase.
Yes, you read that correctly. We are still incurring more debt from TARP!
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