CBO estimates that the Treasury Department will report a deficit of $975 billion for the first 10 months of fiscal year 2012, $125 billion less than the $1.1 trillion deficit incurred through July 2011. Through the end of July, revenues were about 6 percent higher this year than at the same point last year; outlays were about the same in both years. Because October 1, 2011, occurred on a Saturday, roughly $31 billion in payments that would have been made in 2012 were made in 2011. In the absence of that shift, the deficit so far this year would have been about $93 billion smaller than last year’s figure.
Frankly things are just not getting any better. Medicare is up very slightly, amazing given more subscribers and price inflation, SSI is up 5.8% which is more people collecting. Unemployment is down, but likely to increase. Between Defense and Other we have $1.5T or half of the budget.
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