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Federal Spending – Fast Facts

All fast facts for Federal Spending are from the non-partisan Congressional Budget Office (CBO), the National Commission on Fiscal Responsibility and Reform (NCFRR), and the Office of Management and Budget (OMB), and the U.S. Government Accountability Office (GAO). They do not represent all of their reports on this subject. Some simply provide historical context. Occasionally minor word adjustments may have been made for clarity or to reflect the updated nature of the statement. As always, verify and view statements in their full context as often as possible.

The large assistance provided to the financial sector in response to the financial crisis in the fall of 2008, along with the drop in GDP associated with the ongoing recession, caused the percentage of programmatic mandatory spending to more than double in 2009. Click here to verify at Page 11 - Or use URL;
Borrowing to finance the deficit – in combination with an expected rise in interest rates – would lead to a fourfold increase in net interest payments over the next 10 years, from $197 billion in 2010 to $778 billion in 2020.   Click here to verify
While the program’s cash deficit in fiscal year 2010 was largely due to the economic slowdown, the Social Security Trustees project that the program will run persistent cash deficits beginning in 2015.    Click here to verify
CBO also projects that interest rates will go up.  The combination of rising debt and rising interest rates is projected to cause net interest payments to balloon to nearly $800 billion, or 3.4 percent of GDP, by 2020.     Click here to verify
For contrast to projected costs for net interest payments highlighted above, in 2011 defense sending totaled $700 billion, Social Security totaled $725 billion, and Medicare and Medicaid together totaled $755 billion.   Click here to verify
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Fact = 100% - 92% True
Mostly Fact = 91% - 75% True
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Fiction = 9% - 0% True