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Federal Spending – Fast Facts

By 2025 revenue will be able to finance only interest payments, Medicare, Medicaid, and Social Security. Every other federal government activity – from national defense and homeland security to transportation and energy – will have to be paid for with borrowed money. Debt held by the public will outstrip the entire American economy, growing to as much as 185 percent of GDP by 2035. Interest on the debt could rise to nearly $1 trillion by 2020. These mandatory payments – which buy absolutely no goods or services – will squeeze out funding for all other priorities. Click here to verify at Page 11
The Federal fiscal year begins on October 1 and ends on the subsequent September 30. The Federal fiscal year is designated by the year in which it ends; for example, fiscal year 2010 began on October 1, 2009, and ended on September 30, 2010.   Click here to verify at Page 3 - – – Or use URL; www.whitehouse.gov/sites/default/files/omb/budget/fy2012/assets/hist.pdf
The projected deficits under the President’s proposals would exceed those in CBO’s baseline—a benchmark showing the outcome if current laws generally remained unchanged—by 0.5 percent of GDP ($82 billion) in 2012, by 2.2 percent of GDP ($365 billion) in 2013, and by between 1.4 percent and 1.9 percent of GDP in each year from 2014 through 2022. In all, between 2013 and 2022, deficits would total $6.4 trillion (or 3.2 percent of total GDP projected for that period), $3.5 trillion more than the cumulative deficit in CBO’s baseline.  Click here to verify
Each January, CBO prepares “baseline” budget projections spanning the next 10 years. Those projections are not a forecast of future events; rather, they are intended to provide a benchmark against which potential policy changes can be measured. Therefore, as specified in law, those projections generally incorporate the assumption that current laws are implemented.   Click here to verify
Under the President’s 2013 budgetary proposals, federal debt held by the public would increase from $10.1 trillion (68 percent of GDP) at the end of 2011 to $15.2 trillion (77 percent of GDP) at the end of 2017 and then to $18.8 trillion (76 percent of GDP) at the end of 2022.      As a share of GDP, revenues under the President’s budget would rise from 17.2 percent in 2013 to 19.8 percent in 2022 under the President’s budget.  Between 2015 and 2022, they would average 19.6 percent of GDP—1.2 percentage points below CBO’s baseline projection but 1.7 percentage points above the average ratio of revenues to GDP seen over the past 40 years. Click here to verify at Pages 4 & 6
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Voting Key


Fact = 100% - 92% True
Mostly Fact = 91% - 75% True
Slightly Fact = 74% - 60% True
Split = 59% - 50% True
Slightly Fiction = 49% - 30% True
Mostly Fiction = 29% - 10% True
Fiction = 9% - 0% True