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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.

According to CBO’s January 2008 projections, under current laws and policies the deficit will drop slightly in 2009, to $198 billion.  Click here to verify at Page 3
CBO projects that after three years of declining budget deficits, a slowing economy this year will contribute to an increase in the deficit.    Click here to verify at Page 1
In the first half of fiscal year 2012, spending for international assistance increased by $4 billion (or 50 percent).  Click here to verify at the bottom
The state of the economy is particularly uncertain at the moment (January 2008).   The pace of economic growth slowed in 2007, and there are strong indications that it will slacken further in 2008.   In CBO’s view, the ongoing problems in the housing and financial markets and the high price of oil will curb spending by households and businesses this year and trim the growth of GDP.   Although recent data suggest that the probability of a recession in 2008 has increased, CBO does not expect the slowdown in economic growth to be large enough to register as a recession.  Click here to verify at Page 1
 The budget is divided between two fund groups, Federal funds and trust funds.     The Federal funds group includes all receipts and outlays not specified by law as being trust funds. All Federal funds are on-budget except for the Postal Service fund, which is shown as off-budget starting in 1972.     In the Federal budget, the term “trust fund” means only that the law requires the funds be accounted for separately and used only for specified purposes and that the account in which the funds are deposited is designated as a “trust fund”.  Click here to verify at Pages 3 – 4 – – – Or use URL;
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Fact = 100% - 92% True
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Split = 59% - 50% True
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Fiction = 9% - 0% True