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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.

A rising level of government debt would have another significant negative consequence.  Combined with an unfavorable long-term budget outlook, it would increase the probability of a fiscal crisis for the United States.  But all else being equal, the higher the debt, the greater the risk of such a crisis.   Click here to verify at Page 4
the Treasury Department reported that the federal government incurred a budget deficit of $1.3 trillion for fiscal year 2011, almost identical to the deficit it incurred in 2010.   As a share of the nation’s gross domestic product (GDP), the deficit declined slightly—from 9.0 percent in 2010 to 8.7 percent in 2011—but nonetheless it was the third-highest deficit as a share of GDP since 1945.  Click here to verify
On April 4, 2012, the Department of Treasury reports that the total public debt outstanding is over $15.6 trillion.  Click here to verify
In 2011, federal spending (outlays) exceeded 24% of GDP, the third-highest level in the past 40 years, while federal revenues were just over 15% of GDP, the third-lowest level during that period.   Click here to verify
Under current law (2012), the balance of the Medicare Hospital Insurance trust fund will be exhausted in 2022, CBO Projects.   Click here to verify at Page 126
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Fact = 100% - 92% True
Mostly Fact = 91% - 75% True
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Split = 59% - 50% True
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Mostly Fiction = 29% - 10% True
Fiction = 9% - 0% True