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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.

Defense spending was at 9.3 percent of GDP in 1962. By 1999, defense discretionary spending had fallen to 3.0 percent of GDP, reflecting the end of the Cold war and the above-average economic growth during much of the 1990s. Following wars in Iraq and Afghanistan, defense spending grew from 3.0 percent of GDP in 2001 to 4.0 percent in 2005, 4.3 percent in 2008 and (due in part to the drop in GDP) to 4.7 percent in 2009 and the same in 2010. Click here to verify at Page 10 - – – Or use URL;
Federal spending on mandatory programs can be lowered by reducing the federal government’s share of the programs’ spending and increasing the shares borne by state governments, program participants, and others. Requiring people to pay more for a service would decrease federal costs and might lower the overall cost of providing that service if people responded by using less of it.   Click here to verify at Page 17
The amount of federal debt held by the public has nearly doubled in the past three years (as of March 2011 report). At the end of fiscal year 2007, debt held by the public totaled $5 trillion.  Since 2007 debt held by the public grew to more than $9 trillion by the end of fiscal year 2010…  If federal debt continues to expand faster than the economy – as it has since 2007 – the growth of people’s income will slow, the share of federal spending devoted to paying interest on the debt will rise more quickly, and the risk of a financial crisis will increase.   Click here to verify at Pages 1-2
if people believed that policy changes that increased near-term deficits presaged larger deficits in the future and thus that the federal budget outlook had become bleaker, the economy would be hurt in the near term by a faltering of business and consumer confidence and an increase in interest rates.   Click here to verify at Page 18
Beyond the coming decade, the fiscal outlook is even more worrisome (from January 2012 report). Even under current-law projections, however, debt would still be larger relative to GDP in 2022 than in any year between 1952 and 2009.   Click here to verify at Page 21
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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