Reason.com - Free Minds and Free Markets
Reason logo Reason logo
  • Latest
  • Magazine
    • Current Issue
    • Archives
    • Subscribe
    • Crossword
  • Video
  • Podcasts
    • All Shows
    • The Reason Roundtable
    • The Reason Interview With Nick Gillespie
    • The Soho Forum Debates
    • Just Asking Questions
    • The Best of Reason Magazine
    • Why We Can't Have Nice Things
  • Volokh
  • Newsletters
  • Donate
    • Donate Online
    • Donate Crypto
    • Ways To Give To Reason Foundation
    • Torchbearer Society
    • Planned Giving
  • Subscribe
    • Reason Plus Subscription
    • Print Subscription
    • Gift Subscriptions
    • Subscriber Support

Login Form

Create new account
Forgot password

Policy

Another Trillion Dollars In Debt (And We've Still Got Four Months To Go)

Peter Suderman | 6.10.2011 4:55 PM

Share on FacebookShare on XShare on RedditShare by emailPrint friendly versionCopy page URL
Media Contact & Reprint Requests

So far this year, America's government has spent just shy of a trillion dollars it doesn't have according to a report published by the Congressional Budget Office earlier this week. In its June budget update, the congressional scorekeeper estimated that the U.S. has spent about $2.4 trillion, and, in doing so, managed to dig itself $929 billion further into the hole already this fiscal year. And guess what? There's still four more months to go. 

So we're on track for another trillion and a half dollar deficit, roughly, much like the credit card bill the CBO says the country rang up last year. And that's just looking at straightforward deficit totals. Thanks to our entitlement obligations, last year's total fiscal damage was actually quite a bit worse than the headline figures tallied up by the CBO:

The federal government's financial condition deteriorated rapidly last year, far beyond the $1.5 trillion in new debt taken on to finance the budget deficit, a USA TODAY analysis shows.

The government added $5.3 trillion in new financial obligations in 2010, largely for retirement programs such as Medicare and Social Security. That brings to a record $61.6 trillion the total of financial promises not paid for.

This gap between spending commitments and revenue last year equals more than one-third of the nation's gross domestic product.

Medicare alone took on $1.8 trillion in new liabilities, more than the record deficit prompting heated debate between Congress and the White House over lifting the debt ceiling.

Start your day with Reason. Get a daily brief of the most important stories and trends every weekday morning when you subscribe to Reason Roundup.

This field is for validation purposes and should be left unchanged.

NEXT: That '80s Show

Peter Suderman is features editor at Reason.

PolicyDebt
Share on FacebookShare on XShare on RedditShare by emailPrint friendly versionCopy page URL
Media Contact & Reprint Requests

Show Comments (33)

Latest

Some Red States Are Trying to Take Control of Their Blue Cities

Jacob R. Swartz | 9.11.2025 5:20 PM

GOP Rep Proposes Canceling People Over Mean Posts About Charlie Kirk

Joe Lancaster | 9.11.2025 4:35 PM

Over 300 Workers Return to South Korea After Immigration Raid, but Damage to Trade Relations Is Already Done

Autumn Billings | 9.11.2025 4:20 PM

MAGA Conservatives, Unions Want To Crush Driverless Trucks. Will the Trump Administration Listen?

Christian Britschgi | 9.11.2025 3:45 PM

The Killing of Charlie Kirk: 5 Idiotic Responses on Social Media

Robby Soave | 9.11.2025 3:15 PM

Recommended

  • About
  • Browse Topics
  • Events
  • Staff
  • Jobs
  • Donate
  • Advertise
  • Subscribe
  • Contact
  • Media
  • Shop
  • Amazon
Reason Facebook@reason on XReason InstagramReason TikTokReason YoutubeApple PodcastsReason on FlipboardReason RSS

© 2025 Reason Foundation | Accessibility | Privacy Policy | Terms Of Use

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Take Reason's short survey for a chance to win $300
Take Reason's short survey for a chance to win $300
Take Reason's short survey for a chance to win $300