Government Spending

Good News! This Year's Deficit Will Only Hit $1.17 Trillion


How screwed is the federal budget? Despite increased tax revenues, Washington is expected to run a $1.17 trillion deficit this year—and that's an improvement.

In the first eight months of this fiscal year, the budget gap clocked in at $844.5 billion, according to the Treasury Department, and is on its way toward another trillion dollar-plus total. USA Today offers yet another update on the budgepocalypse:

The federal budget deficit is approaching $1 trillion for a fourth straight year even though the government is collecting more tax revenue than last year.

The Treasury Department said Tuesday that the deficit grew by $124.6 billion in May. That put the deficit through the first eight months of the budget year at $844.5 billion, or 8.9% below last year's imbalance for the same period.

Still, the Congressional Budget office forecasts that the deficit for the entire 2012 budget year, which ends Sept. 30, will total $1.17 trillion. That's only a slight improvement from the $1.3 trillion deficit recorded in fiscal 2011….So far this year, government receipts are running 5.3% higher than a year ago.

Well, at least the federal government's collecting more in taxes. 

Recent notes from the budgepocalypse here and here

NEXT: City of Orlando Arrests Occupy Protester for Chalk Art, Loses Almost $200,000 in Subsequent First Amendment Lawsuit

Editor's Note: We invite comments and request that they be civil and on-topic. We do not moderate or assume any responsibility for comments, which are owned by the readers who post them. Comments do not represent the views of or Reason Foundation. We reserve the right to delete any comment for any reason at any time. Report abuses.

  1. That’s my snake, I trained it, and I’m gonna eat it!

  2. “Ah, ah, ah! A QUICK man moyt have a weeepon in theyah….”

  3. “If it’s all the same to you – I’ll drive that tankah….”

  4. Somebody wanna bet on how many Americans think a shrinking deficit means our national debt is getting smaller?

    I’d guess the over/under’s gotta be somewhere around 7 out of 10.

    1. “But we’re PAHHHTNERS!”

    2. I’ll take the over, and laugh all the way to the bank.

  5. “Children of the Wasteland, you disappoint me….”


    *throws music box*

  7. “WHUH! WHUH! WHUH! WHUH!….”

    /feral kid

  8. That put the deficit through the first eight months of the budget year at $844.5 billion, or 8.9% below last year’s imbalance for the same period.

    The Treasury can’t even reconcile its releases with its own website.

    The Debt to the Penny charts show debt growing by $934 billion from 1 October to 1 June.

    According to the monthly average, we’re actually on track for another $1.4 trillion in debt. No one that can do basic math actually believes the government will be able to spend only $200 billion in the next 3.5 months.

    1. Maybe they have a well-stocked pantry.

      1. They better not have more than 7 days worth of canned beans in there.

        1. I’d prefer tuna, at least that will last for a couple years.

    2. Sure Treasury can. The deficit is seasonal.

      February is the highest deficit month by far due to tax refunds.

      Bushpigs don’t grasp basic money flow.

      1. Defict growth from June 15th, 2011 to October 1st 2011: $446 billion.

        Obamafags don’t grasp basic math.

        1. Who’s gonna clean up the mess Obama will leave us, shrike?

  9. We’re not gonna make it.

    Between fiscal collapse and us, there isn’t enough runway.

    1. “If it’s all the same to you – I’ll drive that tankah…”

    2. Between fiscal collapse and us, there isn’t enough runway.

      There will be.

      (Going to be rough on whoever plays Max though…)


    Under the agreement currently being advocated by the Obama administration, American corporations would continue to be subject to domestic laws and regulations on the environment, banking and other issues. But foreign corporations operating within the U.S. would be permitted to appeal key American legal or regulatory rulings to an international tribunal. That international tribunal would be granted the power to overrule American law and impose trade sanctions on the United States for failing to abide by its rulings.

    The terms run contrary to campaign promises issued by Obama and the Democratic Party during the 2008 campaign.

    1. “You can run! But you can’t hide!”

    2. Let’s see:

      1. Hand an incendiary issue to your opponents in an election year.

      2. Congress will never, ever let this happen.

      3. Piss off the protectionists within your own party, including your biggest supporters, the unions.

      I don’t even know what to make of this if it’s true. If so, I would have to propose that the Obama administration is composed entirely of people with an extra chromosome.

      1. At least we know this wasn’t leaked intentionally.

        Or do we?

      2. And, in spite of all the political fallout that will inevitably occur from it, the administration undoubtedly supports it because it essentially hands sovereignty over to international bodies.

    3. Funnily, the HuffPost folks are upset over this for the exact opposite reasons we are… they want those regulations to apply to everyone and we want them to apply to noone.

      1. I’m more concerned about some international corporate tribunal being able to overrule the US government. WTF kind of shit is that? The US government is bad enough.

        1. Apparently the only things they could overrule would be things we don’t think the govt should be regulating anyway.

          1. Still, the precedent of handing over sovereignty disturbs me greatly.

  11. So where’s Shrike?

    1. “[He’s] out there – with the garbage…”

    2. Obama promised to cut Bush’s last deficit of $1.3 trillion in half by this year’s end.

      He has failed thus far.

      1. He has failed thus far.

        Ok, dude, too many scotches. You would have to actually attempt to do something before you can fail at it.

      2. Too many constituencies to pay off.

        1. I’m beginning to think shrike threw out that half-assed criticism of His Man Barry just to try to fool us.

  12. Fucking “Road Warrior” is as good as “Monty Python and the Holy Grail” in terms of having a line for every situation.

    “I was wrong about you…”

    1. I haul that tanker for you, you give me back my vehicle and as many Jews as I can carry.

    2. And without which we would not The Humungus.

      1. not HAVE. which I saw below we still do!

      2. not HAVE. which I saw below we still do!

  13. Despite increased tax revenues, Washington is expected to run a $1.17 trillion deficit this year?and that’s an improvement

    What does increased revenue have to do with lowering the deficit? No matter how much they take in they spend it all and borrow more! That is what they do! They could tax every single person and business in the country at 100% and it still would never be enough. Cut the damn spending already, you idiots!

  14. I’m just here for the gazoleene.

  15. The image made me curious about something. Turns out, our deficit is almost as large as Australia’s entire nominal GDP.

    So, um, yay us? Fuck.

    1. The Aussies have it all under control though. They are the first to find out that the entire AGW scam is all about bull shit.

      Carbon Credits for Cow Shit

  16. Two words: Nuevo Dollar. We can quickly cut the deficit (and the debt) by orders of magnitude.

    1. Yeah, that worked when I was in Brazil and they went to the cruzado. 900% inflation within a year.

  17. Does it make sense to call it a budget deficit if there’s no actual budget?

    1. A Budget was passed in Aug 2011 (the Budget Control Act of 2011).

      Quit listening to Hannity. He is an ignorant liar.

      1. That wasn’t a budget, it was just an increase in the debt ceiling.

        And I don’t listen to Hannity.

      2. Liar or stupid? I’m just asking questions!

        1. It doesn’t matter if you don’t listen to Hannity… shrike will call you a liar anyway.

    2. Are you serious?

  18. Just valk avay. Give me de pump, de oil, de gazoline, and de whole compound, and I spare your lives.

    Just valk away. I vill give you safe passage in the vasteland. Just valk away and there will be an end to de horror.

    I await your answer. You haf one full day to decide.

    1. Will we be allowed to leave the country? Without relinquishing all assets?

  19. I asked, “Are you serious?”

  20. Good news indeed, now why didnt I think of that!

  21. By the way, these are rigged, bullshit numbers. Revenue is going up like this when the percentage of Americans who are working and paying taxes is about the lowest it has been in decades?

    Please. The Treasury Department is lying like they have never lied before, and they’re doing it because the Obama administration doesn’t want to have to raise the debt ceiling yet again before the election takes place.

Please to post comments

Comments are closed.