{"id":798,"date":"2008-12-23T22:55:24","date_gmt":"2008-12-24T03:55:24","guid":{"rendered":"http:\/\/www.blackgate.net\/blog\/index.php\/federal-spending-soars-25-before-bailout\/"},"modified":"2008-12-23T22:55:24","modified_gmt":"2008-12-24T03:55:24","slug":"federal-spending-soars-25-before-bailout","status":"publish","type":"post","link":"https:\/\/www.blackgate.net\/blog\/federal-spending-soars-25-before-bailout\/","title":{"rendered":"Federal spending soars 25% before bailout"},"content":{"rendered":"

The government’s spending commitments exploded by 25 percent in 2008, putting taxpayers more than $1 trillion in the hole even before the astronomical costs of the economic bailout were taken into account<\/strong>, according to an annual report released Monday by the White House.<\/p>\n

A joint report by the White House budget office and Treasury Department said that much of the increase in obligations came from an unexpected jump in veterans benefits liabilities, while revenues remained mostly flat because of the recession that began a year ago.<\/p>\n

Jim Nussle, director of the White House Office of Management and Budget, called the report “sobering.”<\/p>\n

[…]<\/p>\n

The costs of the $700 billion economic rescue package were not included in the report because it covered only the budget year that ended Sept. 30. The bailout was passed and signed into law in early October.<\/p>\n

[…]<\/p>\n

The $1 trillion “net operating cost” in the report – up from $275.5 billion in fiscal 2007 – is different from the federal budget deficit because it uses proper accounting standards to include future spending obligations. The federal budget measures only “dollars in and dollars out” in a given year, Mr. Riedl said.<\/p>\n

The deficit in fiscal 2008, which ended Sept. 30, was $454.8 billion, up from $162.8 billion in fiscal 2007. The deficit itself is expected to be about $1 trillion in fiscal 2009. <\/p>\n

(from Washington Times<\/a>, Federal spending soars 25% before bailout<\/a>)<\/p><\/blockquote>\n

The emphasis is mine.<\/p>\n","protected":false},"excerpt":{"rendered":"

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