March 26, 2017

Budget Results for August

The federal deficit grew $85 billion in August – bringing the total deficit for the fiscal year, which ends September 30th, to $1.265 trillion. The deficit at the same point in 2009 was $1.371 trillion. Despite the total deficit for 2010 being less than the deficit in 2009, numerous programs have increased their rate of spending in 2010, as the chart below shows.

The reason the 2010 deficit is not as large as the deficit in 2009 is that the Troubled Asset Relief Program has went from spending $166 billion to receiving $108 billion, according to the monthly review from the Congressional Budget Office [.pdf]. In fact, excluding revenue from TARP, total expenses in 2010 are $3.287 trillion, whereas total expenses at this point in 2009 were $3.256 trillion, which results with 2010 being 1% more.

Excluding the profit of TARP, spending has increased in 2010.

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