The federal government has already racked up a $292 billion budget deficit just two months into the 2013 fiscal year, according to the Congressional Budget Office (CBO).
The CBO is predicting that for the fifth straight year under President Barack Obama, the country will have a deficit of more than $1 trillion, but the the federal government is off to a faster start in reaching the $1 trillion mark this fiscal year.
For the first two months of fiscal year 2013, the “deficit is $57 billion more than the deficit for the first two months of fiscal 2012.”
In addition, the CBO estimated that spending is also 4% higher, with Social Security spending up 8 percent, Medicare up 8 percent, Medicaid up 9 percent while unemployment benefits are down 22% and defense spending is down 2 percent.
Senate Budget Committee Ranking Member Sen. Jeff Sessions (R-AL) said the “deficit totals are higher than last year and confirm predictions for yet another trillion-dollar deficit,” and, yet, Obama’s plan to avert the fiscal cliff will add “$8.6 trillion in new debt over 10 years, instead of $9 trillion.”