Monthly Treasury Statement Shows Nearly $150 Billion in New Debt
Washington Needs to Commit to Spending Discipline
(Washington, D.C.) – The Monthly Treasury Statement for August has been released, and it shows the U.S. government spent $333 billion in the month, despite taking in only $185 billion in revenue. The deficit for the month – the total in new borrowing added to the U.S. debt – was nearly $150 billion for the month. The deficit for the year to this point is $755 billion, and the Treasury projects that it will remain under $760 billion for the year.
Daniel Garza, Executive Director of The LIBRE Initiative released the following statement:
"Another monthly spending report confirms how big a problem the federal deficit remains. The U.S. government spent $148 billion more than it took in in August – despite record tax revenue, fueled by the increase in payroll and other taxes signed by President Obama at the start of the year. Our national debt is nearly $17 trillion, and continuing to climb. It's greater than the entire output of the U.S. economy this year.
Despite this ongoing addiction to overspending, many in Washington are pushing to repeal even the token bipartisan spending limitation Congress enacted in 2011. And instead of debating a plan to set the nation on a path to a balanced budget, Washington is trying to figure out how to raise the debt ceiling so we can borrow more. It is wrong to pile trillions of debt onto the backs of our children and grandchildren. It must stop."