« State and Local Sales Taxes in Virginia | Main | A Thought about the Internal Revenue Code »

Annual Federal Spending to Exceed $4 Trillion for 1st Time

At CNS News this afternoon, Terry Jeffrey began his report on the Congressional Budget Office's recent "Update to the Budget and Economic Outlook 2017 to 2027 writing, "Both the Congressional Budget Office and the White House Office of Management and Budget project that federal spending will top $4 trillion for the first time in fiscal 2017, which began on Oct. 1, 2016 and will end on Sept. 30."

Jeffrey concluded by writing:

"In its “Update to the Budget and Economic Outlook: 2017 to 2027 [1]” published last week, CBO projected that total federal spending in fiscal 2017 will hit $4,008,000,000,000.

"That is up from the approximately $3,853,000,000,000 that CBO and OMB say the federal government spent in fiscal 2016.

"In President Donald Trump’s fiscal 2018 budget proposal, the OMB estimates [4] that federal spending in fiscal 2017 will hit $4,062,000,000,000.

"The $4,008,000,000,000 the CBO estimates the federal government will spend this fiscal year equals $33,805 for each of the 118,562,000 households the Census Bureau estimated were in the United States as of March."

"In its “Update to the Budget and Economic Outlook: 2017 to 2027 [1]” published last week, CBO projected that total federal spending in fiscal 2017 will hit $4,008,000,000,000.

"That is up from the approximately $3,853,000,000,000 that CBO and OMB say the federal government spent in fiscal 2016.

"In President Donald Trump’s fiscal 2018 budget proposal, the OMB estimates [4] that federal spending in fiscal 2017 will hit $4,062,000,000,000.

"The $4,008,000,000,000 the CBO estimates the federal government will spend this fiscal year equals $33,805 for each of the 118,562,000 households the Census Bureau estimated were in the United States as of March." (emphasis added)

He included the following chart with his report.


The CBO "Update" is available here.  The following chart is from the CBO report, and shows how expenditures and revenues have fluctuated since 1967, including the very short period around 2000 when the federal government ran a budget surplus.

   

Take a minute and scroll back to the last paragraph of Jeffrey's report. Note that the $4 trillion budget "equals $33,805 for each of the 118,562,000 households the Census Bureau estimated were in the United States as of March." Think about that number for a minute, and ask yourself just how sustainable the federal budget is on its current trajectory.

Growls readers are encouraged to take a few minutes to write or call their Congressional representatives to learn why your representatives in Congress are doing to maintain a sustainable federal budget. Contact information is available at the Library of Congress' Congress.gov. Taxpayers living in Virginia's Arlington County can contact:

  • Senator Mark Warner (D) -- write to him or call (202) 224-2023
  • Senator Tim Kaine (D) -- write to him or call (202) 224-4024
  • Representative Don Beyer (D) -- write to him or call (202) 225-4376

And ask for a written response. And tell them ACTA sent you.

TrackBack

TrackBack URL for this entry:
http://www.acta.us/growls-mt/mt-tb.fcgi/3807