Federal Expenditures Topped $1T for February Alone, Says U.S. TreasurySubmitted by SteveMT on Sun, 03/06/2011 - 00:42
Federal Expenditures Topped $1 Trillion for February Alone, Says U.S. Treasury
Thursday, March 03, 2011
By Terence P. Jeffrey
(CNSNews.com) - Monthly federal expenditures topped $1 trillion in February, says the U.S. Treasury Department. A majority of this money was disbursed to meet the government’s escalating debt obligations.
In its Daily Treasury Statement closing out February, the Treasury Department reported that the government had spent $1.009944 trillion (rounded to the nearest million) during the month.
(The itemization of this remarkable number can be found in the Daily Treasury Statement hyperlinked here. It is the line item labeled “Total Withdrawals (excluding transfers)” in the “Withdrawals” column of “Table II—Deposits and Withdrawals of Operating Cash.”)
A review of the Treasury Department’s Daily Treasury Statements for the past decade indicates that October 2008 was the first time the Treasury ever disbursed more than $1 trillion in a single month. In that month, total federal expenditures were $1.069960 trillion—sharply up from $748.106 billion in September of 2008.
October 2008 was the month President George W. Bush signed a $700-billion law to bailout failing banks. (Then-Sen. Barack Obama voted for that law.)
Since that watershed month of October 2008, there have been another 13 months when federal expenditures have exceeded $1 trillion.
While actual federal expenditures vary somewhat from month to month, federal expenditures just about doubled—even when adjusted for inflation--from February 2001 to February 2011.