If You Don't Want to Increase Revenues, Where Do You Want to Cut Spending?
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January 18, 2013 - 1:48pm
by Paul Kasriel, The Econtrarian, former Chief Economist, The Northern Trust Company
The table below is from the September 2012 U.S. Treasury monthly statement. It shows by function Treasury receipts and outlays. I want to concentrate on the middle column, which shows Treasury receipts and outlays for fiscal year 2012. Total receipts in FY 2012 were $2,449.093 billion and total outlays were $3,538.446 billion, resulting in a budget deficit of $1,089.353 billion.
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