National Debt Increases More Than $1 Trillion For Fifth Fiscal Year–Three Years The Democratic Controlled Senate Refused to Pass A Fiscal Year Budget–Videos

Posted on October 1, 2012. Filed under: American History, Blogroll, College, Communications, Education, Federal Government, Federal Government Budget, Foreign Policy, government, government spending, history, Homes, Law, liberty, Life, Links, media, People, Philosophy, Politics, Raves, Tax Policy, Unemployment, War, Weapons, Wisdom |

Senators: As Clock Ticks, Democrat Majority Refuses To Address Budget Or Looming Defense Cuts 

Thune: With No Budget Of Their Own, Senate Dems Have No Standing To Criticize House Plan


O’Reilly Discusses Axelrod’s Response To Senate Dems’ Budget Law Defiance 

CBO Director: Debt Poses Great Risk If Left Unaddressed

U.S. Debt Clock

United States Budget Dilemma

Economic COLLAPSE 2012 – Ross Perot – The United States Could Be Taken Over! 

Here is how much the debt has increased in each of the last six fiscal years:

Fiscal 2007: $500,679,473,047.25

Fiscal 2008: $1,017,071,524,650.01

Fiscal 2009: $1,885,104,106,599.26

Fiscal 2010: $1,651,794,027,380.04

Fiscal 2011: $1,228,717,297,665.36

Fiscal 2012: $1,275,901,078,828.74.

Observations about the budget and our chart.

Bar Chart Data Source: Monthly Treasury Statement (MTS) published by the U. S. Treasury Department. WE DON’T MAKE THIS UP! IT COMES FROM THE U. S. GOVERNMENT! NO ADJUSTMENTS.

The MTS published in October of each year contains the total “actuals” for the FY just ended. The MTS covering through September 2011 was released on 14 October 2011, so this chart shows Actuals for FY2011.
Normally the chart also shows the proposed budget line for the next fiscal year, but there is no U. S. budget for FY2013 (wasn’t one for 2011 or 2012 either). The Federal Budget is a responsibility spelled out in the U. S. Constitution. The Senate is breaking the law! The Senate has a leader.

As part of the “War Supplement Bill for FY2011“, The House of Representatives “deemed” the 2011 Budget, and the Senate completely discarded the Presidential Budget Proposal. So there was no Federal Budget for FY2011.
Similarly, the President submitted a budget for FY2012, but Senator Reid tossed it, and would not let Congress vote on it. The House of Representatives also sent a 2012 budget proposal to the Senate. Same result. There is no U.S. Federal Budget for FY2012.
For 2013, not only did the Senate reject the President’s proposed budget and the House proposed budget, it even rejected its own Senate Budget Committee proposal. There is no budget for FY2013.
The U. S. Constitution is our Supreme Law. It requires a Federal Budget. Here it is for you to read. It’s a short, smart document! Don’t let Congress fool you.

Instead of a budget, we have a series of “continuing resolutions”, allowing Congress to continue spending without the guidelines of a budget.

The Congressional Budget Office reported on the Federal Debt and the Risk of a Financial Crisis in this report on the 2011 non-budget. and it was updated in May 2012.

On 4 October 2011, a Congressional Panel Hearing suggested that Congress skip the entire budget process.

– – – – – – –

NDAC studies the Budget Proposals submitted to Congress each year by the President of the United States. One of the documents that goes along with the Budget Proposal, “Historical Tables“, is published by the Office of Management and Budget (OMB). Our analysis is discussed on the home page of this web site.

Just for clarification: “entitlement” expenditures are handled by several federal agencies, not just Health and Human Services. Agriculture Department administers “food stamps”, HUD is all welfare.

Some suggest “tax the rich to make up the deficit”. The total worth of all American billionaires is $1.3 Trillion. Forget the Buffet Rule, we could just take ALL their worth, not just high taxes, but ALL their WORTH; and it wouldn’t dent our national debt. It wouldn’t even pay this year deficit! And if we did take their money to pay some of this year’s deficit, what would we do next year? We’ve already spent too much. Here’s a videoto explain better.

go to National Debt Awareness Center web site.

Debt Jumped $1.2759T in FY 2012; Up $10,855 Per Household in Just 12 Months; Beats 2011

“…According to the U.S. Treasury, the debt of the U.S. government climbed by a total of $1,275,901,078,828.74 in fiscal 2012, which ended yesterday.

That means the federal government borrowed approximately an additional $10,855 for each household in the United States just over the past twelve months.

The total debt of the United States now equals approximately $136,690 per household.

In fiscal 2011, the debt increased by about $10,454 per household–$401 less than the $10,855 per household increase of 2012.

The $1.2758 trillion that the debt increased in fiscal 2012 was about $47.18 billion more than $1.2287 trillion that the debt increased in fiscal 2011.

The federal fiscal year begins on Oct. 1 and ends on Sept. 30.

At the close of business on Sept. 30, 2011, the total debt of the U.S. government was $14,790,340,328,557.15, according to the Treasury. At the close of business on Sept. 28, the last business day of fiscal 2012, it was $16,066,241,407,385.89

That meant the debt increased in fiscal 2012 by $1,275,901,078,828.74.

At the close of business on Sept. 30, 2010, the debt ahd stood at $13,561,623,030,891.79.  Over the course of fiscal 2011, it increased by $1,228,717,297,665.36 before closing at 14,790,340,328,557.15 on Sept. 30, 2011.

The fiscal 2012 increase of $1,275,901,078,828.74 exceeded the fiscal 2011 increase $1,228,717,297,665.36 by $47,183,781,163.38. …”

United States Public Debt

“…The United States public debt is the money borrowed by the federal government of the United States through the issue of securities by the Treasury and other federal government agencies. US public debt consists of two components:[1]

  • Debt held by the public includes Treasury securities held by investors outside the federal government, including that held by individuals, corporations, the Federal Reserve System and foreign, state and local governments.
  • Debt held by government accounts or intragovernmental debt includes non-marketable Treasury securities held in accounts administered by the federal government that are owed to program beneficiaries, such as the Social Security Trust Fund. Debt held by government accounts represents the cumulative surpluses, including interest earnings, of these accounts that have been invested in Treasury securities.

Public debt increases or decreases as a result of the annual unified budget deficit or surplus.[2] The federal government budget deficit or surplus is the difference between government receipts and spending, ignoring intra-governmental transfers. However, some spending that is excluded from the deficit (supplemental appropriations) also adds to the debt.

Historically, the US has incurred debt during wars and recessions, but then debt subsequently declined afterwards. For example, debt held by the public as a share of GDP peaked just after World War II (113% of GDP in 1945), but then fell over the next 30 years. In recent decades however, large budget deficits and the resulting increases in debt have led to heightened concern about the long-term sustainability of the federal government’s fiscal policies.[3]

At the beginning of September 2012, debt held by the public was approximately $11.27 trillion or about 72% of GDP. Intra-governmental holdings stood at $4.74 trillion, giving a combined total public debt of $16.02 trillion[4][5] [6] As of July 2012, $5.3 trillion or approximately 48% of the debt held by the public was owned by foreign investors, the largest of which were China and Japan at just over $1.1 trillion each.[7]

On August 2, 2011, President Barack Obama signed into law the Budget Control Act of 2011, averting a possible financial default. During June 2011, the Congressional Budget Office called for “…large and rapid policy changes to put the nation on a sustainable fiscal course.”[8] …”

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