Tuesday, June 07, 2011

2011 8 month deficit: $929 Billion, interest on Debt up 16%

Outlays for net interest on the public debt grew faster than the other major categories of spending, rising by $24 billion, or 16 percent. Outlays for the three largest entitlement programs also grew during the first eight months of fiscal year 2011. Spending for Medicaid increased by $10 billion (or 5 percent), while outlays for Medicare and Social Security grew by 4 percent each.