Would you believe, about $120 billion per year? Yep. The data are presented on the U.S. Treasury’s website here. I averaged the past six months of data, and compared that to the last six months before Obama took office. Here is the comparison:

Monthly Averages 6 Months Ending Jun 2010 6 Months Ending Jan 2009 Difference Annualized
Receipts $184,872 $200,453 -$15,581 -$186,968
Outlays $287,534 $277,474 $10,060 $120,720
Deficit $102,661 $77,021 $25,641 $307,688

 Interesting to see that the impact of declining federal receipts is half again as large as the impact of increased spending on the federal deficit. Did we really arrive overnight at a fiscal/socialist crisis because spending has gone up by 3.6%? I have no problem with our country waging a vigorous ideological debate, but shouldn’t we understand the facts first?

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