U.S. Treasury Reports 40th Straight Month of Federal Budget Deficits

Arlington, VA – This afternoon the Treasury Department released the Monthly Treasury Statement for January.The report shows the U.S. ran an $27 billion deficit last month, taking in $234 billion in revenue and spending $262. January’s deficit was down significantly from the January 2011 monthly deficit of $48 billion.

Gretchen Hamel, Executive Director of Public Notice, said the following:

“While it is good news the monthly deficit is shrinking, there are two far more important numbers we see in this report that lawmakers should focus on. First, with four months of the fiscal year elapsed, it’s clear the federal government is on track to run a cumulative deficit of around $800 billion this year. Historically, that is still astonishingly high.

“Second, as I’ve noted before, 40 months is this is the longest streak in the red going back over 30 years. To reverse this trend and get these numbers back in the black, lawmakers must get serious about cutting spending, starting with the President’s budget, to be released next week.

“While some inside the Beltway may take today’s numbers as a sign that our deficit problems are easing, most taxpayers know major reforms are needed before we can start popping champagne bottles. Let’s hope Washington listens.”

 

If you would like to schedule an interview with Gretchen Hamel, contact
Kate Pomeroy 703-927-7111/VictoriaColey 443-758-6077 or press@thepublicnotice.org.   

###

Public Notice is an independent, nonpartisan, non-profit, 501(c)(4) organization dedicated to providing the facts and insights on the affects public policy has on American’s financial well being.

BA