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This afternoon, the Treasury Department is releasing its monthly balance sheet for May — a measure of the federal government’s month-by-month surplus or deficit based on tax revenues vs. outlays (or money the government spends). As we wrote last month, the monthly Treasury report is essentially an “indicator of budget trends and the direction of fiscal policy.”
Last month’s balance sheet showed a larger than expected $82.7 billion deficit in a month when tax revenues have historically produced a monthly surplus. This month, a survey of economists predicts that May’s monthly deficit will be about $140 billion. That is a staggering budget deficit for a single month, and is indicative of the profligate spending of our federal government.
Our unsustainable deficit spending is pushing our federal debt to higher and higher levels as our economy creeps ever closer to a Greece-style crisis. Meanwhile, Congress is 57 days past its budget deadline – and the likelihood that a budget resolution is even passed this year is approaching nil.
The best and easiest way to rein in our government’s out-of-control spending is for Congress to roll up its sleeves, fulfill its responsibility and work to pass a responsible budget. Call your elected officials (House Senate) and tell them you want them to work on a responsible budget that cuts wasteful federal spending.