The Associated Press reports that the current fiscal year’s federal budget deficit will fall short of a record, coming in at over $1.3 trillion, but below last year's record $1.4 trillion, when the year ends September 30. But something is wrong with the AP’s information.
The U.S. Treasury says the national debt at the end of last fiscal year was $11.9 trillion and a year earlier was $10.02 trillion. Let's do the math: 11.9 - 10.02 = 1.88. That means last year's deficit was $1.88 trillion, not $1.4 trillion.
Did the AP get its incorrect number from the Office of Management and Budget?
HT: Ken Sturzenacker
2 comments:
Hate to say it but I'm a fairly informed person, as compared to many I know, but I have long since been overwhelmed by that stuff.
Great blog, just surfing around and found it.
I'm assuming that the national debt goes up year to year by the amount of the budget deficit. The Treasury has to borrow to make up the deficit.
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