US Budget Deficit Soars In October As Government Spends Over $300 Billion In One Month

Tyler Durden's picture




 

Moments ago the MTS released the final October budget report. It was not pretty, although those who read our report on how much debt was added - $195 billion to be precise - in the first month of the 2013 Fiscal Year will know where this is going. The US budget deficit was expected to soar after the September surplus of $75 billion, driven entirely by calendar shifts and pre-election propaganda, to -$113 billion. That was optimistic: the total amount of overspending in October was $120 billion. What is distressing is that this was well above the $98.5 billion deficit from a year ago, and confirms that the long-term trendline of ever greater spending continues. This was also the fourth largest October deficit in history. And looking merely at the spending side of the ledger, the US government's outlays in October alone were $304 billion. This is the third biggest October monthly spend for the government ever, and just why of the all time high $320.4 billion record in October 2008, when everything imploded after Lehman failure and Hank Paulson was literally dousing the monetary flames with brand new Benjamins.

October deficits across the years:

And October government spending from 2000 through 2012:

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Tue, 11/13/2012 - 15:29 | 2977049 piceridu
piceridu's picture

That's a lot of Obamaphones!

Tue, 11/13/2012 - 15:32 | 2977062 kito
kito's picture

thats alot of obamadrones!!!

Tue, 11/13/2012 - 15:34 | 2977069 camaro68ss
camaro68ss's picture

The Bernake needs to kick up his iPrinter

Tue, 11/13/2012 - 15:35 | 2977078 icanhasbailout
icanhasbailout's picture

Quantitative Voting

Tue, 11/13/2012 - 15:45 | 2977127 Andrew Jackson ...
Andrew Jackson epitaph's picture

Muhammad ALI warned you many years ago ;-)

 

http://www.youtube.com/watch?feature=player_embedded&v=hAYNQJcG4f4

Tue, 11/13/2012 - 15:51 | 2977154 Manthong
Manthong's picture

It’s just a good thing they don’t have a budget to worry about.

Tue, 11/13/2012 - 16:03 | 2977200 A Lunatic
A Lunatic's picture

Pesky fucking Constitution anyways..........................

Tue, 11/13/2012 - 16:11 | 2977235 Michaelwiseguy
Michaelwiseguy's picture

The 16 Trillion Dollar District of Columbia Corporation Debt Is Not National Debt!

The debt of the Federal Government Of The United States Of America Corporation as Enacted is theirs and theirs alone! You Don't Have to Pay on It!

The District of Columbia Organic Act of 1871 aka “An Act to provide a Government for the District of Columbia (41st Congress, 3d Sess., ch. 62, 16 Stat. 419, enacted 1871-02-21) is an Act of Congress, which revoked the individual charters of the City of Washington, the City of Georgetown, and the County of Washington and created a new city government for the entire District of Columbia. The legislation effectively merged what had been separate municipalities within the federal territory into a single entity. It is for this reason that the city, while legally named the District of Columbia, is still commonly known as Washington, D.C. However, this act was abolished in 1874, and while the name did not change, the territorial Governor was replaced with a three-member Board of Commissioners appointed by the President. This system existed until 1974 when the District of Columbia Home Rule Act allowed for District residents to elect their own mayor.

http://www.nikolasschiller.com/blog/index.php/archives/2009/01/30/2215/

District of Columbia Home Rule Act - As Amended Through 1997

http://www.nikolasschiller.com/blog/index.php/archives/2011/01/22/7354/

The Stock Share Holders of the Washington D.C. Corporation are alone responsible for the 16 trillion dollar debt, made so by the Act of 1871 and subsequent Act revisions.

It also follows, The Federal Reserve Act of 1913 created a Banking Corporation with Stock Share Holders.

The accumulated debt held on the Federal Reserve Corporation's balance sheet belongs to The Stock Share Holders of the Federal Reserve Corporation, and the owners of its Member Banks, period.

http://land.netonecom.net/tlp/ref/federal_reserve.shtml

http://www.llsdc.org/FRA-LH/

District of Columbia Act of 1871 Defacto formed 1
http://www.youtube.com/watch?v=XPkauG6qE8k&feature=relmfu

District of Columbia Act 1871 De Facto formed 2
http://www.youtube.com/watch?v=JzmUuKd6ucM&feature=relmfu

District of Columbia Act 1871 De Facto formed 3
http://www.youtube.com/watch?v=jpMMnJWExNU&feature=relmfu

Tue, 11/13/2012 - 16:14 | 2977252 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

What is the timeline to break the debt ceiling?

Tue, 11/13/2012 - 22:25 | 2978501 AldousHuxley
AldousHuxley's picture

everyday

Tue, 11/13/2012 - 15:38 | 2977092 YBNguy
YBNguy's picture

Majoirty of this is the Boomers fault. It will be entertaining when Turbotax Timmy has to raid the pension funds again to extend and pretend the debt ceiling until congress figures out another way to kick the can.

Tue, 11/13/2012 - 15:40 | 2977104 redpill
redpill's picture

At this rate they'll be the first generation of soylent green, so karma will catch up eventually.

Tue, 11/13/2012 - 15:48 | 2977139 knukles
knukles's picture

So the boomers kids will get to "Eat me!"

Tue, 11/13/2012 - 16:34 | 2977343 HappyCamper
HappyCamper's picture

$300 Billion in one month? Hey, that's enough to buy at least 1000 Obama voters. That's a bargain if you ask me.

Wed, 11/14/2012 - 03:01 | 2979003 cpzimmon
cpzimmon's picture

Never thought of myself as Edward G Robinson.

Tue, 11/13/2012 - 15:41 | 2977108 Poetic injustice
Poetic injustice's picture

That's a lot of Spycenters and uh, happiness camps.

Tue, 11/13/2012 - 16:39 | 2977364 chubbyjjfong
chubbyjjfong's picture

Thats alot of sultanascones!!!

Tue, 11/13/2012 - 15:36 | 2977063 TruthInSunshine
TruthInSunshine's picture

It's okay. Don't panic. We're not like Greece in that we print our own currency and can therefore merely print the amount of federal reserve notes needed to cover the perpetual deficits, with not only not suffering calamitous adverse consequences, but free of adverse consequences.

What we should do at this point is print a batch of fiatski, whether 16 trillion, 60 trillion or 200 trillion (official, David M. Walker, Laurence Kotlikoff estimates of actual debt, respectively), needed to pay off the existing debt.

We'll finally be debt free, courtesy of the printing press, or its modern electronic equivalent, bitchez!!!

#KrugmanSays

 

/SARC

Tue, 11/13/2012 - 15:39 | 2977101 redpill
redpill's picture

 

As of November 6, 2012, "/sarc" flags are no longer necessary on ZH, it's assumed.  From now on notification only needs to be provided when it's NOT sarcastic, aka "/notsarc."

And our new safe word is "HARDER!" repeated three times, in case of any role playing gone awry.

 

 

 

Tue, 11/13/2012 - 15:49 | 2977141 Temporalist
Temporalist's picture

Krugman would never go for $200 trillion.  If it was $2000 trillion he'd say "MOAR!"

#shitkrugmansays

Wed, 11/14/2012 - 01:58 | 2978929 hbjork1
hbjork1's picture

Oh yes, those adverse consiquences. 

I have several pensions, through the year, acauired when various corporate divisons entities were being bought or sold.  The first was 1972 for a generous pension to be effective at age 65 that i thought was generous because it would cover at least 2 weeks of my iving expenses.  From that time, inflation has reduced the buying power of that pension by a factor of approximately 10.  I don't really need that pension now; it is sort of a joke.  But there are many, many honest people who have had retirement buying power destroyed who haven't been alert to what was happening. 

We can expect inflation to slow for awhile but we, as a people, are going to have to accept less.

And, of cours, if you own gold, the increase in "value" of that asset is taxable.

 

Tue, 11/13/2012 - 16:00 | 2977188 jal
jal's picture

I thought that the republicans were against spending,

I thought that the republicans had a vote on spending.

I got to change my thinking.

Tue, 11/13/2012 - 16:02 | 2977199 Pooper Popper
Pooper Popper's picture

Yes Bobo has been a very bad monkey!

Tue, 11/13/2012 - 16:07 | 2977221 slaughterer
slaughterer's picture

The BAC-MBI chicken fight just went full retard with BAC making a tender offer for MBI bonds to avoid a debt amendment.  ZH should cover this.  

Tue, 11/13/2012 - 16:54 | 2977427 Tombstone
Tombstone's picture

That's a lot of Obamafare too.

Tue, 11/13/2012 - 15:29 | 2977050 docj
docj's picture

Convenient, isn't it, that this come-out 1-week to the day after Choomy's re-election. Eh?

Tue, 11/13/2012 - 15:33 | 2977064 redpill
redpill's picture

Roll up the windows, it's total (debt) absorption, bro. 

Tue, 11/13/2012 - 15:43 | 2977103 MassDecep
MassDecep's picture

Would not have made a difference in the election results. Probably would have been a total landslide for oh-dictator in chief if this information were released before the election. The current mentality of the masses.

.

Wed, 11/14/2012 - 02:00 | 2978937 hbjork1
hbjork1's picture

What mentality?  "Mentality" requires a mind.

Tue, 11/13/2012 - 15:31 | 2977059 ZippyBananaPants
ZippyBananaPants's picture

Who cares about this, I want to know about the lady in Tampa that was doing all the Generals!

Tue, 11/13/2012 - 15:36 | 2977086 redpill
redpill's picture

I find it simply unbelievable that someone who self-describes as 'special social liaison' could possibly be involved in any sort of improprietous activity.

Tue, 11/13/2012 - 16:09 | 2977218 ihedgemyhedges
ihedgemyhedges's picture

I find it unbelievable that anyone could find it unbelievable that a married mother would open her legs for another married man.........happens every day.  She's got power of the p**** on her side and even Generals let their Privates make decisions when the kitty cat is calling........

Tue, 11/13/2012 - 16:14 | 2977256 1100-TACTICAL-12
1100-TACTICAL-12's picture

That's funny..

Tue, 11/13/2012 - 16:15 | 2977266 redpill
redpill's picture

In the end, the human race can be distilled into two short words: war and pussy.  This story has both so I expect it will be widely popular.

Tue, 11/13/2012 - 16:18 | 2977282 ihedgemyhedges
ihedgemyhedges's picture

True, and the same can be used to describe marriage.  The longer you are married however, the more you get of the former and the less you get of the latter...........

Tue, 11/13/2012 - 16:47 | 2977388 chubbyjjfong
chubbyjjfong's picture

Its cheaper to acquire the services of an escort every week than it is to be married.  You are paying not for the service, but for escort to leave afterwards.  Just sayin..

Tue, 11/13/2012 - 16:54 | 2977425 youngman
youngman's picture

I think its better than $500 toilet seats though...a hottie is always much better

Tue, 11/13/2012 - 15:48 | 2977138 buzzsaw99
buzzsaw99's picture

I'm sure it usually costs extra whatever it is.

Tue, 11/13/2012 - 15:53 | 2977161 knukles
knukles's picture

Wasn't she a an events planner, gratis?

Seven Days in May

This is spreading way to far and wide, the Feebies investigating everybody and their uncles...

Seven Days in May

Stop and think about it...
Defend against all enemies foreign and....

Will we or will we not, get show trials?
Yes, to make the point, Obie being so strong and resilient, the supreme state being saved from those homegrown T's
No, it's spread way too far and wide, we must not worry the peasantry, back to work, everything's under control.

Tue, 11/13/2012 - 15:56 | 2977176 Joe Davola
Joe Davola's picture

Wonder if she made videos like Jennifer Connelly did in that movie Mulholland Falls.  Mmmmm, Jennifer Connelly - scuse me boys, I'll be back in a few...

Tue, 11/13/2012 - 15:58 | 2977182 Joe Davola
Joe Davola's picture

Did I miss anything?

Tue, 11/13/2012 - 16:01 | 2977195 MachoMan
MachoMan's picture

The same Jennifer Connelly that did the double dildo scene at the end of requiem?

Tue, 11/13/2012 - 16:06 | 2977216 Joe Davola
Joe Davola's picture

Well there goes my afternoon.

Tue, 11/13/2012 - 16:10 | 2977233 1100-TACTICAL-12
1100-TACTICAL-12's picture

I give her a 4.5 on the MILF scale, inflation adjusted of course..

Tue, 11/13/2012 - 15:31 | 2977061 John Law Lives
John Law Lives's picture

Faber talks tough...

Marc Faber: Prepare for a Massive Market Meltdown

http://www.cnbc.com/id/49802535

excerpt:

Faber told CNBC that central bank stimulus was useless and the implosion of markets was the only way to restructure the financial system.

“I think the whole global financial system will have to be reset and it won’t be reset by central bankers but by imploding markets — either the currency markets, debt market or stock markets,” he said. “It will happen — it will happen one day and then we’ll be lucky if we still have 50 percent of the asset values that we have today.”

Tue, 11/13/2012 - 15:34 | 2977073 redpill
redpill's picture

I like Marc Faber and all, but every interview he's had over the last few years is exactly the same.  Guy needs to mix up the delivery or something, maybe add in a few wise cracks to make it interesting.

Tue, 11/13/2012 - 15:38 | 2977094 John Law Lives
John Law Lives's picture

He is correct that the can has been continually kicked down the road for years.   A day of reckoning is coming.  Too few politicians have the guts to attempt to do anything about it.  Most of them just try to get themselves re-elected.

Tue, 11/13/2012 - 17:26 | 2977585 Peter Pan
Peter Pan's picture

In the short run you can make money dealing in trash because you can bank on finding another buyer. But when the hit hits the fan, that other buyer disappears. In the case of gold however there will lways be a buyer.

To his credit Faber does not say that collapse is imminent. He just says that the show cannot go on forever as it is at the moment.

At the end of the day it will be unfunded liabilities that will force either a collapse or a reset.

Tue, 11/13/2012 - 23:00 | 2978597 TruthInSunshine
TruthInSunshine's picture

Unfunded "full faith & credit" will reset the system.

Some say this debt is already a bridge too far.

Tue, 11/13/2012 - 15:41 | 2977096 akak
akak's picture

Well, the man IS German, after all.  Whaddya want?

There is a reason why there are essentially no German comedy clubs.

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