Treasury Report Highlights Washington’s Spending Problem

Following the release of the Treasury Department’s monthly statement of federal revenue and outlays, FreedomWorks Chief Economist Wayne Brough commented:

“During his State of the Union address Tuesday night, President Obama bragged that the deficit had been slashed on his watch. While it’s true that the deficit has been reduced, the White House is cherry picking the years when he spent ridiculous amounts of money on wasteful stimulus programs. What’s more, divided government has helped keep this White House from going on the obscene spending spree it really wants.”

“Data from the Treasury Department show that despite President Obama’s humble brag, the federal government is still spending more money than it takes in every month. In fact, spending is 7 percent higher than it was at this time last year and the deficit is up 22 percent. Washington doesn’t have a revenue problem; it has a spending problem, and it’s only going to get worse unless Congress shows the political will to put all areas of the budget on the table to avoid the severe fiscal problems that are on the horizon."

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