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Tuesday, March 15, 2011

Federal Budget

The Federal Debt in 2010 is about 14.2 trillion dollars, or about 97% of annual GDP.
The annual increase, including supplemental appropriations (not included in the "budget deficit", was $1.7 trillion in 2010, following increases of $1 trillion and $1.9 trillion in 2008 and 2009, respectively.

The NY Times has two interesting graphics about the budget.

Note the size of the blocks represented on the NYtimes budget graphic.  Military spending, Social Security and Medicare are by far the largest components of Federal spending.  Any discussion of spending cuts which does not include major cuts in these three areas is not worthy of serious consideration.

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