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Tuesday, April 5, 2011

March Madness: U.S. Gov't Spent More Than Eight Times Its Monthly Revenue

Call it ineptness, call it corruption, call it subversion…whatever you call it, they’re destroying America!

Erskine Bowles

Erskine Bowles, co-chairman of the National Commission on Fiscal Responsbility with his co-chair former Sen. Alan Simpson (R.-Wyo.) (AP photo/Alex Brandon)

(CNSNews.com) - The U.S. Treasury has released a final statement for the month of March that demonstrates that financial madness has gripped the federal government.

During the month, according to the Treasury, the federal government grossed $194 billion in tax revenue and paid out $65.898 billion in tax refunds (including $62.011 to individuals and $3.887 to businesses) thus netting $128.179 billion in tax revenue for March.

At the same time, the Treasury paid out a total of $1.1187 trillion. When the $65.898 billion in tax refunds is deducted from that, the Treasury paid a net of $1.0528 trillion in federal expenses for March.

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