The Campaign Spot

Under Sequester, Debt Is . . . $36 Billion More than Same Period in 2012

Increase in the federal debt from March 1, when sequestration took effect, to March 19 of this year: $109 billion.

($109,134,270,782.20, to be exact.)

Increase in the federal debt from March 1, 2012, to March 19, 2012: $73 billion.

($73,223,651,961.17, to be exact.)

All figures from the Department of the Treasury.

Either tax revenues are way down from a year ago (surprising, considering the tax increases that kicked in January 1), or our overall spending rate is higher than a year ago even with the sequester, or both.

UPDATE: Campaign Spot reader Nick writes in with an explanation:

Federal tax revenues are way down compared to last March for a reason connected to the tax increases but not immediately obvious: tax filings are running well behind normal numbers. The IRS didn’t get important tax documents like Form 1040 Instruction booklets distributed in print until the beginning of March, over a month later than normal. Trying to read and follow that booklet online is a nightmare; most people who do their own taxes waited until they got printed copies to start preparing their taxes.


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