Thursday, September 2, 2010

Federal spending rises a record 16%

Federal domestic spending increased a record 16 percent, to $3.2 trillion, in 2009, the Census Bureau reported Tuesday, largely because of a boost in aid to the unemployed and the huge economic stimulus package enacted to rescue the sinking economy. The rise in spending was the largest since the Census Bureau began compiling the data in 1983. The Washington region was among the biggest beneficiaries of the government's spending. Overall, the largest chunk of federal spending - about 46 percent of the $3.2 trillion - went to Medicare, Medicaid and Social Security, entitlement programs that are projected to swell as the population ages. Pay for federal employees accounted for nearly $300 billion of the spending and nearly half of that went to the defense payroll...more

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