Editor’s Note: This was passed along by Chris Comeaux of the Tea Party of Louisiana, who notes that it’s not intended as a criticism of House Speaker John Boehner but rather a statement of how bad the federal budget situation really is…
1. The FY2010 Federal Budget was $3.5 Trillion.
2. Obama proposed a $3.75 Trillion budget for FY2011.
3. “Pledge to America” promised to shave $100 Billion off of the federal budget.
(I think most of us thought they meant 2010 levels, but I digress…)
4. According to speaker’s office, we shaved $78 Billion from FY2011.
(my count is $59 Billion, but who’s counting?)
5. This results in a FY2011 budget of about $3.67 Trillion.
6. The federal budget increased from $3.5T to $3.67T since last year, an increase
of about $160 Billion.
7. To put $160 Billion in perspective, that’s about the same estimated annual costs of the
Iraq and Afghanistan wars combined (quoted from Obama’s speech on Libya as he was
complaining about the high costs).
8. The federal REVENUE for FY2011 is estimated to be about $2.2T.
9. A $3.67T budget will result in a $1.47T deficit.
10. We reach the current debt ceiling of $14.5T in about 3 weeks.