The CBO just released its latest budget projections for 2011, and it’s full of interesting data on what spending, revenue, and the deficit will look like this year.
It’s also full of damning numbers on our current state of spending that may surprise.
It will be important to note the size of spending on programs like Medicare, Medicaid, and defence when the great budget cut debate real kicks off in the weeks ahead.
U.S. government spending in 2011 is projected to be $3.7 trillion. That's over $500 billion more than China, the UK, Canada, and Australia spent combined in 2009.
The U.S. plans to spend $366 billion more on defence in 2011 than China, the UK, France, Russia, and Germany spent combined in 2009.
The U.S. government will spend $846 billion on Medicare and Medicaid in 2011. That's more than the projected 2011 GDP of Turkey.
The CBO projects the U.S. government will spend $1.8 trillion on wars in Iraq and Afghanistan between 2012 and 2021.
The U.S. government will spend $225 billion on interest payments on its debt in 2011, $13 billion more than the entire market cap of GE.
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