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In today’s world, it is critical that citizens in the 19th District of Texas know what is going on in their federal government.
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Debt vs. Deficit
What is the difference between the public debt and the deficit?
The deficit is the difference between the money Government takes in, called receipts, and what the Government spends, called outlays, each year. Receipts include the money the Government takes in from income, excise and social insurance taxes as well as fees and other income.
Outlays include all Federal spending including social security and Medicare benefits along with all other spending ranging from medical research to interest payments on the debt. When there is a deficit, Treasury must borrow the money needed for the government to pay its bills.
We borrow the money by selling Treasury securities like T-bills, notes, Treasury Inflation-Protected securities and savings bonds to the public. Additionally, the Government Trust Funds are required by law to invest accumulated surpluses in Treasury securities. The Treasury securities issued to the public and to the Government Trust Funds (intragovernmental holdings) then become part of the total debt.
One way to think about the debt is as accumulated deficits. For information concerning the deficit, visit the Financial Management Service website to view the Monthly Treasury Statement of Receipts and Outlays of the United States Government. You can read more on this topic in the Federal Borrowing and Debt chapter of the Analytical Perspectives volume of the most recent budget.
Visit TreasuryDirect.gov to learn more about the deficit and the debt.
Latest News
Filtered by American Job Creators, U.S. Debt
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Neugebauer Demands Transparency and Accountability at CFPB
09/20/12The Bureau can withdraw more than $550 million each year from the Fed, and no one has any authority to prevent those transfers– not Congress, not the Fed itself, and not even the President's Office of Management and Budget. The justifications f
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Neugebauer Reacts to Supreme Court Decision; Pledges to Continue Fighting to Fully Repeal Obamacare
06/28/12I am extremely disappointed with the Supreme Court's decision to uphold the individual mandate under Obamacare. This is a dramatic shift toward more taxation, more government regulations, and fewer liberties for West Texans. The government can now de
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Neugebauer Reacts to Supreme Court Decision; Pledges to Continue Fighting to Fully Repeal Obamacare
06/28/12I am extremely disappointed with the Supreme Court's decision to uphold the individual mandate under Obamacare. This is a dramatic shift toward more taxation, more government regulations, and fewer liberties for West Texans. The government can now de
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NEUGEBAUER APPLAUDS CARGILL'S INVESTMENT IN PARMER COUNTY
06/26/12I couldn't be more pleased about Cargill's decision to invest in Parmer County. This new facility will not only create job opportunities during construction, but it will also add 37 permanent jobs to the community.
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