(Newsroom America) -- The U.S. government outspent its total income in March by more than eight times over, according to a new report that examined Treasury Department receipts and expenditures.
CNSNews.com reported Tuesday that while the federal government grossed $194 billion in tax revenue, it paid out about one-third that amount - $65.898 billion - in tax refunds.
When that amount is deducted from the $1.1187 trillion paid out by Treasury last month, the net amount in federal expenses for last month becomes $1.0528 trillion, the report said - or 8.2 times the $128.179 billion in net federal tax revenue for the month.
CNS reported that most of the expense came from redeeming short-term Treasury securities; $623.9 billion of the $705.3 billion were for one year or less.
In order to finance the spending, the report said, the government turned largely to borrowing, selling $786.5 billion in new securities.
The spending is becoming increasingly alarming to a number of analysts and economists. Erskine Bowles, former chief of staff to President Bill Clinton and the co-chairman of President Obama's National Commission on Fiscal Responsibility, was clearly worried about the levels of spending in testimony before the Senate Budget Committee on Monday.
" think we face the most predictable economic crisis in history. A lot of us sitting in this room didn't see this last crisis as it came upon us," he said. "But this one is really easy to see. The fiscal path we are on today is simply not sustainable."
Bowles said the nation's fiscal problems "are like a cancer" that will eventually prove destructive.
"This problem is going to happen, like the former chairman of the Fed said, or the Moody's said, this is a problem we're going to have to face up," he said. "It may be two years, you know, maybe a little less, maybe a little more. But if our bankers over there in Asia begin to believe that we're not going to be solid on our debt, that we're not going to be able to meet our obligations, just stop and think for a minute what happens if they just stop buying our debt."
He said while the solutions are "painful," it is vital lawmakers "step up" to address them.
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