Government Spending Per Minute: $6.85 Million

CBS/istockphoto

House Republicans on Thursday trimmed about $35 million from the House's operating budget, a move that Speaker John Boehner hailed as "a strong signal" of the new Congress' "commitment to making the tough choices necessary to end Washington's job-killing spending binge."

But while $35 million is a lot of money to the average American, it's worth thinking about just how "strong" a signal the House really sent. Consider: According to the Center on Budget and Policy Priorities, the government's projected spending for Fiscal Year 2010 is roughly $3.6 trillion.

That's 3.6 trillion - one three, one six, and 11 zeros.

Let's put that number in context. There are 365 days in a year, 24 hours in a day, and 60 minutes in an hour. That adds up to a total of 525,600 minutes. Divide that figure into the $3.6 trillion in FY2010 spending and you find that the federal government spends about $6.85 million per minute.

That's right - the government spends, on average, nearly $7 million every minute. That means the cost-cutting measure yesterday only saved taxpayers enough to cover about five minutes worth of spending - less time than it takes to hold the average congressional vote.

This isn't to take anything away from efforts to address the government's massive debt problem - every little bit helps. But it does point to the daunting magnitude of the task facing lawmakers.

Republicans say they want to deal with the deficit by cutting spending, not raising taxes. But according to the Center on Budget and Policy Priorities, of the $3.6 trillion being spent in FY2010, only $2.2 trillion will be covered by tax revenues.

If you hold tax revenues at the same level, you'll thus need to come up with $1.4 trillion in spending cuts to stop borrowing and balance the budget - which means cutting nearly 39 percent of the budget. You could cut the entire defense budget as well as funding for education and transportation infrastructure and you still wouldn't be close.

As for the national debt - the number you get when you add up all those yearly deficits - it now stands at more than $14 trillion. That's enough to make yesterday's $35 million cut look positively quaint.

[tonyv414]

Sure the government spends money, but where does it spend that money? Yes, a small percentage (less than 10 percent) goes into spending outside of the United States in terms of interest paid to foreign lenders and other foreign interest and trade imbalances, but the majority of that money goes right back into the U.S. economy. Government spending is just a pump that tries to keep a large consumer-based economy flowing and somewhat distributed. And what about Entitlement monies? The fact is that people who are living on entitlements generally do not hoard that money - social security checks generally get spent even before they are recieved, and they get spent right back in the U.S. economy. Ask your local grocer or other retailer how much of his net receivables come from social security checks, welfare checks and food stamp programs. Entitlement monies end up in the coffers of private enterprise just like any other form of spending.
The biggest problem with the U.S. economy is NOT government spending, but the problem is rather the amount of outflow from the private sector into foreign investment that is not returned. Ask the multinationals about their budgets.
U.S. citizens should pay more attention to where their private sector investment goes rather than what the government spends. U.S. citizens really need to be taught how the world economy works instead of just listening to mindless rhetoric and half-truths.
The cost of government has absolutely nothing to do with the decline of civilization in the United States. The problems lie entirely within the imbalance, greed, and general ethical bankruptcy within the private sector.

[Ozark_Sunshine]

Where was CBS when the Democratic held Congress and president were running upthese figures? Oh yeah, you were carrying the water for them. You criticize the new House leadership yet have said nothing since the Dems took contol in 2007. I look forward to CBS News gfoing out of business and all of you libs being fired.

[Mokkie57]

Can you cut 10% of all federal spending? I don't think so. We may be at the mercy of the federal government.

[RedWings_ninety_one]

In case no one has not figured it out yet (or if the story said it), that is $114166.67 per second. Which sadly is more than most Americans make in a year..way to waste out money..

[gary_downing]

Did you say make a year? I would have to work for ever and still never make even close to that.

[RobAla]

We have had an out of control and irresponsible group of politicians in Washington spending the nation toward bankruptcy. At last, we now have a few newly elected representatives in Washington who are beginning to behave like adults. Hopefully, they will bring the crazy spending under control. Hopefully, they will reduce the size and scope of the federal government to a manageable level - and reduce the government to one that the American people and businesses can afford. This crap has gone on way too long.

[pasha128]

Another denier of the impartial referee's (CBO's) assessment that the Health Care Reform act will save $230 billion in the FIRST 10 YEARS and over a TRILLION DOLLARS in the second 10 years. Not to mention the fact the MEDICARE PART D (prescription drugs) that were migrating into the paid for category BECAUSE OF THE DEMOCRATS will go back on the REPUBLICAN CREDIT CARD (passed in 2003 by a REPUBLICAN CONGRESS and SIGNED INTO LAW BY A REPUBLICAN PRESIDENT). That cost $1 TRILLION DOLLARS for the 10 years 2003 - 2013 and considerably MORE for each 10 year block after 2013.

[samXXkiley]

coucou,
le co?t de la medicare est insignifiant par rapport aux millions de dollars d?pens?s par ce gouvernement et par minute, c'est faramineux comme somme,
=======
the cost of Medicare is insignificant compared to the millions of dollars spent by this government and by minute, as phenomenal sum, au revoir

[pasha128]

Sam do you understand the post is in favor of NOT DEFICIT SPENDING over a TRILLION DOLLARS every 10 years BY KEEPING THE HEALTH CARE REFORM ACT? Traditional Medicare that is paid for by payroll taxes is not the issue. The fact that Democrats are moving Medicare Part D (prescription drugs) into that same category (overriding a REPUBLICAN CONGRESS and A REPUBLICAN PRESIDENT that put this benefit on the CREDIT CARD IN 2003) is a positive development. Allowing Medicare Part D to remain indefinitely on the credit card fuels arguments to eliminate it -- a situation remedied by the Democrats.

[ur_shadow]

The demise of any nation or state happens after their governments get drunk on power... and of course spend like drunken sailors.

[Jhihmoac]

Wow...they must be conserving after the holidays...

[samXXkiley]

coucou,
c'est injuste le gouvernement d?pense des millions de dollars par minute,
et ce m?me gouvernement se plaint parce que la r?forme de la sant? est co?teuse.

*****
it is unfair the government is spending millions of dollars per minute,
and the same government complains because the health reform is expensive. au revoir

[noloyalisti]

We have to stop the corporate welfare and the giveaways and entitlements for the rich. The government needs the money that is being stolen by tax breaks to provide the necessities of life for its people. That is why we have government.

[ljmckay]

"The government needs the money that is being stolen by tax breaks to provide the necessities of life for its people. That is why we have government"

No that's your job. It's not the governments job or responsibility to provide anything other than security

[bileven]

When did it become the responsibilty of 10% of the people to support the other 90%? If someone earns more than 250,000 from going to college, working their way up the ladder and being successful, why do they have to turn around and pay for a bunch of lazy bums that drop out of school, sit on their butts and do nothign but get high and breed?

This is the Land of Equal Opprotunity, NOT the Land of Equal Results... Those Rich people already pay 35% of their income, plus pay employees wages AND benefits... With the cuts, they are paying over 75% of the total amount... So much for being fair... How about you trying paying the same total amount they send?