Treasury: June Tax Revenues Covered Social Security and Veterans Benefits More Than 3-Times Over

July 13, 2011 - 11:12 AM

President Barack Obama

President Barack Obama discusses debt-limit negotiations at a White House press conference on July 11, 2011. (AP photo)

(CNSNews.com) - Despite President Barack Obama’s statement on CBS Evening News on Tuesday that he could not guarantee the government could pay out Social Security checks and  veterans’ benefits after Aug. 3 if Congress does not agree to lift the limit on the national debt by then, official Treasury Department accounting documents for the month of June indicate that tax revenues for the month were almost three and a half times what the government needed to cover all Social Security benefits and veterans’ programs.

The Daily Treasury Statement for June 30—which any American, including the president, can look up on the U.S. Treasury Department’s website at this link—says the government took in $196.994 billion in revenue during the month.

The same statement says that the government paid out $50.719 billion in Social Security benefits in June, $4.196 billion in veterans’ benefits, and $2.961 billion for other Veteran Affairs department programs.

The combined $57.876 billion that the federal government paid out for Social Security benefits, veterans’ benefits and other veterans programs during June equaled 29.4 percent of federal revenue for the month.

In fact, federal revenues for June could have paid all Social Security benefits and all veterans’ benefits and Veterans Affairs programs almost three-and-a-half times over.

Indeed, the $196.994 billion in tax revenues that the federal government took in during June was more than enough to pay not only all Social Security benefits and veterans benefits and programs for the month, but also, on top of that, the interest on the federal debt, Medicare, Medicaid, the Indian Health Service, Temporary Assistance to Needy Families, all federal workers’ salaries, federal workers’ insurance benefits, Justice Department programs, and Defense Department venders.

The combined costs for all of these federal expenditures in June was $195.502 billion.

That means that out of the federal government’s $196.994 billion in revenue in June, the government would have had a surplus of $1.492 billion after it had paid the interest on the national debt, plus all Social Security benefits, veterans’ benefits, veterans’ programs, Medicare, Medicaid, the Indian Health Service, Temporary Assistance to Needy Families, federal workers’ salaries, federal workers’ insurance benefits, Justice Department programs, and Defense Department venders

According to the Daily Treasury Statement for June 30, federal revenue and the itemized costs for each of these federal expenditures during the month of June (in billions of dollars) were as follows:

Revenue:                                                          $196.994

Spending on interest, entitlements, salaries, etc.:

Interest on Treasury Securities:                            8.025

Social Security Benefits:                                        50.719

Medicare:                                                              45.950

Medicaid:                                                               26.306

Veterans benefits:                                                  4.196

Veterans Affairs programs:                                     2.961

Indian Health Service:                                            0.770

Temporary Assistance for Needy Families:             1.158

Federal salaries:                                                   14.407

Federal Employees Insurance Payments:              5.713

Justice Department programs:                               1.329

Defense vendors:                                                33.968

Total for these programs:                             $195.502

Surplus after these programs are paid:          $1.492        

On CBS Evening News on Tuesday, anchor Scott Pelley asked President Obama: "Can you tell the folks at home that, no matter what happens, the Social Security checks are going to go out on August the 3rd? There are about $20 billion worth of Social Security checks that have to go out the day after the government is supposedly going to go into default.”

Obama responded: “Well, this is not just a matter of Social Security checks. These are veterans` checks, these are folks on disability and their checks. There are about 70 million checks that go out each month.”

“Can you guarantee, as president,” Pelley followed-up, “that those checks will go out on August the 3rd?”

“I cannot guarantee that those checks go out on August 3rd if we haven`t resolved this issue, because there may simply not be the money in the coffers to do it,” said Obama.