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http://www.house.gov/apps/list/press/ms04_taylor/truths200307.htmlexcerpt: TRUST FUND SURPLUSES DISGUISE THE TRUE SIZE OF THE DEFICIT. Through ten months of fiscal year 2003, the Treasury reported a budget deficit of $324 billion. However, Social Security, Medicare, military retirement, and federal employees retirement collected $183 billion in surpluses for future benefits. Outside these trust funds, the government has a 10-month operating deficit of $507 billion.
The Bush Administration predicts a record unified budget deficit of $455 billion for fiscal year 2003. That figure includes a projected Social Security surplus of $160 billion, so the deficit, not counting Social Security’s surplus, will be $615 billion. That means that 35% of non-Social Security spending will be financed by borrowing.
WE SPEND ALMOST ONE BILLION DOLLARS PER DAY ON INTEREST. In the first ten months of fiscal year 2003, the Treasury spent $289 billion on interest on the debt. Interest ranks as the third largest expense, behind Social Security benefits ($335.5 billion) and military spending ($318 billion)
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