Federal spending increased in 2007

WASHINGTON, Oct. 1 (UPI) -- Federal spending during fiscal year 2007 was up 4.4 percent from 2006 spending, the U.S. Census Bureau said Thursday.

The federal government in 2007 allocated $2.56 trillion in domestic spending, the Consolidated Federal Funds Report says.

The report says retirement and disability payments to individuals accounted for $783 billion, which is more than 30 percent of total federal spending. The report said that 80 percent of the money went to Social Security recipients.

The Consolidated Federal Funds Report also said that grants accounted for 20 percent of all federal spending at $496 billion, while procurement contracts accounted for $440 billion, or 17 percent, of total federal spending.

Salaries and wages accounted for $253 billion of total federal spending, or 10 percent of total spending.

In addition to the $2.56 trillion in direct expenditures or obligations, the report said the U.S. government committed $1.37 trillion in direct loans, guaranteed loans and insurance.

A statement said insurance coverage accounted for 86 percent of that total, while guaranteed or insured loans comprised 12 percent of the figure.