Real net spending (total outlays adjusted for public debt redemptions) is rising at the fastest month-over-month pace in over a year. It looks like this is due to the Social Security pay increase that went into effect as well as interest payments on the debt, which although interest rates are lower, the total amount of debt outstanding is higher.
The sharp increase in real spending is what's behind the economy's strong numbers recently. That and a big rise in new loans.
