Despite Record Revenue Federal Government Still Runs A Deficit

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The federal government is raking in record revenue, but despite all of the money coming in they’re still running a deficit of more than $600 billion a year. President Obama and the Democrats want to spend and tax even more.

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Federal tax revenues continue to run at a record pace (in inflation-adjusted dollars) in fiscal 2014, as the federal government’s total receipts for the fiscal year closed May at an unprecedented $1,934,919,000,000, according to the Monthly Treasury Statement.

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Despite record revenue, the federal government still ran a deficit of $436.382 billion in the first eight months of the fiscal year, which began on Oct. 1, 2013 and will end on Sept. 30, 2014.

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In the month of May alone, the federal government ran a deficit of $129.971 billion–bringing in $199.889 billion in revenue while spending $329.860 billion.

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The White House Office of Management and Budget has estimated that in the full fiscal 2014, the federal government will collect $3.001721 trillion in taxes, spend $3.650526 trillion, running a deficit of $648.805 billion. (Read More)

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