Despite Record High Tax Collection, Federal Budget Still Runs $530B Deficit

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The federal government this year has collected a record $2,883,250,000,000 for the first eleven months of fiscal year 2015 but is still running a $530 billion deficit. But of course you will continue to hear Democrats say that the government isn’t taking in enough money and needs to spend even more. Because that’s what they do. No matter how much they bring in it’s never enough.

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It is also up about $198,425,330,000 in constant 2015 dollars from the $2,684,824,670,000 in revenue (in inflation-adjusted 2015 dollars) that the Treasury raked in during the first eleven months of fiscal 2014.

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Despite the record tax revenues of $2,883,250,000,000 in the first eleven months of this fiscal year, the government spent $3,413,210,000,000 in those eleven months, and, thus, ran up a deficit of $529,960,000,000 during the period. (Read More)

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In related news, federal debt held by the public now totals a whopping $107,000 per household, and that number is less than the total national debt.

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