The Federal Budget Deficit Is Looking Worse Than Expected in 2014
http://www.theblaze.com/stories/2014/05/19/the-federal-budget-deficit-is-looking-worse-than-expected-in-2014/
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“That increase is $10 to $20 billion less than what CBO expected when it published its most recent projections in its April 2014 report,” the agency said in its monthly budget review.
With 4 1/2 months left in fiscal year 2014, the year is hardly over. But budget-watchers agreed that April is an informative month, since it’s when most individuals pay their tax bills, and a shortfall in April means the government is likely going to see a budget deficit that is somewhere north of $500 billion for the year.
“We’re through the big chunk of money,” a Senate Budget Committee staffer told TheBlaze.
The aide added that while the government ran a surplus in April, as it usually does, the bad news in the CBO report was that tax revenue still grew more slowly in April than government spending grew. The CBO report said receipts were up 2 percent in the first seven months of fiscal year 2014 compared to the prior year, while spending rose 2.5 percent in the same period.
“To me this points to the unsustainability of our situation,” the aide said. “Even in the best month you’ve had since the recession, revenue is still not growing faster than spending.”
(Article is at the link. Zim.)
Mad Poet Strikes Again.
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