Sonny Clark
Diamond Member
- Banned
- #1
White House: Deficit Will Increase 20% This Year (Despite Record Tax Revenue)
The data that the White House published with President Obama’s fiscal 2016 budget proposal yesterday indicate that the federal deficit will increase by 20 percent during this fiscal year (2015) even though the administration predicts the Treasury will bring in record revenue during the year.
According to Table S-1 in the “Summary Tables” appendix to the Obama budget, the deficit was $485 billion in fiscal 2014 and will be $583 billion in fiscal 2015—an increase of $98 billion, or 20.2 percent.
The federal fiscal year begins on Oct. 1 and ends on Sept. 30.
In fiscal year 2015, according to the Obama budget tables, the federal government will take in $3.176 trillion in tax revenue and spend $3.759 trillion.
The $3.176 trillion in tax revenues the White House estimates the federal government will bring in this year is a record in both current and inflation-adjusted dollars.
Since Obama took office, the federal debt has climbed from $10,626,877,048,913.08 to $18,082,294,157,510.20--an increase of $7,455,417,108,597.12.
White House Deficit Will Increase 20 This Year Despite Record Tax Revenue CNS News
What do we, John Q. Public, have to show for it? Are better off economically ( financially )?
The data that the White House published with President Obama’s fiscal 2016 budget proposal yesterday indicate that the federal deficit will increase by 20 percent during this fiscal year (2015) even though the administration predicts the Treasury will bring in record revenue during the year.
According to Table S-1 in the “Summary Tables” appendix to the Obama budget, the deficit was $485 billion in fiscal 2014 and will be $583 billion in fiscal 2015—an increase of $98 billion, or 20.2 percent.
The federal fiscal year begins on Oct. 1 and ends on Sept. 30.
In fiscal year 2015, according to the Obama budget tables, the federal government will take in $3.176 trillion in tax revenue and spend $3.759 trillion.
The $3.176 trillion in tax revenues the White House estimates the federal government will bring in this year is a record in both current and inflation-adjusted dollars.
Since Obama took office, the federal debt has climbed from $10,626,877,048,913.08 to $18,082,294,157,510.20--an increase of $7,455,417,108,597.12.
White House Deficit Will Increase 20 This Year Despite Record Tax Revenue CNS News
What do we, John Q. Public, have to show for it? Are better off economically ( financially )?
