Federal Reserve Chairman Janet Yellen, referencing the Congressional Budget Office's long-term budget projections, told the Joint Economic Committee of Congress today that under current policies the federal government’s deficits “will rise to unsustainable levels.”
WASHINGTON D.C. (Worthy News)– Despite record tax revenues, the Federal government has run a cumulative deficit of nearly $400 billion dollars in the first nine months of 2014.
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 June at an unprecedented $2,258,565,000,000 according to the Monthly Treasury Statement.
With $323.646 billion in revenue coming into federal coffers in June alone, the federal government spent $253.127 billion, and ran a surplus for the month of $70.519 billion.
However, despite this one-month surplus, the government has still run a cumulative deficit of $385.855 billion in the first nine months of fiscal 2014. (The federal fiscal year began on Oct. 1, 2013 and will end on Sept. 30, 2014.) — Source
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