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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