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.”
(Worthy News) - For the first time in the history of the United States, the federal government has spent more than $3 trillion in the first eight months of the fiscal year, according to the Monthly Treasury Statement released today.
The record $3,013,541,000,000 that the federal government spent in October through May of fiscal 2019 was $181,157,920,000 more than the previous record of $2,832,383,080,000 (in constant May 2019 dollars) that the federal government spent in October through May of fiscal 2009.
Total federal tax revenues in the first eight months of fiscal 2019 hit $2,274,902,000,000, which fell $5,612,990,000 short of the record $2,280,514,990,000 (in constant May 2019 dollars) that the Treasury collected in total tax revenues in the first eight months of fiscal 2016. [ Source: CNS News (Read More...) ]
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