Despite Record Tax Revenues, Gov’t Runs $460B Deficit
WASHINGTON D.C. (Worthy News)– Inflation-adjusted federal tax revenues hit a record $2,469,178,000,000 for the first 10 months of fiscal year this July, but the federal government still ran a $460,450,000,000 deficit during that time, according to CNS News.
In constant 2014 dollars, the $2,469,178,000,000 that the federal government collected from October through July in fiscal 2014 was $129,126,250,000 more than the $2,340,051,750,0000 it collected in October through July in fiscal 2013.
Although the federal government brought in a record of approximately $2,469,178,000,000 in revenue in the first 10 months of fiscal 2014, according to the Treasury, it also spent approximately $2,929,628,000,000, leaving a deficit of approximately $460,450,000,000. — Source