Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

2/8/2013 (1 year ago)

Catholic Online (www.catholic.org)

Federal revenue will top $2.7 trillion in 2013

According to projections from the Congressional Budget Office (CBO), federal revenue will return to its pre-recession levels in 2013. This sets a new record for the most money the government has ever taken in.

Republicans argue that the focus should now turn to cutting federal spending rather than raising further tax revenues.

Republicans argue that the focus should now turn to cutting federal spending rather than raising further tax revenues.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

2/8/2013 (1 year ago)

Published in Politics & Policy

Keywords: Congressional Budget Office, federal revenue, recession, John Boehner, President Obama


LOS ANGELES, CA (Catholic online) - The CBO forecasts that federal revenue will top $2.7 trillion in 2013, slightly higher than the $2.6 trillion the government collected in 2007, the year the last recession officially began.

Government revenues had fallen by nearly $500 billion during the recession to $2.1 trillion in 2009, contributing to the $1.5 trillion deficit that year. Federal revenues however, have been recovering since the recession ended in June 2009. The CBO now projects that they will slightly eclipse their pre-recession peak.

The $2.7 trillion in revenue will be the most money the federal government has collected in history.

the government has never collected more than the $2.6 trillion it collected in 2007, according to historical tables compiled by the White House Office of Management and Budget. This means that if CBO's projection is correct, it will set a new record for revenue collection in 2013.

This projection could undercut a key argument made by the White House that any balanced approach to deficit reduction must include more federal revenue in the form of "tax reform."

"Now, I think this balanced mix of spending cuts and tax reform is the best way to finish the job of deficit reduction," President Obama said in a speech this week.

Republicans insist that additional tax revenue is not necessary, citing the tax increases on wealthier Americans they agreed to as part of the January deal to make permanent most of the Bush tax cuts.

Republicans argue that the focus should now turn to cutting federal spending rather than raising further tax revenues.

"Democrats say we should replace the president's 'sequester' with revenue increases, or delay it.  Republicans say we should replace [it] with responsible reforms that will help put us on a path to balance the budget in 10 years," House Speaker John Boehner (R-Ohio) said at a news conference.


---


Pope Francis: end world hunger through 'Prayer and Action'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for July 2014
Sports:
That sports may always be occasions of human fraternity and growth.
Lay Missionaries: That the Holy Spirit may support the work of the laity who proclaim the Gospel in the poorest countries.



Comments


More Politics & Policy

FREE SPEECH VIOLATED: Tea party groups' lawsuit against IRS proceeds Watch

Image of Among the individuals named in the lawsuit is Lois Lerner, who headed the division that processes applications for tax-exempt status at that time.

By Catholic Online (NEWS CONSORTIUM)

They're not going to take it - and they're taking their claims to court. A federal judge has allowed a lawsuit by 10 tea party groups to move forward against the Internal Revenue Service. The judge rejected a request by the federal government to dismiss all the ... continue reading


'Suing the president is the right path to go down here,' Boehner declares Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

The House of Representatives has no plans to use its own constitutional authority to withhold funding from actions by President Obama. House Speaker John Boehner (R-Ohio) indicated that if the president takes actions that exceed his constitutional authority, ... continue reading


Federal government says state death penalties are 'unconstitutional' Watch

Image of A federal judge has called California's death penalty unconstitutional. Surprisingly though, this judge is a conservative republican, a party that has long opposed federal overreach into state rights.

By Catholic Online (NEWS CONSORTIUM)

A federal judge ruled that California's death penalty is unconstitutional on July 16, claiming that the state's system is arbitrary, unfair, and cruel and unusual because of a lengthy process that leaves prisoners in the dark about their actual death row status. ... continue reading


'American people have a right to know,' Issa proclaims Watch

Image of Darrel Issa says that Simas' testimony was

By Catholic Online (NEWS CONSORTIUM)

Oversight Committee Chairman Darrell Issa of California said administration claims that White House political director David Simas was immune from testimony were "absurd" and "deeply disturbing." Defying a subpoena, Issa has now set up a new high-profile fight ... continue reading


Cheat on your taxes? It just got a lot easier Watch

Image of If you still fear a knock at your door anytime soon, it must be noted that one's chances of getting audited vary greatly and are based on income.

By Catholic Online (NEWS CONSORTIUM)

If you cheat on your taxes - or senselessly worry that some indiscretion in your recent past will have the Internal Revenue Service shortly breathing down your neck - things just got a little bit brighter. The GOP-controlled House has voted to slash the budget ... continue reading


While federal tax revenues are at an all-time high - federal government still running a deficit Watch

Image of What's the old saying?

By Catholic Online (NEWS CONSORTIUM)

While federal tax revenues continue to run at a record pace in fiscal 2014, their still no way out of the forest yet. The federal government's total receipts for the fiscal year closed last month at an unprecedented $2,258,565,000,000, according to the Monthly ... continue reading


President Obama accused of being insufficiently engaged in border crisis Watch

Image of President Obama wishes to make clear to parents and adults in Central America that there is no payoff for sending their children on the dangerous journey northward.

By Catholic Online (NEWS CONSORTIUM)

With hundreds, if not thousands of unaccompanied children streaming across the United States' southwest border with Texas - and more on the way - America's border security and policies may be in transition. Republicans and some Democrats have since accused U.S. ... continue reading


Put the spotlight - ON ME: Obama uses first person singular 99 TIMES in speech Watch

Image of In President Obama's recent speech, he used a first person singular, on average, every 12 seconds.

By Catholic Online (NEWS CONSORTIUM)

"I," "Me," sand "My" were words used by U.S. President Barack Obama in a speech vowing unilateral action. In fact, Obama used the first person singular a whopping 199 times. This figure did not account for instances when he quoted a letter from a citizen or ... continue reading


Engage world with Catholic principles

Image of Catholic Social Doctrine

By Kevin Jones

NON-NEGOTIABLE: Essential Principals of a Just Society and Human Culture. Denver, CO (CNS) - Catholic involvement in civic life is necessary to defend human dignity and move society in a positive direction, says the author of a new book on Catholics principles in ... continue reading


Muslims, more than any other religious group, approve of Obama's performance Watch

Image of U.S. President Barack Obama as he visited Kenya in 2006.

By Catholic Online (NEWS CONSORTIUM)

Seventy-two percent of poll respondents who identify their religion as Muslim say they approve of U.S. President Barack Obama's performance. Muslims, more than any other religious group approve of Obama's overall performance in a recent Gallup Poll. LOS ... continue reading


All Politics & Policy News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Song of Songs 3:1-4
1 On my bed at night I sought the man who is my ... Read More

Psalm, Psalms 63:2, 3-4, 5-6, 8-9
2 Thus I have gazed on you in the sanctuary, seeing ... Read More

Gospel, John 20:1-2, 11-18
1 It was very early on the first day of the week and ... Read More

Saint of the Day

Saint of the Day for July 22nd, 2014 Image

St. Mary Magdelene
July 22: She is called "the Penitent". St. Mary was given the ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter