Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

6/17/2014 (1 year ago)

Catholic Online (www.catholic.org)

Government ran a deficit of $436 billion

According the federal government's Monthly Treasury Statement, tax revenues continue to rise, having closed out the fiscal year in May with an unprecedented $1,934,919,000,000 in total receipts.

President Obama's administration has set a record for tax revenue taken in a fiscal year.

President Obama's administration has set a record for tax revenue taken in a fiscal year.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

6/17/2014 (1 year ago)

Published in Politics & Policy

Keywords: News, US, Finance


LOS ANGELES, CA (Catholic Online) - Despite the record revenue, the federal government still ran a deficit in the first eight months of the 2014 fiscal year which began on October 1, 2013, owing more than $436 billion.

You can make a difference! Donate now and help end world hunger today.

In May alone the government managed a deficit of $129.971 billion, spending $329.860 billion after bringing in $199.889 billion.

The White House Office of Management and Budget has estimated that after the full fiscal 2014 year which ends on September 30, the government will have spent $3.650526 trillion after collecting $3.001721 in taxes-running a deficit of about $648 billion.

In addition to the above, the OMB has estimated that while running this deficit, the government will collect a record amount of inflation-adjusted tax revenues. After adjusting for inflation, the second-biggest tax haul occurred in fiscal 2007, when the government collected around $1.908 trillion.

The largest source for this money has been the individual income tax, which brought the Treasury $903.024 trillion. The second largest source is what the Treasury calls "Social Insurance and Retirement Receipts," which includes Social Security payroll tax, unemployment insurance tax and other retirement taxes. These sources accounted for $694.268 billion in tax revenue.

Corporate income tax was the third largest source, bringing in $164.840 billion.

---


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


Copyright 2016 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for May 2016
Universal:
Respect for Women: That in every country of the world, women may be honored and respected and that their essential contribution to society may be highly esteemed.
Evangelization: Holy Rosary: That families, communities, and groups may pray the Holy Rosary for evangelization and peace.



Comments


More Politics & Policy

American Steel v. China's Production - There is no such thing as free trade Watch

Image of American steel jobs have drastically fallen (iisssc).

By Kenya Sinclair (CALIFORNIA NETWORK)

As American steel production falters, China has begun efforts to dump its excess steel at slashed prices. LOS ANGELES, CA (Catholic Online) - According to Thomas J. Gibson, president and CEO of the American Iron and Steel Institute, and Chuck Schmitt, president of SSAB ... continue reading


'Shame, shame, shame': House Democrats boo Republicans Watch

Image of House Republicans halt the hostile amendment in its tracks (EPA).

By Catholic Online (NEWS CONSORTIUM)

Chaos erupted as the US House of Representatives refused to pass an amendment meant to strip away religious freedom and protections for religious contractors and those who work with the federal government. LOS ANGELES, CA (Catholic Online) - When House Democrats ... continue reading


Judge SPANKS Obama's attorneys who LIED to the court! Watch

Image of Judge Andrew Hanen shut down Obama's attorneys for lying.

By David Drudge (CALIFORNIA NETWORK)

An angry federal judge has ordered Justice Department attorneys to take annual ethics classes for lying. The lies told by Justice Department attorneys tricked 26 states into filing a lawsuit against the administration. LOS ANGELES, CA (California Network) - U.S. ... continue reading


Bill Clinton, America's favorite rapist? Watch

Image of Thew family that rapes together, destroys women's rights and justice together.

By David Drudge (CALIFORNIA NETWORK)

As Hillary Clinton declares herself the presumptive nominee of the Democratic party amid the cheers of millions of millennial supporters, few people seem to remember that her husband, Bill Clinton, is an accused serial rapist. And far from being a supporter of women' ... continue reading


YES! Oklahoma votes to outlaw abortion! Watch

Image of The Oklahoma legislature has voted to end abortion in their state.

By Marshall Connolly (CALIFORNIA NETWORK)

Oklahoma has outlawed abortion! The state legislature has passed a bill that would criminalize the procedure, except to save the life of the mother. The bill will now go to the governor for signing. LOS ANGELES, CA (Catholic Online) - The final decision will be up to ... continue reading


'It's a suicide mission': Mitt Romney will not launch campaign Watch

Image of Mitt Romney will not launch a third-party presidential campaign.

By Kenya Sinclair (CALIFORNIA NETWORK)

Former Massachusetts governor and former Republican presidential nominee Mitt Romney has announced plans to halt all recruitment for a third-party presidential campaign. LOS ANGELES, CA (Catholic Online) - According to Yahoo! News, Romney initially attempted to recruit ... continue reading


Obama 'Hope' Street Artist calls out President as failure Watch

Image of Street artist Shepard Fairey admitted his disappointment in US President Barack Obama.

By Kenya Sinclair (CALIFORNIA NETWORK)

Street artist Shepard Fairey, who created the iconic "Obama Hope" poster, has jumped on board the Bernie Sanders train and claims US President Barack Obama did not meet expectations. LOS ANGELES, CA (Catholic Online) - According to Info Wars, Fairley stated Obama went ... continue reading


Bernie Sanders is all but out, which makes him more relevant than ever before Watch

Image of Will Bernie Sanders run as a third party candidate? His campaign says no.

By David Drudge (CALIFORNIA NETWORK)

It's super unlikely that the Sanders campaign can win the Democratic nomination, short of any deus ex machina event, but that doesn't mean he plans to quit. In fact, Sanders is just getting started. LOS ANGELES, CA (California Network) - Last night, Hillary Clinton ... continue reading


'What about OUR kids?': Obama creates jobs for refugees Watch

Image of US President Barack Obama set aside a $21 million budget to create summer jobs for America's youth (wallpapercave).

By Kenya Sinclair (CALIFORNIA NETWORK)

School is nearly out and summer is upon us. Students and the unemployed will be hired for summer jobs while vacationers spur the economy. Everyone is hiring and the Obama administration is doing its part as well, with a budget of $21 million to create jobs nationwide ... continue reading


Who's the biggest lobbyist in the Oval Office? Here's the very surprising answer! Watch

Image of Google has been to the White House many more times than any other lobbyist.

By Marshall Connolly (CALIFORNIA NETWORK)

White House visitor logs can reveal who has the most access to the president. A new project that examines these logs reveals that Obama's favorite visitor is Google. LOS ANGELES, CA (California Network) - Google is a regular visitor to the White House, and has been to ... continue reading


All Politics & Policy News

Newsletters

Newsletter Sign Up icon

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

Subscribe to Catholic OnlineYouTube Channel

the FEED
by Catholic Online

Daily Readings

Reading 1, First Peter 1:10-16
10 This salvation was the subject of the search and investigation of the ... Read More

Psalm, Psalms 98:1, 2-3, 3-4
1 [Psalm] Sing a new song to Yahweh, for he has performed wonders, his ... Read More

Gospel, Mark 10:28-31
28 Peter took this up. 'Look,' he said to him, 'we have left everything ... Read More

Saint of the Day

Saint of the Day for May 24th, 2016 Image

St. David I of Scotland
May 24: David, the youngest son of Scotland's virtuous ... Read More