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'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for June 2015
Universal:
That immigrants and refugees may find welcome and respect in the countries to which they come.
Evangelization: That the personal encounter with Jesus may arouse in many young people the desire to offer their own lives in priesthood or consecrated life.


Rosaries, Crosses, Prayer Cards and more... by Catholic Shopping .com


Comments


More Politics & Policy

Presidential candidate Mike Huckabee speaks out on Obama's gay pride light show and the legalization of gay marriage Watch

Image of

By Hannah Marfil (NEWS CONSORTIUM)

In celebration of the Supreme Court's gay marriage ruling, President Obama lit up the White House with rainbow colors, which garnered a response from Republican, former Arkansas governor and now presidential candidate Mike Huckabee. Huckabee was noted as saying that ... continue reading


Supreme Court 'unwrote laws of nature' GOP presidential candidate Mike Huckabee declares Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

Saying that the Supreme Court tried to "unwrite the laws of nature and the laws of nature's God" when it legalized gay marriage across the nation last week, GOP presidential candidate Mike Huckabee also pointed out the fact that President Barack Obama himself ... continue reading


'They will stand behind lying Brian Williams, but won't stand behind people that tell it like it is': Donald Trump fired from NBC for controversial immigrant statements Watch

Image of Donald Trump retired from The Apprentice after announcing his presidential bid.

By Abigail James (NEWS CONSORTIUM)

NBC has made the decision to cut ties with Donald Trump, over his political view and controversial statements regarding immigration made during his presidential announcement. Donald Trump and NBC have had a relationship, including Trump's produced Miss USA and Miss ... continue reading


When is the best time to take out Social Security? Watch

Image of 100-year-old woman.

By Talia Ramos (NEWS CONSORTIUM)

Financial advisers usually advice their clients to take Social Security benefits at the age of 70 for maximum growth. However, it is found that most people don't take that advice, as they are likely to withdraw what they have saved up as soon as they hit retirement. A ... continue reading


IT'S NOT OVER: Freedom of Religion may trump same-sex marriage victories Watch

Image of

By Matt Hadro and Adelaide Mena, CNA/ETWN News

Friday's Supreme Court ruling against the traditional understanding of marriage may pose huge obstacles to the free exercise of religion and conscience across the U.S., the nation's bishops have said in response to the decision. Washington D.C.(CNA/EWTN News) - ... continue reading


Decisions on same-sex marriage, power-plant emissions now in the hands of Supreme Court Watch

Image of Six major cases, all of them affecting the American Way of Life are in front of the Supreme Court.

By Catholic Online (NEWS CONSORTIUM)

Six major cases, all of them affecting the American Way of Life are in front of the Supreme Court. Decisions regarding same-sex marriages, power plant emissions and execution methods will all be rendered by either Friday or early next week. LOS ANGELES, CA ... continue reading


Obama adviser Valerie Jarrett's family has strong communist roots, files prove Watch

Image of Valerie Jarrett's father, pathologist and geneticist Dr. James Bowman, has been found to have had extensive ties to Communist associations and individuals.

By Catholic Online (NEWS CONSORTIUM)

Does the apple truly fall far from the tree? Recently uncovered files show that Valerie Jarrett, a senior adviser to U.S. President Barack Obama and trusted confidant has family ties with those with communist leanings. These uncovered files prove that Jarrett's ... continue reading


Donald Trump surges in popularity polls in New Hampshire Watch

Image of Dismissed by political professionals, who view him as little more than a

By Catholic Online (NEWS CONSORTIUM)

Dismissed by political professionals, who view him as little more than a "novelty candidate," there's no denying Donald Trump's surge in popularity in opinion polls in New Hampshire. The billionaire developer and reality TV show star comes in at second among ... continue reading


Terrorists who pose as journalists will no longer have protection from the U.S. new Pentagon manual states Watch

Image of The new manual from the pentagon is designed to reflect the fact that many fighters do not wear military uniforms or pretend to be trusted civilians to hit targets.

By Matt Waterson (NEWS CONSORTIUM)

The Pentagon has released new instructions on dealing with terrorists, or more specifically, terrorists who pose as journalists or journalists who work with terrorist groups. LOS ANGELES, CA (Catholic Online) - The "Department of Defense Law of War Manual" is a ... continue reading


Offensive or not? University of California issues bizarre speech police to tell you what not to say Watch

Image of The University of California administration issues handout that recommend students refrain from using some words.

By Talia Ramos (NEWS CONSORTIUM)

University of California is providing suggestions on what to say and what not to say within the campus grounds. However, the words and statements they deem as offensive, sexist and racist are not simply explicit words with direct negative connotations. According to ... 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, Genesis 22:1-19
1 It happened some time later that God put Abraham to ... Read More

Psalm, Psalms 115:1-2, 3-4, 5-6, 8-9
1 Not to us, Yahweh, not to us, but to your name give ... Read More

Gospel, Matthew 9:1-8
1 He got back in the boat, crossed the water and came ... Read More

Saint of the Day

Saint of the Day for July 2nd, 2015 Image

St. Bernardino Realino
July 2: St. Bernardino Realino was born into a noble family of Capri, ... 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