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By Catholic Online (NEWS CONSORTIUM)

10/11/2013 (6 months ago)

Catholic Online (www.catholic.org)

Over a week of 'non-essential' services being shut down, collections continue

While the federal government was ostensibly in a "shutdown" in the first nine days of October - federal tax collections went up. From October 1 through October 9 of last year,  according to the Daily Treasury Statement, the federal government collected $55.235 billion in total tax revenues. The same period for this year - according to the Daily Treasury Statement, the federal government collected $56.188 billion in total tax revenues.

Treasury Secretary Jack Lew likewise offered a warning, telling lawmakers that the prospect of default had already caused interest rates to rise - and that worse lay ahead.

Treasury Secretary Jack Lew likewise offered a warning, telling lawmakers that the prospect of default had already caused interest rates to rise - and that worse lay ahead.

Article Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

10/11/2013 (6 months ago)

Published in Business & Economics

Keywords: Shutdown, tax collection, John Boehner, warning


LOS ANGELES, CA (Catholic Online) - During nine days of a shutdown this year, the federal government collected $953 million MORE in taxes than it did in the same nine calendar days last year, ostensibly when it was "open" for business.

Shutdown does not mean the government is shut out of the taxpayers' pocketbook.

With the nation's economy on the line, President Obama and congressional Republicans hashed about for a compromise to prevent an unprecedented U.S. default.

"We expect further conversations tonight," House Majority Leader Eric Cantor said as the day drew to a close. Both Cantor and Speaker John Boehner along with a delegation of other Republicans met for more than an hour with Obama at the White House.

While the White House released a statement describing the session as a good one, the statement also read that "no specific determination was made."

The ongoing crises that have bewitched the divided government for weeks. Markets have been rattled markets both here and abroad. At least 350,000 furloughed federal workers have been shout out of their jobs. Both sides expressed fresh hopes for a resolution soon.

Treasury Secretary Jack Lew likewise offered a warning, telling lawmakers that the prospect of default had already caused interest rates to rise - and that worse lay ahead.

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