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 August 2014
Refugees:
That refugees, forced by violence to abandon their homes, may find a generous welcome and the protection of their rights.
Oceania: That Christians in Oceania may joyfully announce the faith to all the people of that region.



Comments


More Politics & Policy

Of nearly 38,000 immigrant children in the U.S. - only 280 deported Watch

Image of Federal officials expect another huge surge of children from Honduras, El Salvador and Guatemala to begin shortly after the temperatures go down.

By Catholic Online (NEWS CONSORTIUM)

In a surprising bit of news, the Obama administration has quietly released a huge majority of the illegal immigrant children who poured over the U.S. Mexico border earlier this year. Furthermore, they're making their homes in very well-to-do American ... continue reading


Classic Cloward-Piven: Here's the simple reason why Obama is breaking the immigration system in the USA Watch

Image of Obama's Cloward-Piven strategy is showing.

By Catholic Online (NEWS CONSORTIUM)

You can't fix something unless you break it first. This appears to be what Obama has done to the U.S. immigration system. Political analysts now expect that Obama will use the current immigration crisis to overhaul the system into something he likes. But more ... continue reading


Stopping at nothing, Davos Man, Warren Buffett, donates staggering $1.2 billion to promote abortion Watch

Image of Obama awarding Buffett the Presidential Medal of Freedom.

By Marshall Connolly, Catholic Online (NEWS CONSORTIUM)

Warren Buffett has given $1.2 billion to fund abortion advocacy and "research." This startling conclusion comes from the New York Times, which is reporting that he donates hundreds of millions of dollars at a time to a foundation named after his late wife, Susan ... continue reading


Get ready America: Obama set to bypass Senate on international treaty Watch

Image of President Obama and his administration are getting ready to present a climate change treaty to the U.N. and are willing to ignore a Constitutionally required Senate approval to do so.

By Catholic Online (NEWS CONSORTIUM)

President Barack Obama is working to create a sweeping international climate change agreement to compel nations to cut fossil fuel emissions; however, he is seeking to do this without ratification from Congress. LOS ANGELES, CA (Catholic Online) - This agreement is ... continue reading


That was one costly Web site! In fact the most expensive in Internet history. The Cost of Healthcare.gov estimated $1.7 Billion Watch

Image of The 60 contracts related to the development and operation of the Federal Marketplace started between January 2009 and January 2014. The contracts ranged from health benefit data collection and consumer research, to cloud computing and Web site development.

By Catholic Online (NEWS CONSORTIUM)

That's one might expensive Web site! It's estimated that the Healthcare. Gove Web site, intended to facilitate health care reform, or "Obamacare," has cost U.S. Taxpayers about $1.7 BILLION dollars. That's not even the half of it, as the U.S. government is ... continue reading


Obama administration announces new HHS mandate rules Watch

Image of Sylvia Burwell, HHS secretary, said that the new rules will ensure access to free contraception,

By CNA/EWTN News

The Department of Health and Human Services issued on Friday new rules regarding its contraception mandate, after the Supreme Court ruled against its application to certain companies this summer. (CNA/EWTN News) - The rules create a new way for non-profit groups to ... continue reading


BEEN THERE: Attorney General Eric Holder shares personal experiences while in Ferguson Watch

Image of Attorney General Eric Holder shakes hands with Bri Ehsan, right, following his meeting with students at St. Louis Community College Florissant Valley.

By Catholic Online (NEWS CONSORTIUM)

In Ferguson, Missouri to investigate the officer-involved shooting of teenager Michael Brown, Attorney General Eric Holder shared personal stories of his own encounters with racial discrimination. "I am the Attorney General of the United States, but I am also a ... continue reading


One percent? Try the MORE THAN A THIRD in U.S. who rely on Welfare Watch

Image of Back in the

By Catholic Online (NEWS CONSORTIUM)

Back in the "Occupy Wall Street" days, protestors rallied around the concept of the United States' "One Percent," which referred to the people with power in the U.S. government. On the other side of the coin, more than ONE THIRD of all U.S. households are now ... continue reading


SMILE FOR THE CAMERA! Texas Governor Rick Perry cheerfully turns himself in Watch

Image of Under duress, Texas Governor Rick Perry maintained an upbeat and positive attitude. Arriving at the Travis County courthouse in Austin for booking and fingerprinting, Perry gave a warm smile for his mug shot.

By Catholic Online (NEWS CONSORTIUM)

Under duress, Texas Governor Rick Perry maintained an upbeat and positive attitude. Arriving at the Travis County courthouse in Austin for booking and fingerprinting, Perry gave a warm smile for his mug shot. He's charged with felony corruption charges ... continue reading


HIDDEN FROM VIEW: President Obama renders decision largely in private, despite claims of transparency Watch

Image of Facing charges of executive overreach, to allegations that he is presiding over opaque policy-making, U.S. President Obama has been making decisions typically behind closed doors

By Catholic Online (NEWS CONSORTIUM)

Facing charges of executive overreach, to allegations that he is presiding over opaque policy-making, U.S. President Obama has been making decisions typically behind closed doors. Unilateral action on such issues as immigration, gay rights and tax policy has ... 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, First Corinthians 2:10-16
10 to us, though, God has given revelation through ... Read More

Psalm, Psalms 145:8-9, 10-11, 12-13, 13-14
8 Yahweh is tenderness and pity, slow to anger, full ... Read More

Gospel, Luke 4:31-37
31 He went down to Capernaum, a town in Galilee, and ... Read More

Saint of the Day

Saint of the Day for September 2nd, 2014 Image

St. Ingrid of Sweden
September 2: Born in Skänninge, Sweden, in the 13th century, St. Ingrid lived ... 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