Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

6/17/2014 (3 months 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 (3 months 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'


© 2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for September 2014
Mentally disabled:
That the mentally disabled may receive the love and help they need for a dignified life.
Service to the poor: That Christians, inspired by the Word of God, may serve the poor and suffering.



Comments


More Politics & Policy

Why did Obama lie to the American people about ISIS? Watch

Image of Obama blamed his failure on ISIS on the intelligence community.

By Catholic Online (NEWS CONSORTIUM)

President Obama has found someone to blame for the rise of the Islamic State, and it's the intelligence community that supports him. According to Obama during a 60 Minutes interview, the intelligence community failed to warn him of the rise of the Islamic State. LOS ... continue reading


From the Values Voter Summit: Values, Citizenship and Hope Watch

Image of The birth certificate of this nation was called a Declaration of Independence because it declared independence from an unjust civil ruler. It did not declare independence from a just God.

By Keith A. Fournier

I write from Washington DC where I have been participating in the Values Voter Summit cosponsored by numerous organizations, associations and alliances dedicated to the moral values which ensure a truly free society. I was invited to participate by my friend, a ... continue reading


As the Election Season Begins, Time for a New Christian Social Movement Watch

Image of

By Deacon Keith A Fournier

As the political season in the United States of America moves into full gear with the midterm elections opening up into the 2016 presidential campaign, my mind turns again to political and social participation. I will attend the Values Voter Summit this weekend ... continue reading


Too hot in the kitchen? Eric Holder resigns Watch

Image of Eric Holder may be fleeing the heat he's feeling for his refusal to cooperate with Congress.

By Catholic Online (NEWS CONSORTIUM)

Eric Holder is preparing to announce his resignation as attorney general, following a five-and-a-half year stint fraught with controversy. WASHINGTON, DC (Catholic Online) - Eric Holder, 63, will be announcing his resignation as attorney general after more than five ... continue reading


'The alarm bells keep ringing' says Obama at climate change summit in New York Watch

Image of Actor Leonardo DiCaprio was among the hundreds of international leaders and spokespeople who attended the global climate change summit held in New York.

By Catholic Online (NEWS CONSORTIUM)

During the United Nations Climate Summit meeting in New York on September 23, President Obama appealed to the international community to make greater strides towards creating and enforcing carbon caps, explaining that climate change is happening at a faster pace ... continue reading


Rockefellers to sell investments in fossil fuel to switch to 'clean energy' Watch

Image of From left to right: Stephen Heintz, President of the Rockefeller Brothers Fund, Valerie Rockefeller Wayne, the chair of the fund, and Steven Rockefeller, a son of Nelson Rockefeller and a trustee of the fund, in New York, Sept. 16, 2014.

By Catholic Online (NEWS CONSORTIUM)

In a bold move that illustrates just how far climate change has reached the public's consciousness, heirs to the Rockefeller family have announced that they intend to sell investments in fossil fuels and reinvest in clean energy. The announcement is a ... continue reading


CAN'T KEEP UP: So many employees leaving Department of Homeland Security, it poses risk to U.S. Watch

Image of The vacating of those in top management positions in the Department of Homeland Security has helped slow the rollout of key cybersecurity initiatives.

By Catholic Online (NEWS CONSORTIUM)

The Department of Homeland Security, or DHS has seen an exodus of employees over the past four years. According to officials, this is leaving the United States open to potential terrorist strikes and cyber-attacks. LOS ANGELES, CA (Catholic Online) - Employees ... continue reading


Shell game in Kansas - why Democrats don't have to win Kansas to win the Senate Watch

Image of Independent investor Greg Orman seems to have the advantage in the newly-reshaped senate race.

By Catholic Online (NEWS CONSORTIUM)

The race for Senate in Kansas may suddenly be the most crucial contest in the nation as Republicans scramble to protect their longtime incumbent, Bob Dole is back on the campaign trail, Democrats are being as quiet as possible about not having a candidate, and a ... continue reading


Are they on to something? Judicial Watch says terrorists are operating in Mexico Watch

Image of Beto O'Rourke, a Democrat who represents El Paso in the U.S. House of Representatives, called the area offices of various government agencies in response to a report that Middle Eastern terrorists were operating across the border in Mexico.

By Catholic Online (NEWS CONSORTIUM)

Judicial Watch, a controversial Web site that maintains that Middle Eastern terrorists are operating just cross the border from the United States from Mexico is evidently stirring up waves. Federal law enforcement sources in El Paso, Texas say that a United ... continue reading


CLOTHES HORSE: Wasserman Schultz losing confidence among Democrats Watch

Image of Stylish  Democratic National Committee Chairwoman Debbie Wasserman has alienated members of her own party by reportedly demanding that the party pick up the tab for her wardrobe!

By Catholic Online (NEWS CONSORTIUM)

Two "faux pas" have alienated Democratic National Committee Chairwoman Debbie Wasserman Schultz from her party. Her criticism of the White House's handling of the border crisis and comparing tea party members to abusive husbands have alienated her constituency at ... 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, Job 3:1-3, 11-17, 20-23
1 In the end it was Job who broke the silence and ... Read More

Psalm, Psalms 88:2-3, 4-5, 6, 7-8
2 may my prayer reach your presence, hear my cry for ... Read More

Gospel, Luke 9:51-56
51 Now it happened that as the time drew near for him ... Read More

Saint of the Day

Saint of the Day for September 30th, 2014 Image

St. Jerome
September 30: St. Jerome, who was born Eusebius Hieronymous Sophronius, was ... 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