CBO says declining deficit picture won’t last Shortfall cut by $23 billion

[Geaux4it]

A little quick to the party are the left. Obama's fiscal policies have ruined America

-Geaux

WASHINGTON (MarketWatch) — The Congressional Budget Office on Monday cut its estimate of the deficit for the current fiscal year, but warned that the era of shrinking shortfalls “will soon come to an end” if current laws don’t change.

In an update of budget projections for 2014 to 2024, the nonpartisan agency said the deficit for fiscal 2014 would be $492 billion. That’s $23 billion less than was estimated in February, and would represent 2.8% of gross domestic product — down dramatically from a peak of 9.8% in 2009. In its last estimate in February, CBO projected the deficit would be 3% of GDP this year. Read the CBO report .

The CBO’s latest report paints a picture of the nation’s finances improving in the near term, as revenues increase and government outlays are lower. But the nonpartisan agency warned that shortfalls would grow after 2015 as health care costs rise with an aging population and interest payments on the federal debt increase.

CBO said annual budget deficits will rise from a low of $469 billion in 2015 to about $1 trillion from 2022 through 2024.

 

[DriftingSand]

Surprise, surprise. I feel very sorry for America's kids that'll have to deal with this giant mess. Say bye to the middle class and hello to a giant poverty class. Congrats Pied Piper Obama (and your brainwashed mice).

 

[Geaux4it]

Surprise, surprise. I feel very sorry for America's kids that'll have to deal with this giant mess. Say bye to the middle class and hello to a giant poverty class. Congrats Pied Piper Obama (and your brainwashed mice).

Government dependence. The newest of desirable careers

-Geaux

 

[waltky]

Granny says, "Dat's right - it's goin' in some politician's pocket...

Federal Tax Revenues Set Record Through May; Feds Still Running $436B Deficit
June 12, 2014 -- Federal tax revenues continue to run at a record pace (in inflation-adjusted dollars) in fiscal 2014, as the federal government’s total receipts for the fiscal year closed May at an unprecedented $1,934,919,000,000, according to the Monthly Treasury Statement.

Despite record revenue, the federal government still ran a deficit of $436.382 billion in the first eight months of the fiscal year, which began on Oct. 1, 2013 and will end on Sept. 30, 2014. In the month of May alone, the federal government ran a deficit of $129.971 billion--bringing in $199.889 billion in revenue while spending $329.860 billion. The White House Office of Management and Budget has estimated that in the full fiscal 2014, the federal government will collect $3.001721 trillion in taxes, spend $3.650526 trillion, running a deficit of $648.805 billion.

The OMB has also estimated that, while running that deficit, the federal government will collect a record amount in inflation-adjusted tax revenues. When adjusted for inflation (to constant 2014 dollars), the second-greatest federal tax haul through May was in fiscal 2007. By the end of May that year, the federal government took in approximately 1.908 trillion in total receipts in constant 2014 dollars.

The single largest source for the federal government’s record tax receipts in the first eight months of FY 2014 was the individual income tax, which brought the Treasury $903.024 trillion. The second largest source was what the Treasury calls “Social Insurance and Retirement Receipts,” which includes the Social Security payroll tax, the unemployment insurance tax and other retirement taxes. This accounted for $694.268 billion in tax revenue.

The third largest source of federal revenue in the first eight months of fiscal 2014 was the corporation income tax, which brought in $164.840 billion. As CNSNews.com has previously reported, federal tax revenues for fiscal 2014 set records through February, through March, through Tax Day, April 15, and through April.

Federal Tax Revenues Set Record Through May; Feds Still Running $436B Deficit | CNS News

See also:

Gallup: Majority Says Obama Not ‘Honest and Trustworthy’
June 12, 2014 -- Fifty-one percent of the Americans who responded to a Gallup poll conducted June 5-8 said that they do not believe the phrase “is honest and trustworthy” applies to President Barack Obama.

Gallup has asked Americans this question eight times over the last six years: “Thinking about the following characteristics and qualities, please say whether you think each applies or doesn't apply to Barack Obama. How about: Is honest and trustworthy.”

The latest poll, conducted June 5-8, was the first time that a majority said the description “is honest and trustworthy” does not apply to Obama.

The poll surveyed 1,027 adults and had a margin of error of +/- 4 points, which means that as many as 55 percent or as few as 47 percent may believe the description “is honest and trustworthy" does not apply to Barack Obama.

http://www.cnsnews.com/news/article...ajority-says-obama-not-honest-and-trustworthy

 

[DriftingSand]

Yup waltky. The latest pay hike received by Congress was in 2009 (during the Great Obama Recession). The MINIMUM salary became $174,000.00. (When was congress last pay raise). Why we would give a pay raise to someone who failing to do his/her job is beyond me and why any Congressman is worth $174 Grand is even more baffling.

Party leaders (Majority and Minority) make $193,400 per year.
Speaker of the house makes $223,500.00 per year. (US Congress Salaries and Benefits)
The Vice President makes $250,000.00 per year.
The President makes $400,000.00 per year. (How much money does the president and the vice president make? Of the united states? | ChaCha)

There is a total of 535 members of Congress (435 in the House and 100 in the Senate).

535 X 174,000.00 = $93,090,000.00 (minimum - not counting the extra that the speaker and Party leaders make).

93,090,000 + 250,000.00 + 400,000.00 = $93,740,000.00

Taxpayers pay the above sum (approximately) to have our "representative" government screw us and screw the next generation. And that's not counting all the Czars, interns, and other staff members.

 

[Rozman]

Democrat's blow off the national debt like it's nothing....
Or they respond with....

Bush did it...
Bush did it .....
Bush did it........
Bush,Bush,Bush.....

Bush increased the debt and no one from the right bitched.....

Libs don't care about the national debt not one little bit....

Will they care at all about our economy when interest rates rise...1% 2%

That will increase our interest payment on $17 trillion a bit don't ya think.

Obama and the Libs don't give a shit...
They feel Obama didn't do it so why fix it!

 

[Geaux4it]

 

[Stephanie]

Well, sad to see thing are coming at us just like they planned

horrible