The federal budget deficit was an estimated $1.265 trillion for the first 11 months of fiscal year 2010, the Congressional Budget Office (CBO) reported on Sept. 7. Relative to the size of the economy, the deficit for the entire fiscal year will likely be the second-largest in the past 65 years, coming in at 9.1% of gross domestic product (GDP). Estimated receipts were $17 billion (or 11%) higher in August than they were in August 2009. This was the fourth consecutive month of higher receipts, CBO said. Withholding for income and payroll taxes rose by $9 billion (or 7%) compared to the previous August. However, approximately $2 billion of that increase occurred because this August had one more business day. Receipts of unemployment insurance taxes grew by $3 billion, “resulting primarily from the efforts of states to replenish their unemployment trust funds,” CBO said.
At this point in FY 2010, total receipts from individual income taxes have decline by 2.8% compared to FY 2009 and payroll tax receipts have dropped by 3%.
Receipts of corporate income taxes have jumped by 29.5% and total $142 billion.
To say that Washington is spending money like drunken sailors is an insult to drunken sailors. At least the sailors are spending their own money. - Ronald Reagan
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