Tax Revenues Hit A Record High – Government Runs A $460,450,000,000 Deficit

Tax Revenues Hit A Record High – Government Runs A $460,450,000,000 Deficit

So far this year the federal government has amassed record high tax revenues; however, the deficit remains astronomically high. Citing jaw-dropping data from the Monthly Treasury Statement, a recent CNSNews.com article asserted – “Inflation-adjusted federal tax revenues hit a record $2,469,178,000,000 for the first 10 months of the fiscal year this July, but the federal government still ran a $460,450,000,000 deficit during that time…”

A logical conclusion – so long as government spending continues at its current accelerated pace, tax revenues, even at historic highs, will not come close to bridging the deficit gap. With unprecedented debt and entitlement programs that are rapidly draining the treasury coffers, the government has no other option but to cut expenses drastically. Only with such massive cuts can Americans expect that tax revenues will appreciably impact the deficit gap.

 

Click here to read the full CNSNews.com article. 

 

 

 

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