CBO: Federal Revenue to Set Record in 2013

Well, 2013 is kicking off full swing, and the government is set to take a record $2.7 billion. This figure is slightly higher than the $2.6 billion collected in 2007 when the last recession began.

Federal revenue will return to its pre-recession levels in 2013, according to projections from the Congressional Budget Office (CBO), setting a record for the most money the government has ever taken in.

In its latest Budget and Economic Update, 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, when 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. However, federal revenues have been recovering since the recession ended in June 2009, and the CBO now projects that they will slightly eclipse their pre-recession peak.

In fact, the $2.7 trillion in revenue will be the most money the federal government has collected in history.

According to historical tables compiled by the White House Office of Management and Budget, the government has never collected more than the $2.6 trillion it collected in 2007, meaning 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 on February 5.

Republicans counter 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.

Instead, they argue, 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 on Wednesday.

So we have Obama calling to increase revenue, and you have the republicans asking for reform. Despite this all being a dog and pony show, it still affects us, the people. So we're now going to experience paying for record tax revenue through 2013, but Obama can't come to an agreement on making some cuts instead?

It's all coming to a head, government is so bloated, and spending so much of our tax money on programs it doesn't need, and can no longer afford, but we must tighten our belts while they spend that money carelessly. They said the recession ended in 2009, so I guess they figure since they've conned enough people into believing its over, they can go ahead and just freely start taking whatever they need now instead of reducing the spending waste.

cnsnews.com...

reply to post by eXia7

Yes, we are just rolling in dough.



If the government didn't tell us so, a lot of us common serfs might not have known!

Originally posted by butcherguy
reply to post by eXia7

 

Yes, we are just rolling in dough.

If the government didn't tell us so, a lot of us common serfs might not have known!

Well according to them, it's all good. They feel we're ready to give a little bit more for our country now. A lot of people really do believe the economy is improving, and blindly ignore the evidence around them that shows it really isn't improving.

reply to post by eXia7


Yeah, the government needs our hard earned dollars to fund terrorist countries with foreign aid and to keep raising their salaries.

We have trillions on deficit, a few billions don't even make a dent on anything, specially when the government this year needs those billions to increase government size to force the Obamacare.

I don't know about you all, but my math do not work here, because how can you generate more when you are spending more.

I guess balancing budget when it comes to the government is a new whole type of math that we the common people are not to learn about.

reply to post by marg6043


Yeah, all of these years they've spent buying friendship has pretty much burdened us all.. Then you have people like John Kerry offering to give Egypt like 250 million? and offering to arm Syrian rebels?

But I agree, we commoners aren't suppose to understand their math, even if it shows we are operating at a loss, we are dumb, we don't know anything about how government should work.

Wait a second... all time high revenue? Stock market soaring? Just like 2007?

Are we going to crash again?