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Feds Collect Record Taxes, but Still Run $202 Billion Deficit

CNSNews.com's editor-in-chief Terry Jeffrey reports on the Treasury Department's latest Monthly Statement, writing:

"The federal government collected record total tax revenues of $443,715,000,000 in the first two months of fiscal 2018 (Oct. 1, 2017 through the end of November), according to the Monthly Treasury Statement.

"Despite these record tax revenues, the federal government still ran a deficit of $201,761,000,000 for those same two months.

"That is because the government spent $645,476,000,000 in October and November."

Jeffrey added:

"Prior to this year, the $432,362,820,000 in total taxes (in constant 2018 dollars) that the federal government collected in the first two months of fiscal 2016 was the greatest amount of taxes the federal government had ever collected in the first two months of a fiscal year."

The Treasury Monthly statement for FY 2018 through November 30, 2017, can be found here.

He included the following graphic, which appeared in the Treasury Department report"

  

In commenting on the "year-end debt dilemma," the Committee for a Responsible Federal Budget concludes:

"The national debt is at a post-war record high and rising unsustainably. Fixing the debt will take a bipartisan effort to slow spending growth and increase revenues. The first step, however, is to agree not to make the existing fiscal situation worse.

"These unprecedented fiscal challenges present an opportunity for policymakers to come together and restore fiscal sustainability. Doing so is critical to securing both our fiscal and economic futures, and it will increase the resources and flexibility needed to address other critical priorities."

Growls readers concerned about responsible federal budgeting are encouraged to engage their members of Congress. Contact information is available at the Library of Congress' Congress.gov. Taxpayers living in Virginia's Arlington County can contact:

  • Senator Mark Warner (D) -- write to him or call (202) 224-2023
  • Senator Tim Kaine (D) -- write to him or call (202) 224-4024
  • Representative Don Beyer (D) -- write to him or call (202) 225-4376

Be sure to ask for a written response. And tell them ACTA sent you.

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