You know things are bad when…
The federal government loses money in April. The budget had its first April shortfall since 1983. For the first seven months of the fiscal year, the deficit was $802 billion. That compares to $153 billion for the same period a year ago.
In a statement released on May 8, the CBO said while “in most years, the federal government has run a surplus in April because of the large inflow of tax payments due by April 15,” this year “the budget will show a deficit because of a steep drop in receipts and strong growth in spending.”
Corporate tax receipts totaled $70.8 billion for the year to date versus $171.1 billion, a decrease of 58.6 percent, Treasury said. Individual income tax collections were down 24.2 percent so far this fiscal year to $566.4 billion compared with $747.6 billion in the year-earlier period.
It’s gonna be a looong time before we see a balanced budget again. For the fiscal year ending Sept. 30, the deficit is on pace to reach a record $1.84 trillion.
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