🖤 Donations of all sizes power our public service journalism Give Now
Marketplace Scratch Pad

You know things are bad when…

Scott Jagow May 12, 2009

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.

From Bloomberg:

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.

There’s a lot happening in the world.  Through it all, Marketplace is here for you. 

You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible. 

Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.