http://www.cnsnews.com/news/article/terence-p-jeffrey/white-house-deficit-will-increase-20-year-despite-record-tax-revenueWhite House: Deficit Will Increase 20% This Year (Despite Record Tax Revenue)
February 3, 2015 - 12:00 PM
By Terence P. Jeffrey
(CNSNews.com) - The data that the White House published with President Obama’s fiscal 2016 budget proposal yesterday indicate that the federal deficit will increase by 20 percent during this fiscal year (2015) even though the administration predicts the Treasury will bring in record revenue during the year.
According to Table S-1 in the “Summary Tables” appendix to the Obama budget, the deficit was $485 billion in fiscal 2014 and will be $583 billion in fiscal 2015—an increase of $98 billion, or 20.2 percent.
The federal fiscal year begins on Oct. 1 and ends on Sept. 30.
In fiscal year 2015, according to the Obama budget tables, the federal government will take in $3.176 trillion in tax revenue and spend $3.759 trillion.
The $3.176 trillion in tax revenues the White House estimates the federal government will bring in this year is a record in both current and inflation-adjusted dollars.
According to the White House Office of Management and Budget’s historical table that shows federal tax receipts and outlays in constant 2009 dollars, fiscal 2015 federal receipts will equal $2.8952 trillion in constant 2009 dollars.
The previous record for inflation-adjusted federal tax revenue in a fiscal year, according to the OMB, was last year, when the federal government brought in $2.7912 in constant 2009 dollars.
In current year dollars, according to the OMB, federal tax receipts were $3.0215 in fiscal 2014—the first time they ever exceeded three trillion. The year’s receipts, OMB estimates, will be $3.1761 in current dollars.
