Back In The Red
The good news: The Federal government had record revenue this year. The bad news: It didn't matter:
Despite this record revenue, the federal government still ran a deficit of $306.411 billion in the first seven months of the fiscal year, which began on Oct. 1, 2013 and will end on Sept. 30, 2014.I wonder where it all went...
In the month of April itself, which usually sees the peak tax revenues for the year, the federal government ran a surplus of $106.853 billion. While taking in $414.237 billion in total receipts during the month, the government spent $307.383 billion.
In fiscal 2013, the federal government also ran a one-month surplus in April, taking in $406.723 billion during the month and spending $293.834 billion, leaving a surplus of $112.889 billion.
After the one-month April 2013 surplus, the federal government promptly returned to the red in May 2013, taking in $197.182 billion in tax receipts while spending $335.914 billion, leaving a deficit of $138.732 billion for the month.
Through all of fiscal 2013, the federal government ended up running a deficit of $680.229 billion according to the Treasury.
The White House Office of Management and Budget has estimated that in the full fiscal 2014, the federal government will collect $3.001721 trillion in taxes, spend $3.650526 trillion, and run a deficit of $648.805 billion.