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News Link • Government Debt & Financing

Federal Tax Revenues Set Record Through May; Feds Still Running $436B Deficit


Despite record revenue, the federal government still ran a deficit of $436.382 billion in the first eight months of the fiscal year, which began on Oct. 1, 2013 and will end on Sept. 30, 2014.

In the month of May alone, the federal government ran a deficit of $129.971 billion--bringing in $199.889 billion in revenue while spending $329.860 billion.

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, running a deficit of $648.805 billion.

The OMB has also estimated that, while running that deficit, the federal government will collect a record amount in inflation-adjusted tax revenues.

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