Treasury Budget Report
Mar 15
The Congressional Budget Office released its budget report for February 2010 this past week, reporting a $655 billion deficit for the first five months of the fiscal year. The report states that outlays remained essentially unchanged from the year before, but the deficit was $65 billion more because of a 7% decrease in revenues.
| RECEIPTS THROUGH FEBRUARY (billions of dollars) | |||
|---|---|---|---|
| Major Source | Actual FY 2009 |
Preliminary FY 2010 |
Percentage Change |
| Individual Income | 388 | 330 | -15.1 |
| Corporate Income | 53 | 42 | -20.3 |
| Social Insurance | 356 | 344 | -3.4 |
| Other | 63 | 80 | 26.3 |
| Total | 861 | 796 | -7.5 |
Matt R says:
March 15, 2010 at 6:11 pm
“Other” is the answer. Capntax, VAT, Estate Taxes, the Tobacco Parity Tax, Chinese Tire Tariffs, you name it. They’re all page 7B NYT news, and largely bipartisan (as if there were two parties) in nature. 26.3% YOY growth! That’ll balance the budgets in approximately a decade, ceteris paribus.
Sincerely, Paul Krugman
Ben says:
March 19, 2010 at 9:34 pm
Few trillion here, few trillion there, pretty soon you’re talking about real money. How sad that once what applied to billions now applies to trillions. The mind cannot comprehend those numbers.