![]() Democrats assail the Ryan plan for cutting spending on social programs and repealing Obama’s signature health-care law. On Thursday, the House passed a budget proposal authored by Ryan that would cut about $5 trillion in spending over 10 years and balance the budget by 2024. That deal set spending levels for fiscal 20.īut budget politics are helping each party deliver messages as midterm elections approach in November. Republicans rejected Obama’s latest proposal, however, which seeks higher taxes for deficit reduction.īudget wars have cooled in Washington with an agreement struck late last year between House Budget Committee Chairman Paul Ryan and Senate Budget Committee Chairman Patty Murray. In his 2015 budget proposal, released in March, Obama projected a deficit for the year of $649 billion. ![]() The shortfall was the first below $1 trillion of President Barack Obama’s tenure. Last year, the deficit dropped to $680 billion as the economy recovered and tax receipts grew. To date, government outlays are $1.734 trillion. Spending, meanwhile, has fallen 4% in fiscal 2014. Overall receipts are $1.321 trillion for the year to date. Total receipts are up 10% for the fiscal year to date, reflecting higher individual tax collections from stronger wages and salaries, as well as increased intake of corporate taxes. The year-to-date deficit is down 31% from the same period a year ago. With the March figures, the shortfall for the first six months of the 2014 fiscal year is $413 billion. The government’s deficit has been steadily improving. Because March 1 was on a weekend, for example, certain payments that usually would have been made in March were instead made in February. Those payments are deducted from spending because of the way the government counts the funds, and aren’t included in revenues.Ī Treasury official said that with calendar-related adjustments, the deficit would have been more than twice as large in March. To the Treasury in March also contributed to the lower deficit. Payments of just over $18 billion from government-controlled mortgage giants Fannie Mae Outlays were lower in most budget categories, including defense, education and agriculture. ![]() ![]() Spending, meanwhile, fell 14% in the month. CBO now estimates that if the current laws that govern federal taxes and spending do not change, the budget deficit in fiscal year 2014 will be 492 billion. Total receipts were up 16% compared to March 2013. In March, the government’s receipts of individual and corporate taxes were both higher. ![]()
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