CBO: Federal Revenue to Set Record in 2013

[Jay]

Federal revenue will return to its pre-recession levels in 2013, according to projections from the Congressional Budget Office (CBO), setting a record for the most money the government has ever taken in.

 

http://cnsnews.com/news/article/cbo-federal-revenue-set-record-2013

 

In its latest Budget and Economic Update, the CBO forecasts that federal revenue will top $2.7 trillion in 2013, slightly higher than the $2.6 trillion the government collected in 2007, when the last recession officially began.

 

Government revenues had fallen by nearly $500 billion during the recession to $2.1 trillion in 2009, contributing to the $1.5 trillion deficit that year. However, federal revenues have been recovering since the recession ended in June 2009, and the CBO now projects that they will slightly eclipse their pre-recession peak.

 

In fact, the $2.7 trillion in revenue will be the most money the federal government has collected in history.

 

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Even with all the unemployment, all the people who don't pay federal income tax, revenues are at a record high.

 

Maybe we have a spending problem.

[Catwhoshatinthehat]

Time to add another item to the list of accomplishments:

 

"Highest projected federal revenue of any president"

[arch stanton]

Yet we'll still add to the deficit. We should give them some more money.

[HaloMagic]

Oh, do we trust the CBO now?

[Jason]

I'm starting to think this administration doesn't know how to budget this.

[Jay]

Oh, do we trust the CBO now?

 

No, but I have higher confidence that they can predict the amount of revenue for 2013, than I have for their ability to predict the cost of Obamacare over the next 20 years.

[HaloMagic]

So we don't trust them. Got it.

[Count Orlok]

By my random and probably inaccurate calculation they'd need to collect 3.1 trillion to match the 2007 level factoring in a 3% inflation rate.

[arch stanton]

Random and probably inaccurate math? Are you running for office?