Well, what a surprise! The federal government has sunk deeper into the red than analysts projected just five months ago, and is now poised to post a $590 billion shortfall this fiscal year; the Congressional Budget Office said Friday.That’s some $56 billion worse than the CBO had projected in March, and it comes as new spending far outpaces revenues. Is anyone truly shocked by this report? As if no one has suspected that we have been filling this balloon to its capacity and not expect it to burst eventually!
Excerpt From The Washington Times:
Both individual and corporate income tax revenue is down so far this year — though the reasons are not fully clear yet, analysts said. What is clear, though, is that government spending continues to rise, and when adjusted for the timing of payments is up about 3 percent compared to 2015. “The government’s revenues and spending so far this fiscal year lead CBO to expect that the annual deficit will total $590 billion