Federal Taxes, Spending, and the Deficit all Soar Under Obama, Even Worse Than 2014

by Warner Todd Huston | April 13, 2015 3:06 pm

The Congressional Budget Office is now reporting that Obama has glutted the government causing taxes, spending and the deficit to soar.

In fact, it’s even worse[1] for the first half of 20015 than it was for 2014.

“The federal government ran a budget deficit of $430 billion for the first half of fiscal year 2015, CBO estimates–$17 billion more than the shortfall recorded in the same span last year,” the CBO said in its Monthly Budget Review for March 2015, which was published April 8. “Both revenues and outlays were about 7 percent higher than the amounts recorded in the first six months of fiscal year 2014.”

The federal fiscal year begins on Oct. 1 and ends on Sept. 30.

In the first six months of fiscal 2014, the government took in approximately $1,323,000,000,000 in revenue, according to CBO. In the first six months of this fiscal year, it took in approximately $1,420,000,000,000—an increase of $98,000,000,000.

Meanwhile, the federal government spent approximately $1,736,000,000,000 in the first six months of fiscal 2014. It spent approximately $1,851,000,000,000 in the first six months of the fiscal year—an increase of $115,000,000,000 over last year.

Last year, the government ran a deficit of $413 billion in the first six months of the fiscal year. This year, it ran a deficit of $430 billion—a $17 billion increase over last year.

Spending us into bankruptcy is only a tiny part of Obama’s plan to destroy the United States of America.