List Headline Image
Updated by Media Excerpts on Dec 07, 2020
1 items   1 followers   0 votes   21 views

Economy - U.S. Deficit


[10/8/14] Feds run $486 billion deficit in 2014 - smallest of Obama administration

Taxes have surged in the last two years, with government revenue crossing the $3 trillion mark for the first time in history in 2014. By contrast, spending, which had leapt to 3.6 trillion in 2011, fell in 2012 and 2013, and rose only 1 percent, or $44 billion, in 2014. Spending began to drop after Republicans took control of the House in 2011 and began to battle Mr. Obama over his budget plans. A series of spending cuts, including the budget sequesters, helped keep spending in check. On the revenue side, Mr. Obama pushed through a tax hike for the wealthiest at the beginning of 2013, and the recovering economy has helped boost corporate income taxes by 17.5 percent over the last year.