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Federal Tax Revenue at Record High But Government Still Running $598 Billion Deficit

TREASURY-AP PHOTO-CROPPED_0

So far this year, the federal government brought in more money than ever, but even at record tax receipts, the government is far outspending its intake.

During these first 11 months of fiscal year 2014, the feds brought in $2.66 trillion in tax receipts. Despite this, the federal government is still running a $598 billion deficit, according to the latest Monthly Treasury Statement…(more)

Brietbart.com

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SMIDGEN REPORT UPDATE: E-mails Reveal IRS Attempts at Damage Control

Shulman, Lerner and Wolin take their seats to testify before a House Oversight and Government Reform Committee hearing on targeting of political groups seeking tax-exempt status from by the IRS, on Capitol Hill in Washington

The documents show Lerner’s efforts to persuade Treasury auditors that there was no institutional bias at the IRS, the agency’s attempts to head off a damaging investigation with a pre-emptive apology, and Lerner’s pep talk to her staff after the apology.

WASHINGTON — Gregory Korte reports: The day that former Internal Revenue Service official Lois Lerner publicly apologized for using “inappropriate criteria” to delay tax exemptions for Tea Party groups, she told her colleagues that they were being “beaten up by the press for all the wrong reasons.”O-SMDGE-CONDENSED

It was only going to get worse, she told them in an e-mail, and there was no way around it other than to “ride it through.”

Then she left for a week’s vacation in Canada.

That e-mail comes in 1,706 pages of newly released documents that shed light on the damage control happening at the IRS — and at the watchdog agency investigating it — as the scandal blew up last year. Read the rest of this entry »


2013 Treasury Statement: Under Obama, U.S Gov’t Debt Held by Public Up 90%

President Barack Obama (AP Photo/Susan Walsh)

President Barack Obama (AP Photo/Susan Walsh)

(CNSNews.com) – Terence P. Jeffrey reports: The U.S. Treasury released its last Daily Treasury Statement for fiscal 2013 yesterday afternoon, revealing that during the presidency of Barack Obama the U.S. government debt held by the public has increased 90 percent.

At the close of business on Jan. 20, 2009, the day Obama was inaugurated, the U.S. government debt held by the public was $6,307,311,000,000, according to the Daily Treasury Statement for that day.

At the close of business on Sept. 30, 2013—the last day of fiscal 2013—the Daily Treasury Statement said the U.S. government debt held by the public was $11,976,279,000,000.

The $11,976,279,000,000 in U.S. government debt held by the public on Sept. 30, 2013 was $5,668,968,000,000 more than the $6,307,311,000,000 in debt held by the public on Obama’s first inauguration day.

That is an increase of 89.879 percent—or approximately 90 percent. Read the rest of this entry »