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Record Tax Revenues, and Still the Debt Ceiling Needs an Increase?

As Congress once again prepares to increase the government’s borrowing authority above the already-absurd $18.1 trillion cap and avoid a federal default, the time to call lawmakers out on the carpet over the federal spending is long overdue. According to the Monthly Treasury Statement, released on September 11, the federal government received a record $2 trillion ($2,883,250,000,000) in tax revenues in the first 11 months of fiscal 2015, approximately $19,346 for every person in the country who had either a full-time or part-time job in the same period. Why then does the spending cap need to be raised once again?

CNS News answers that question rather simply: “Despite the record tax revenues of $2,883,250,000,000 in the first eleven months of this fiscal year, the government spent $3,413,210,000,000 in those eleven months, and, thus, ran up a deficit of $529,960,000,000 during the period.”

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