Yesterday’s presentation by the U.S. Treasury was a comical spectacle—at least for those of us with sardonic senses of humor. The good news? The deficit for FY2014 (which ended September 30) was 29 percent lower than the deficit was in FY2013. Increased corporate tax receipts drove much of the deficit reduction.
The bad news? The actual deficit was $483 billion, or nearly half-a trillion dollars. Only in Washington, D.C. can such a massive gap between spending and revenues be celebrated…(read more)
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