The Congressional Budget Office's final report for the federal governments fiscal year ending 9/30/14 shows a federal deficit of $483 billion, down from the previous fiscal year which was $680 billion. A $196 billion decrease and a huge decrease from President George W. Bush's last fiscal year budget deficit which was $1.4 trillion, which is still the largest single year deficit in the history of the United States.
The deficit of $483 billion represents 2.8% as a percentage of the GDP. Bush's $1.4 trillion deficit was 9.8% of the GDP. The CBO also reported total federal revenue of $3.021 trillion up 8.9% from the previous year. Total federal spending was $3.504 trillion, up 1.4% from the previous fiscal year. Total revenue from individual tax was $1.395 trillion up 5.9% and corporate tax was $321 billion up 17.3%
The democratic administration of President Obama continues to reduce the federal deficit and put the country on a parth to balance the federal budget once again as President' s Clinton and Johnson did. Federal spending is also under control on Obama's watch. The President's time in office has reversed the sad chapter of the previous republican administration and republican party's bankrupt policies.
And make no mistake about the republican party who now control both houses of congress. They will make a push to increase federal spending and reduce income tax for the wealthy and corporate America which would put the country back on the path of out of control deficit spending. They will now try to obstruct in a different manner but their goal is the same, increase federal spending so the government won't have the means to fund social security, medicare and medicaid.
And once again it is a democratic administration that is moving the country and its people forward while republicans are still the do nothing party. And if that sounds familiar its because you heard President Truman say that over 50 years ago. Some things never change.
This commentary written by Joe Lorio
