Tax Revenues Set Record : Deficit This Goes Up?

One has to wonder why we can't seem to live within a budget where we spend no more then what we take in even when that money taken in is more then ever before? The only conclusion one can come to is no matter how much money we take in, there is always someone willing to spend more, there truly is no limit to gather influence through providing funding for special interests projects.

Congress believes there is no limit to how much they can tax and spend. I wonder if there is really anyone that is in charge in Washington as it seems no one is willing to do something about the waste of tax dollars and increased taxes.

Federal Tax Revenue Sets Record
Source: Terence P. Jeffrey, "Federal Tax Revenues Set Record Through May; Feds Still Running $436B Deficit," CNS News, June 12, 2014.

June 18, 2014

Federal tax revenue for Fiscal Year 2014 is growing at a record pace, with government receipts at $1,934,919,000,000 in May, reports CNS News.
But despite the record high revenue, the government has run a deficit of $436.382 billion for the first eight months of the fiscal year. Fiscal 2014 began in October and will end on September 30, 2014.

• In May 2014 alone, the government brought in nearly $200 billion but spent almost $330 billion.
• According to estimates from the Office of Management and Budget (OMB), the federal government will collect more than $3 trillion in taxes for Fiscal Year 2014 but will spend more than $3.6 trillion, resulting in a nearly $649 billion deficit.
• Prior to this year, the largest federal tax revenue through May took place in Fiscal Year 2007 when the federal government took in $1.908 trillion.

Most of the government's tax revenue came from the individual income tax, followed by social insurance taxes such as the payroll tax and the unemployment insurance tax.