Commentary

CBO Report Shows Excessive Spending, Not Insufficient Taxation, Explains Our Deficits

By Timothy H. Lee
Thursday, March 07 2013

In 2007, the federal government took in an all-time record $2.6 trillion in revenues. That year’s deficit was merely $161 billion – quaint in retrospect. This year, according to a report from the Congressional Budget Office (CBO), incoming federal revenues will break that 2007 record and reach a new all-time high of $2.7 trillion. Yet this year’s deficit will be nearly $1 trillion. So if revenues for 2007 and 2013 are the same, yet the 2013 deficit is nearly one trillion dollars, we can isolate the obvious culprit: excessive spending. For…

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