Federal Spending Rising Twice As Fast As Taxes

WASHINGTON -- Federal spending is rising more than twice as fast as receipts so far this fiscal year, reflecting the economic slump and the rising costs of the military and other government programs, the Treasury Department reported Monday. The U.S. government took in a record $404 billion in revenue in April, up 5% from a year earlier, but outlays rose 19% to $244.5 billion, cutting the monthly surplus down to $159.3 billion, the Treasury Department reported Monday.
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Posted by Editor at May 14, 2008 05:24 AM