According the Congressional Budget Office's "Monthly Budget Review" that was released late last week, total federal receipts through the first 10 months in FY2010 were barely higher than the same period last year - an increase of less than one percent.
While corporate income tax receipts have risen substantially with corporate profits, individual income tax and social insurance revenues remain down from last year - by -4.0% and -3.7%, respectively.
This revenue stagnation - following two years of declines in federal receipts - reflects the economy's continuing sluggishness.
On the spending side, total expenditures actually fell by 2.7 percent. But don't get too excited. First, spending during the first 10 months of FY2010 came in at $2.93 trillion, down slightly from last year's $3 trillion. These remain unprecedented levels of government spending...