WASHINGTON - The recession is starving the government of taxrevenue, just as the president and Congress are piling a majorexpansion of health care and other programs on the nation's plateand struggling to find money to pay the tab.
The numbers could hardly be more stark: Tax receipts are on paceto drop 18 percent this year, the biggest single-year decline sincethe Great Depression, while the federal deficit balloons to a record$1.8 trillion.
Other figures underscore the recession's impact: Individualincome tax receipts are down 22 percent from a year ago. Corporateincome taxes are down 57 percent. Social Security tax receipts coulddrop for only the second time since …
No comments:
Post a Comment