(CNSNews.com) - President Barack Obama released a fiscal 2017 budget proposal today that calls for the federal government to take in a record of $3,643,742,000,000 in taxes while spending a record $4,147,224,000,000—and running an deficit of $503,482,000,000.
The taxing and spending totals would be records in inflation-adjusted dollars as presented by the White House Office of Management and Budget in the historical tables it released today along with the budget.
Table 1.3 released by the OMB presidents federal receipts and outlays dating back to 1940 in constant fiscal year 2009 dollars. The same table projects receipts and revenues under the budget proposal through fiscal 2021.
According to Table 1.3 the $3,643,742,000,000 in receipts the government would take in next year under Obama’s proposals equals approximately 3,168,700,000,000 in 2009 dollars. That tax intact exceeds all previous years back to 1940 in constant 2009 dollars according to the table. The highest previous tax intake in constant 2009 dollars, according to OMB, is this year—when OMB estimates the Treasury will tak in $2,960,200,000,000 in constant 2009 dollars (or $3,335,500,000,000 in current dollars).
Also according to Table 1.3, the $4,147,224,000,000 that the Obama budget anticipates spending in fiscal 2017 equals approximately $3,606,600,000,000 in constant 2009 dollars. That, according to OMB, would be the most the government has spent in any year going back to 1940. The next highest spending amount, according to OMB, is what the OMB estimates the federal government will spend this year--$3,506,700,000,000 in constant 2009 dollars (or $3,951,300,000,000 in current dollars).