Revenues are expected to increase by about 8 percent this year versus last year to $3 trillion. They will rise from all major sources, including individual income taxes (estimated at 6 percent), payroll taxes (8 percent) and corporate income taxes (15 percent).
The Congressional Budget Office (CBO) has issued a 10-year update on the budget. It estimates the federal budget deficit for FY 2014, which ends 30 September, will total $506 billion, roughly $170 billion lower than the 2013 shortfall. At 2.9 percent of gross domestic product (GDP), this year's deficit will be much smaller than those of recent years, especially 2009 when it was almost 10 percent, and slightly below the average of federal deficits over the past 40 years.Spending is...
What You Need to Know Today: Commodities were mostly lower across the board today after yesterday’s Federal Reserve meeting hinted at a potential interest rate hike later in 2026. The dollar index reached its highest level in over a year, and a strong dollar makes U.S. agricultural expor...
Tomorrow is the Juneteenth federal holiday, and the USDA, along with the rest of the federal government and the CME, will be closed, so the monthly Cattle on Feed report was released a day early. The total number of cattle on feed in feedlots with 1,000 head or more capacity on 1 June amounted...
