Federal tax receipts for the first ten months of the fiscal year hit a new record in July, according to the Congressional Budget Office, reaching a total of $2.679 trillion by the end of the month. The figure comes with a couple of caveats: It sounds slightly better after adjusting for inflation, but the deficit sounds worse.
Total revenue represented a slight increase over 2015, according to the agency’s monthly budget review, when the feds took in $2.672 trillion over the same period. But the federal deficit for the ten month period was much larger than last year. The feds this time took in $514 billion less than they spent, compared to $466 billion in 2015.
Adjusting for inflation, according to the Bureau of Labor Statistics, the feds in the same period last year took in the equivalent of $2.717 trillion in 2016 dollars, while coming up short $473 billion.