Last year, the US collected $3.42 trillion in taxes, but spent $6.55 trillion for a record deficit of $3.13 trillion. This year is projected to break that record.
https://www.thebalance.com/fy-2020-federal-budget-summary-of...
Last year, the US collected $3.42 trillion in taxes, but spent $6.55 trillion for a record deficit of $3.13 trillion. This year is projected to break that record.
https://www.thebalance.com/fy-2020-federal-budget-summary-of...
No, most countries finance themselves primarily by taxes; they typically also use debt financing, especially (in relative terms) countercyclically in economic downturns.
> Last year, the US collected $3.42 trillion in taxes, but spent $6.55 trillion for a record deficit of $3.13 trillion.
So, even the best single example you could come up with is...financed primarily by taxes, even in the one year you tried to pull as a counterexample?
Since you mentioned the debt ceiling, that’s another concept that doesn’t make any sense (except as yet another thing more politics can be piled on to). It’s like first the congress votes on the size of the budget, and then separately on the size of the door that it has to fit through.