So seeing Biden [and his advisors] discuss a 4-6 week shut down and now a $3.4 trillion "Hero's Act". I have to wonder if these people have any idea how money works and specifically how the government gets it's money.
Here's a breakdown of the last budget:
Out of the $3.42 trillion in revenue, income taxes, at $1.61 trillion, contributed almost half (47%). Income tax receipts were $203 billion lower than the $1.81 trillion budget estimates.
You see that revenue? $3.42 trillion? Now read this:
“Right now, Congress should come together and pass a COVID relief package like the HEROES Act that the House passed six months ago,” Biden told a press briefing in Wilmington, Delaware.
House Democrats passed the $3.4 trillion HEROES Act in May, but it was never taken up by the Senate.
$3.4 trillion represents the entirety of last year's revenue. That's on top of this:
Congress passed a package known as the CARES Act in March that authorized more than $2 trillion for small businesses and job preservation, among other things. President Donald Trump signed the bill.
So a potential $5.4 trillion dollar hole?
It's like these people think there is a federal money tree or revenue fairy out there.
"The federal government spent $6.55 trillion in FY 2020. That's $1.76 trillion more than the $4.79 trillion budgeted...
The FY 2020 deficit was budgeted to be $1.08 trillion. Even before the pandemic, it was the largest budgeted deficit since FY 2011. "
And they want to start 2021 with a $3 trillion hole which may or may not include a 4-6 week shut down which takes out at least 1/12 govt. revenue.
