If you are over your head in debt, you two choices; go bankrupt or increase revenues and pay it off.
Fox News: Recent estimates may lend credence to Republican claims that the federal coffers are well fed on taxes. The Congressional Budget Office estimates the federal government is on pace to bring in a record $2.7 trillion in tax receipts this fiscal year. The increase reflects a steady post-recession rise in revenues. They ticked up 6 percent in 2012, but according to the CBO could jump 11 percent in 2013. The expected tax boost comes after Congress allowed for an increase in tax rates for top earners, and for the expiration of a 2-point payroll tax cut. The agreement will play a big role in boosting revenues this year — and is also the No. 1 reason cited by Republicans for not wanting to agree to more tax increases as part of a new budget deal.
A former liberal radio talk host who likes to ask the “follow-up question” at Democurmudgeon.blogspot.com
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