What the October Deficit Tells Us
Receipts were up $20 billion over last October while spending increased by $40.
Washington doesn’t have a revenue problem, it has a spending problem. If we just would freeze the federal budget at 2012 levels, more than likely deficits would decrease, assuming revenues continue to increase.
My guess is that Obama would never agree to freeze spending at even such a high level because that would mean transfer payments would stagnate and the Democratic base become upset.
In essence, our government will continue to spend until either the people stop it (which is unlikely) or events force it to live within its means (the more likely scenario). That is simply bad government.