Feds see biggest tax revenue drop since 1932
Recession's toll comes as Congress and president try to fund programs
The numbers could hardly be more stark: Tax receipts are on pace to drop 18 percent this year, the biggest single-year decline since the Great Depression, while the federal deficit balloons to a record $1.8 trillion.
"Our tax system is already inadequate to support the promises our government has made," said Eugene Steuerle, a former Treasury Department official in the Reagan administration who is now vice president of the Peter G. Peterson Foundation.
I wonder if this will have any impact with what those in control of Congress are trying to do with health care and the economy.
I would hope so.