Happy New Year

As the economy continues to recover from the recession, receipts are estimated to rise to $2,567.2 billion in 2011, an increase of $402.1 billion or 18.6 percent relative to 2010.

Receipts are projected to grow at an average annual rate of 9.1 percent between 2011 and 2015, rising to $3,633.7 billion.

As a share of GDP, receipts are projected to increase from 14.8 percent in 2010 to 16.8 percent in 2011!
 
And to think that I believed there was a chance you would forget the fiscal new year. BTW, who's the retard that conceived of beginning it in October?
 
Initially, the federal fiscal year coincided with the calendar year. In 1842, President John Tyler signed legislation changing the fiscal year to a July 1 to June 30 cycle.

Beginning with FY1977, the Congressional Budget Act of 1974 (Section 501 of P.L. 93-344, currently codified at 31 U.S.C. 1102) changed the fiscal year to its current cycle.
 
Tyler was a horrible president. No wonder it started with him... Since we arbitrarily decided to pick October, back when bad acid was still all the rage, couldn't we make it 31 October instead? I can't think of a more accurate date other than April Fool's Day, which is also the month that taxes are due, anyway.
 
The intent was to provide Congress with more time to process appropriations legislation, particularly to avoid continuing resolutions.
 
Establishing the most appropriate budget cycle continues to be the subject of some legislative proposals that would change the current fiscal year to a biennial (two-year) period.
 
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