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Treasury Department Reports $3 Billion Budget Surplus In January, Shrinking Deficit

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  • Treasury Department Reports $3 Billion Budget Surplus In January, Shrinking Deficit

    Where's burnings and visconti?

     

    Treasury Department Reports $3 Billion Budget Surplus In January, Shrinking Deficit

     

    The federal government reported a rare surplus for January and is on track to run the lowest annual deficit since President Barack Obama took office.

    The Treasury Department said Tuesday that the government took in a surplus of $2.9 billion in January, helped by nearly $9 billion more in Social Security taxes. Last month Congress and the White House allowed a temporary cut in Social Security taxes to expire.

    The monthly surplus was the first since September.

    Through the first four months of the 2013 budget year, the deficit has grown $290.4 billion. That's nearly $60 billion lower than the same period a year ago.

    Revenue through those four months is 12.4 percent higher compared with the same period last year, while spending has grown only 3.5 percent.

    The budget year began on Oct. 1.

    The Congressional Budget Office forecasts that the deficit will total $845 billion when the budget year ends on Sept. 30. If correct, that would be first time the government has run annual deficit below $1 trillion since 2008.

    The deficit is the amount the government must borrow when its expenses exceed its revenue. Each month's deficit is volatile and can be affected by calendar quirks that shift government spending or revenue from one month to another.

    The annual deficit is projected to be smaller this year because the government is collecting more revenue this year, mainly because of faster job growth and higher taxes.

     

    At the same time, the government is spending less on some programs. That's in part because of spending cuts that were enacted under a 2011 agreement to raise the federal borrowing limit. Also, the improved economy has reduced demand for unemployment benefits and some other government programs.

    Last year, the economy grew at a modest 2.2 percent and generated an average of about 180,000 jobs a month. Stronger job growth is forecast for this year


  • #2
    Uh oh. Bush's fault?
    "I don't see how the fat lady with the dog fits in." Stonedtone

    "I usually know whats going to come out well. Im usually right." Davo17

    "Don't make me spell bitch on your ass with a backwards B." moonlight

    "He believes that when you've worked hard, and done well, and walked through that doorway of opportunity, you do not slam it shut behind you. You reach back, and you give other folks the same chances that helped you succeed."

    Comment


    • erok123
      erok123 commented
      Editing a comment
      We will get the real poop when the right-wing droids get their marching orders from FOX news and all the right-wing blogs.

  • #3
    If true I hope those ****************************s use the surplus to pay off some debt instead of buying themselves a bazillion hookers
    Irresponsible is what boring people call fun people

    Comment


    • #4

      http://www.usdebtclock.org/

      “The world will not be destroyed by those who do evil, but by those who watch them without doing anything”

      Albert Einstein

      Comment


      • guido61
        guido61 commented
        Editing a comment

        One nice thing about a Republican becoming president again someday is then we can go back to not worrying about the how much the deficits contribute to the debt anymore.  Deficits don't matter when Republicans run them up.


    • #5

      moonlightin wrote:

      Where's burnings and visconti?

       

      Treasury Department Reports $3 Billion Budget Surplus In January, Shrinking Deficit

       

      The federal government reported a rare surplus for January and is on track to run the lowest annual deficit since President Barack Obama took office.

      The Treasury Department said Tuesday that the government took in a surplus of $2.9 billion in January, helped by nearly $9 billion more in Social Security taxes. Last month Congress and the White House allowed a temporary cut in Social Security taxes to expire.

      The monthly surplus was the first since September.

      Through the first four months of the 2013 budget year, the deficit has grown $290.4 billion. That's nearly $60 billion lower than the same period a year ago.

      Revenue through those four months is 12.4 percent higher compared with the same period last year, while spending has grown only 3.5 percent.

      The budget year began on Oct. 1.

      The Congressional Budget Office forecasts that the deficit will total $845 billion when the budget year ends on Sept. 30. If correct, that would be first time the government has run annual deficit below $1 trillion since 2008.

      The deficit is the amount the government must borrow when its expenses exceed its revenue. Each month's deficit is volatile and can be affected by calendar quirks that shift government spending or revenue from one month to another.

      The annual deficit is projected to be smaller this year because the government is collecting more revenue this year, mainly because of faster job growth and higher taxes.

       

      At the same time, the government is spending less on some programs. That's in part because of spending cuts that were enacted under a 2011 agreement to raise the federal borrowing limit. Also, the improved economy has reduced demand for unemployment benefits and some other government programs.

      Last year, the economy grew at a modest 2.2 percent and generated an average of about 180,000 jobs a month. Stronger job growth is forecast for this year

      ''All that is necessary for the triumph of evil is that good men do nothing"--Edmund Burke
      Man created science to create what man wants science to create.

      Comment


      • #6

        moonlightin wrote:

        The Treasury Department said Tuesday that the government took in a surplus of $2.9 billion in January, helped by nearly $9 billion more in Social Security taxes. 


        The "surplus" will be transferred to the general revenue and spent, in exchange for what amounts to an IOU which will have to be paid for down the road by more taxpayer dollars.....

        So what were you saying about a surplus?

        Comment


        • #7

          moonlightin wrote:

          Where's burnings and visconti?

           

           

          In a Motel 6 room with a "do not disturb" sign on the door. jo

          Attached Files

          Comment


          • #8

            Psst.  Don't tell the House, the Senate, or the President.

            Comment


            • #9

              moonlightin wrote:

              Where's burnings and visconti?

               

              Treasury Department Reports $3 Billion Budget Surplus In January, Shrinking Deficit

               

              The federal government reported a rare surplus for January and is on track to run the lowest annual deficit since President Barack Obama took office.

              The Treasury Department said Tuesday that the government took in a surplus of $2.9 billion in January, helped by nearly $9 billion more in Social Security taxes. Last month Congress and the White House allowed a temporary cut in Social Security taxes to expire.

              The monthly surplus was the first since September.

              Through the first four months of the 2013 budget year, the deficit has grown $290.4 billion. That's nearly $60 billion lower than the same period a year ago.

              Revenue through those four months is 12.4 percent higher compared with the same period last year, while spending has grown only 3.5 percent.

              The budget year began on Oct. 1.

              The Congressional Budget Office forecasts that the deficit will total $845 billion when the budget year ends on Sept. 30. If correct, that would be first time the government has run annual deficit below $1 trillion since 2008.

              The deficit is the amount the government must borrow when its expenses exceed its revenue. Each month's deficit is volatile and can be affected by calendar quirks that shift government spending or revenue from one month to another.

              The annual deficit is projected to be smaller this year because the government is collecting more revenue this year, mainly because of faster job growth and higher taxes.

               

              At the same time, the government is spending less on some programs. That's in part because of spending cuts that were enacted under a 2011 agreement to raise the federal borrowing limit. Also, the improved economy has reduced demand for unemployment benefits and some other government programs.

              Last year, the economy grew at a modest 2.2 percent and generated an average of about 180,000 jobs a month. Stronger job growth is forecast for this year

              Boo

              Comment



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