Skip to comments.U.S. posts $3 billion budget surplus for January
Posted on 02/13/2013 4:43:55 AM PST by Colonel Kangaroo
The budget posted a surprise surplus in January for the first time in five years, as the Treasury likely benefited from a windfall when payroll tax cuts expired.
The budget registered a $3 billion surplus, the first time there had been a surplus in January since 2008, Treasury Department data showed on Tuesday. Economists had been looking for a $2 billion gap. The surplus compared with a $27 billion deficit in January 2012...
(Excerpt) Read more at reuters.com ...
Enough to cover 20 minutes of BIG government spending.
I’m sure if this keeps up they’ll find a good use to spend that surplus.
I guess they can’t spend it faster then they print it.
If we are spending a trillion+ per year we don’t have then how can we have a surplus? Magic Accounting?
It’s a miracle! The pResident opens his yap to spew lies for an hour or so and the economy is magically healed! HEALED, I tells ya!
Don’t know if it actually goes there or is simply used for this numbers game which is pure BS. Retail sales for January at 8:30 AM SHOULD be an unmitigated disaster which takes the bloom off this rose.
And don't forget, SS folks got no COLA for 2 years.
The SS fund is totally used up every year to pay other bills. It’s nothing more than a big kitty.
Where do they find these idiot reporters? Anyone with half a brain who owns a business knows that everyone in the country who pays any taxes pulled as much income distribution into Q4 by December 31st as they could to avoid the inevitable tax increases that took effect Jan 1. The payments in January reflect the Q4 taxes due at the old rates. There was just so much income of all types distributed to beat the rate increases that more taxes were paid. They won’t see anything like that again this year. I want to pull my hair out!
Now Obammie the Commie has all the evidence he needs to refuse to negotiate with Republicans on lifting the debt ceiling.
Amazing no one sees that stark contradiction.
$3B taken directly out of people’s paychecks. Nice job Obama.
I call BS on this mainstream media puff piece ... cause even these idiots are smart enough to know that it's impossible to run a budget surplus if you don't have a budget!
Wait....so in a month, $16 trillion deficit is gone and now we have $3 billion surplus???? Or am I missing something?
No, think this is in vs. out for the month and even then it is all smoke mirrors and bs as described above in other posts.
Rod Serling couldn’t have written a better script than this.
This has nothing to do with the payroll tax and EVERYTHING to do with the folks who pay taxes quarterly. We were all afraid of the tax ramifications of the impending fiscal cliff so we took every capital gain we could in the last quarter of 2012. Media idiots.
Quick, somebody legislate something to spend it on!
The theme song to go along with that Obama logo should be:
“The BIG Charade”
Anyone believing anything coming out of DC since '08 is being seriously duped, every f'n time.
$3 billion is pocket change to Barry.
No, it's not the SS tax. It's the 4th quarter 2012 tax payments which were due January 15.
Everyone who pays quarterly taxes was advised by their accountants to realize all capital gains in 2012 because it was unknown what was going to happen to the cap gains tax in 2013. Additionally, income that is sometimes pushed off until January was taken in December. I own some rental properties and I normally hold a few checks back and cash them in January. This year, I took the income in December and figured I'd borrow from myself if I needed cash for repairs in January. And I'm small potatoes - the guys with the real money were doing this on a massive scale.
“I call BS on this mainstream media puff piece”
I second your call. If they had a true (temporary, month-long) surplus, the national debt level would not have continued its steady skyrocketing climb as it had in the first month of the calendar year.
And the IRS delay in getting refunds out this year means that billions in refunds that would normally go out in late January will go out in later months—and that would have helped hold down “expenditures” in January at the cost of higher expenditures in the following month(s).
And I’m not criticizing the IRS for delaying refunds. With the rampant (tens of billions last year) “refund fraud” by identity thiefs, they need to do a better job of determining if the refunds are legitimate even if that process adds to the time required to get a refund after filing.
Look honey ... I found a nickel in the couch.
“”Wait....so in a month, $16 trillion deficit is gone and now we have $3 billion surplus???? Or am I missing something?””
BUDGET? WHAT BUDGET?
No! We’re not missing anything - the liberals are missing a brain.
Don’t we see headlines like this fairly regularly followed up a week or two later with the realization that someone forgot to carry the 2?
February/March/April is going to be brutal in the opposite direction with peoples incomes down and likely tax return “refunds” (credits) UP ... balanced against the fact that everybody that could accelerated income into 2012...let me be the first to say it .. Bush’s Fault.
It’s a GD miracle!