The DJIA closed up 207.5 today.(1.38%)
Happy Days Again.
Posted on 06/07/2013 1:55:57 PM PDT by blam
CBO: The Deficit Has Shrunk Massively Over The Past Year
Brett LoGiurato
Jun. 7, 2013, 3:15 PM
The federal budget deficit has fallen $220 billion in a year-over-year period, according to the latest monthly budget estimate from the Congressional Budget Office released Friday.
According to the CBO, the federal government has run a budget deficit of $627 billion over the first eight months of the fiscal year. That's almost $220 billion less than the same period — May through October — of 2012.
The CBO has not changed its overall deficit forecast, which is still projected to remain at $642 billion this year. That estimate, which came in May, was significantly down from an $845 billion projection in February.
The CBO says that the falling deficits are due to federal revenues rising by 15 percent. Meanwhile, federal spending has seen an increase of less than 1 percent. One of the main drivers of the increase in revenues is a 16 percent hike in individual income and payroll taxes — including a 10 percent increase in payroll taxes, which coincided with the expiration of the payroll tax cut in January.
The report comes at a time when there is renewed debate over fiscal austerity in the United States. The liberal Center for American Progress released a report Thursday calling for a reset to the "entire fiscal debate."
(Excerpt) Read more at businessinsider.com ...
All that worry for nothing.
Lets see....could that be because the IRS does not take NO for an answer, even when you provide the proper documentation, in addition to something called the sequester. One has to wonder.
I question the timing; let alone that they are PROVEN liars.
The DJIA closed up 207.5 today.(1.38%)
Happy Days Again.
Budgets are bull****. Income - expenditures is the important number.
No sale.
17 trillion in debt.
Massively would have to mean more than half and then more.
Anyone looking at the DJIA for signs economic health is too uninformed to vote and take us all down the sump with them
Many don’t know the difference between debt and deficit.
while a real current surplus, even small is good, the $17 trillion debt is still there and is the $ killer
The effort touting the deficit reduction is a hope to obscure the problem
That headline is a massive misrepresentation!
The deficit hasn’t shrunk at all.
The expected deficit for this year may be smaller. That’s two different things.
We aren’t paying off our national debt. It still continues to grow larger.
Couldn’t they get a fifth grader to proof-read these third grade level reports?
Good points.
Who knew that White House tours for schoolkids cost so much?
Well, when the Administration decides it isn’t necessary to have a military at all, the deficit can shrink in a hurry. When Russia and China decide to annex Alaska and Hawaii, though, things could get sticky. :)
Children are no longer allowed in the White House.
They are mixing up fiscal year and calendar year. In this fiscal year, we will still be running close to a trillion by September 30, the end of the fiscal year.
Keep track and get back to me when Obama's lowest deficit is lower than Bush's highest deficit.
Well, the White House is full of people who have grown older, but not up.
And the treasury is dumping some $80 billion of funny money into the economy every month...
So the deficit is 627 thru 8 months and is still projected to be 642 for the year, In other words we are going to operate at essentially breakeven for the last 4 months. Bull crap! Revenue always declines after April 15th and especially this year when the government was the beneficiary of lots of taxes on dividends brought into the last few weeks of December 2012 to avoid the higher tax rates anticipated in the fiscal cliff threats by Obama. No more of that for the next 4 months and the government always spends ( wastes more) more before the end of the year or they lose it
See what a miniscule tax increase on that EEEEEEEEVIL 1% can do? /sarc
Well there you have it. No wonder fifth grade level information still isn’t trickling out...
Uhhhh.... wut?
You predicted 845, then you predicted 642, and then tell me it's falling?
$80 billion isn’t so much. /s Gosh, in six months we’re talking real money then...
They’re lying.
They’ve been threatened with compromising info garnered from PRISM.
(by the way, ANYONE sounding supportive of this regime will get this same response from me, because it’s probably true. Yeah, Benghazi Barry...if we don’t trust gubmint, YOU are gonna have problems.)
Heh. I wouldn’t write that (”massively”). The writer has no proper sense of shame.
As I understand it, we are just going in the hole at a slower rate?
Inputs are still less that outputs?
This is something to brag about?
So how do they come up with a headline suggesting that it has "shrunk massively"????
Th Rime of the Ancient Fed Chairman
“...And I had done a hellish thing,
And it would work ‘em woe:
For all averred, I had killed the bird
That made the breeze to blow.
Ah wretch! said they, the bird to slay,
That made the breeze to blow!”
Fiscal austerity? Is that what we had up until the ratification of the 16th amendment and the subsequent limitless supply of federal funding?
Bush tax cuts gone away!
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