Posted on 07/12/2013 8:25:08 AM PDT by SeekAndFind
The U.S. posted record budget surplus for the month of June, bolstered by dividend payments from GSE's Fannie Mae (OTCBB: FNMA) and Freddie Mac (OTCBB: FMCC). It was also the largest surplus since 2008, data show.
The U.S. Treasury Department said today that revenue outpaced spending by $116.50 billion last month, up from a deficit of $59.74 billion reported in the same period last year.
Fannie and Freddie kicked-in about $67 billion in payments last month.
Mandatory cuts, coupled with higher taxes and the domestic economy showing continued signs of improvement both contributed to the surplus.
Despite the positive June news, the budget deficit for the first three fiscal quarters of 2013 was $509.8 billion. The fiscal year begins October 1st. Receipts rose 14 percent from October through June to $2.087 trillion, while spending saw a 5 percent decrease.
U.S. markets are green on Thursday's session, with the S&P 500 ticking to record highs.
FROM THE WALL STREET JOURNAL:
http://online.wsj.com/article/SB10001424127887323740804578599842994555384.html
Receipts during the October to June period have jumped about 14% to $2.087 trillion, thanks largely to higher payroll taxes, higher tax rates for households making more than $450,000, solid job growth and stronger incomes.
Spending for the nine-month period is down 5%. Defense outlays fell 7%. Unemployment payments declined 24%, reflecting an improving labor market as well as a reduction in extended jobless benefits.
Under current policies, the deficit is expected to fall to $642 billion for the full fiscal year and get as low as $378 billion in 2015, according to Congressional Budget Office projections. The deficit for the prior year was $1.089 trillion. The last time the deficit was under $1 trillion was 2008, when spending outpaced revenue by $458.55 billion.
Thank you sequester. Now watch big government liberals try to explain this away. etc.
RE: . Now watch big government liberals try to explain this away. etc.
Here’s one big government explanation for the surplus:
EXCERPT:
In June, Fannie Mae and Freddie Mac, two federally-backed companies that support the U.S. mortgage market, delivered a combined $66 billion to the federal treasury after strong earnings in the first quarter of the year—substantially inflating the surplus sum. The real savings came in spending, which declined to a level not seen since November of 2004.
Politically, this is just another victory for the Obama Administration that has been under attack by the Republicans and the Tea Party. One of the mantras of the Tea Party Republicans is that the “deficit is too damn high.” The Tea Party charged in their successful 2010 campaign that government is spending too much and that government is too big. The Tea Party further charges that Obamacare will drive the deficit into an out of control orbit, but in fact the CBO credits Obamacare for the decrease in the deficit.
This news takes a bite out of that Tea Party mantra that the federal government and spending are out of control and unsustainable. Time for a new mantra.
Ever notice that January, April, June and September are higher than the other months.... Duh!!!! This is when everyone in the USA is required to make their estimated quarterly tax deposits.
This, when considered with the fact that our country is on a cash basis and recognizes expenses when paid rather than when incurred gives the ability to bankrupt the country and still show that revenues exceeded expenses.
how does the $88 billion/month they print factor in? just gets delivered at the back door and marked as ‘received’?
The market computers, the insider brokers and high dollar holders rejoice at the prospect of increased revenues by higher taxes (not taxe revenues), the increased take on death taxes (NONE in fluke year 2010), piss poor employment numbers whose cheerleaders have run out of words in the Thesaurus to describe, not that bad.
Meanwhile Bernake blasts aloud he ain’t gonna change a damned thing. He’s gonna let the Fed spend $85 billion/month on Stocks, and buying T-bills with electronic scrip to keep the impression alive somebody in this world actually wants a frigging T-Bill now.
Debt, DEBT, is debt and nothing has changed except Obama is going to be collecting a buttload more penalty taxes next year off Obamacare and the schmucks that aren’t smart enough to have an employer that values them.
These last 5 years have been the most amazing examples of just how far a$$-licking liberals and greedy parasites will go just to keep an affirmative action nobody Kenyan in office.
One of these days, this country is gonna wake up and find out Urkel has been in charge instead of “an articulate black man with creases in his pants”
RE: This is when everyone in the USA is required to make their estimated quarterly tax deposits.
Obama and the Dems will attribute this surplus to the TAX INCREASE on the RICH that was agreed upon to resolve the so called “fiscal cliff”.
Last June outlays were $319, this June only $170. That drop is suspicious.
The Feds ought to run a surplus in four months EVERY year. Those are June, September, January and April. That is due to the estimated tax payments from self-employed individuals. That we have not done this for the last five years shows how bad our economy has been.
Borrowed money is a receipt!!!!
Date Debt Held by the Public Intragovernmental Holdings Total Public Debt Outstanding
05/31/2013 11,897,150,711,173.54 4,841,671,232,812.58 16,738,821,943,986.12
06/03/2013 11,920,376,111,297.58 4,818,412,720,847.72 16,738,788,832,145.30
06/04/2013 11,910,742,481,781.12 4,828,035,854,910.47 16,738,778,336,691.59
06/05/2013 11,910,676,506,667.37 4,828,090,749,929.30 16,738,767,256,596.67
06/06/2013 11,906,099,594,022.72 4,832,671,232,135.87 16,738,770,826,158.59
06/07/2013 11,907,184,984,027.69 4,831,574,844,958.73 16,738,759,828,986.42
06/10/2013 11,902,616,558,873.64 4,836,110,275,858.71 16,738,726,834,732.35
06/11/2013 11,896,522,062,197.79 4,842,193,773,482.79 16,738,715,835,680.58
06/12/2013 11,906,232,708,966.61 4,832,472,127,211.98 16,738,704,836,178.59
06/13/2013 11,903,648,395,720.79 4,835,059,898,250.74 16,738,708,293,971.53
06/14/2013 11,903,843,811,259.69 4,834,853,558,760.12 16,738,697,370,019.81
06/17/2013 11,898,429,627,297.88 4,840,234,968,029.76 16,738,664,595,327.64
06/18/2013 11,886,064,000,252.75 4,852,589,639,458.78 16,738,653,639,711.53
06/19/2013 11,897,497,174,217.51 4,841,145,580,855.80 16,738,642,755,073.31
06/20/2013 11,894,161,895,232.89 4,844,483,916,257.51 16,738,645,811,490.40
06/21/2013 11,893,485,969,620.32 4,845,149,025,589.40 16,738,634,995,209.72
06/24/2013 11,889,341,259,564.89 4,849,261,283,962.28 16,738,602,543,527.17
06/25/2013 11,881,040,228,839.68 4,857,551,496,377.43 16,738,591,725,217.11
06/26/2013 11,895,008,652,504.44 4,843,572,253,331.95 16,738,580,905,836.39
06/27/2013 11,895,982,677,867.57 4,842,646,370,951.52 16,738,629,048,819.09
06/28/2013 11,901,292,256,124.39 4,837,027,798,364.88 16,738,320,054,489.27
07/01/2013 11,917,627,144,080.38 4,820,682,161,567.88 16,738,309,305,648.26
Net decrease in the national debt - roughly $500 million.
So I guess the sequester works
They are still “borrowing” somewhere around $125 to $150 billion a month.
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