Posted on 05/07/2012 8:26:03 PM PDT by aintn0way
The federal government broke its record-long deficit streak in April, recording its first monthly surplus since the financial collapse at the end of the George W. Bush administration in 2008, according to preliminary figures Monday from the Congressional Budget Office. Boosted by better tax collections and slightly slower spending, the government notched a $58 billion surplus in April. That's nearly a $100 billion turnaround from the previous year, when the government ran a $40 billion deficit in the same month. It is the first monthly surplus under President Obama, and comes 40 months into his tenure. The numbers suggest that the government's short-term fiscal picture has improved slightly since the deepest days of the recession, when stimulus spending and tax cuts splashed red across the federal budget. Until April, the government hadn't run a surplus since September 2008, which is just when the Wall Street collapse began to pound the economy and place heavy demands on the federal budget. Before that streak of 42 months, the government had never gone even a single year without recording at least one month of surplus for as far back as 1980, when the records begin. April marked the seventh month in fiscal year 2012, and through that point the deficit stood at $721 billion — substantially below the $870 billion figure recorded at the same point in 2011. The CBO's analysis said spending on defense, education, Medicaid and unemployment benefits have all fallen this year, while Social Security spending is up. The nonpartisan budget agency also said tax receipts are 6 percent higher than last year at this point — though in a worrisome sign, that's still $20 billion below what the agency had projected in March. The CBO releases a preliminary estimate each month.
(Excerpt) Read more at washingtontimes.com ...
Nonsense! Rubbish! I cannot believe The Washington Times would recycle anything put out by CBO. Garbage! The CBO is one agency we can do without.
We should have outside public accounting firms handle this.
but how much of it is borrowed from China? Isn’t it like saying I have cash because I got an advance from my Mastercard?
Convenient?
1. Not unusual to see surpluses in April during tax time.
2. The government will spend every cent of it, so it’s really not a surplus.
From the article:
Until April, the government hadn't run a surplus since September 2008, which is just when the Wall Street collapse began to pound the economy and place heavy demands on the federal budget. Before that streak of 42 months, the government had never gone even a single year without recording at least one month of surplus for as far back as 1980
Funny, that month just happens to be April and this year, seems they moved some costs to outlying months and there just happened to be a 6% increase in tax revenue.
It's exactly the same as if you were borrowing half again as much as you made, just to meet your monthly bills. Except for Christmas, when your Christmas bonus along with your paycheck lets you skip a month without having to borrow more to make ends meet.
What a load of BS. Watch Obama try to turn this into an example of his plan working...
Wonder when it to will be revised?
I'm going to be sick. This will lead the news tomorrow, and stay on top for the next two weeks.
April 15 was income-tax deadline for God's sake.
Likely
Total and complete BS!
BS. You knew this was going to happen.
Does that mean we don’t have to tax the rich?
: )
http://www.zerohedge.com/news/us-posts-first-budget-surplus-42-months-and-it-less-meets-eye
Breakdown
Nice sign up date Obama troll.
How...convenient.
The gummit will spend every cent at least twice and if enough agencies find out about it, they’ll spend it five or six times. I trust their figures about as far as I can throw my house.
According to Treasury, this report is not true.
Choose start and end dates that include the entire month of April and you’ll see that the debt increased in April, as in every month for many, many years.
http://www.treasurydirect.gov/NP/BPDLogin?application=np
Yup, went up by 110 billion.
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