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Argentinian President Javier Milei’s figurative chainsawing of the government bureaucracy appears to be paying off – and he is only about two months into his presidency. The country reported its first monthly budget surplus in almost 12 years, signaling a seismic shift in policy under Milei’s administration.This achievement marks a tremendous accomplishment under its new libertarian leader, who ran on a platform of shrinking the government as much as possible.The government of Argentina has posted its first monthly budget surplus in more than a decade — a major milestone for the new libertarian president, Javier Milei. His economic and budgetary...

A few days later, Himars hit a Russian military barracks where new recruits were sleeping, inflicting heavy losses, Lt. Koval said. In a third attack he described, the Ukrainians directed all four Himars at Russian positions in one Ukrainian town, sending 24 rockets against targets in the same area. Another strike struck in the town of Zymohirya, some 30 miles behind the frontline, Lt. Koval said. Due to the $155,000 price tag per rocket, the Ukrainians are focusing the firepower on high-value targets like military headquarters, weapons depots and barracks rather than individual Russian tanks or artillery systems. They expect...

California expects the largest budget surplus in the state’s history with $97.5 billion projected by summer 2023, Gov. Gavin Newsom announced on May 13.“Here in California, we’re putting in the work to grow our economy and implement real, inclusive policy change to create a brighter future for all,” Newsom said in a statement.Newsom announced the surplus while introducing the $300.7 billion budget that will go into effect at the start of the July fiscal year, if approved by lawmakers.The budget includes a $18.1 billion inflation relief package to “get money back into the pockets of Californians,” according to Newsom’s office,...

The U.S. government ran a budget surplus in June, leaving the budget deficit so far this year running under last year’s level. The Treasury Department says the surplus in June totaled $51.8 billion, compared to a surplus of $70.5 billion a year ago. However, the larger 2014 monthly surplus was heavily influenced by a timing quirk that had moved June benefit payments into May last year because June 1 fell on a Saturday.For the current budget year, the government is running a deficit of $313.4 billion, a 14.3 percent reduction from the imbalance over the first nine months of the...

The U.S. government posted a net surplus over a four-month period for the first time since 2007 in the March-June, according to the latest monthly Treasury statement.  For June, the surplus totaled $71 billion. That actually fell short of expectations of a surplus of $80 billion.Still, Washington is now on pace to record the lowest annual deficit since 2008, with a fiscal year to date deficit of $366 billion. That's 28% less than the shortfall recorded in the same period last year, according to Marketwatch, thanks mostly to increased revenue.“Deficits are rapidly declining,” Paul Edelstein, director of U.S. financial economics at IHS...

Gov. Scott Walker used his election-year State of the State address Wednesday to rally support for his plans to use the majority of Wisconsin’s $912 million in unexpected revenue for tax cuts. “What do you do with a surplus?” he said. “Give it back to the people who earned it. It’s your money.” He said he would call a special session of the Legislature to consider his income and property tax cut package — part of a broader fiscal plan called “A Blueprint for Prosperity” — which would save average Wisconsin families about $150 this year. Assembly Speaker Robin Vos,...

<p>With a $500 million budget surplus and $2 billion in reserves, Indiana Governor-elect Mike Pence has pledged to give back some of that money when he takes office next week by cutting personal income taxes.</p> <p>“An across-the-board tax cut for all Hoosiers would send a strong signal that we are managing our funds wisely and also reducing the tax burden on our taxpayers and businesses,” the former U.S. Congressman said while campaigning to replace outgoing fellow Republican Mitch Daniels as governor.</p>

The federal government ran its first surplus in nearly four years last month, while the deficit grew at a slower pace through the first seven months of the fiscal year. The $58 billion surplus in April is compared to a $40 billion deficit reported for the same month last year, a nearly $100 billion turnaround, the Congressional Budget Office reported on Monday. Overall, through budget deficit came in at $721 billion for the fiscal year beginning Oct. 1, $149 billion less than $870 billion recorded during the same period a year ago, CBO said. It is the first time since...

INDIANAPOLIS -- Gov. Mitch Daniels is dipping into the state's $1.2 billion surplus to give bonuses to most state workers. Daniels said Friday that most state workers will get bonuses of $500, $750 or $1,000 based on their performance over the last year. The bonuses will total between $15 million and $20 million. State Auditor Tim Berry reported Thursday that the state ended the year with $1.2 billion in cash reserves. Berry called state workers "heroic" for their efforts to save money. Daniels said Friday that the rest of the state's surplus is likely to be socked away rather than...

WASHINGTON - House Democrats pressed ahead Wednesday with a budget plan predicting a sizable surplus in five years, but only if President Bush's tax cuts expire in 2010 as scheduled. The majority Democrats' $2.9 trillion budget outline for next year would produce a $153 billion surplus in 2012 while raising spending for veterans, education, defense and national security. Democrats say the plan would finally mean a surplus after years of red ink under Bush and a GOP-controlled Congress. Republicans said allowing tax cuts passed in 2001 and 2003 to expire in 2010 would amount to the "largest tax increase in...

Despite the ongoing costs of US military campaigns in Iraq and Afghanistan, the outlook for the federal budget has grown substantially brighter. Tax revenues are rising much faster than spending, according to Treasury Department numbers released last week. The recent trend is strong enough that, were it to continue, the budget could move into surplus in barely a year, one economist calculates. Already, the federal deficit is shrinking toward about half the size that it has averaged since 1970, when analyzed as a percentage of gross domestic product. The shift reflects a strong economy, with higher incomes and corporate profits...

WASHINGTON (MarketWatch) -- The U.S. federal budget surplus widened by 82% in January to $38.2 billion from $21 billion a year earlier, the Treasury Department reported Monday. The surplus is slightly below the Congressional Budget Office estimate of about $40 billion. Read more. January usually as a surplus month because many individuals must make estimated tax payments, analysts said. Receipts rose 13% year-over-year to a record $260.6 billion, while outlays increased 6% to $222.4 billion, the Treasury said. Individual income tax receipts totaled $154.5 billion in January. Corporate income tax receipts were $10.9 billion. For the first four months of...

Taking bets on the odds of this happening tonight.

NEW YORK (Reuters) - U.S. stocks edged higher on Friday after strong earnings from companies including insurance broker Aon Corp. helped sentiment and the government reported a surprisingly big budget surplus for January. However sliding crude oil prices prompted investors to sell energy companies' shares, while Pfizer Inc.'s stock dropped on a disappointing outlook. Aon shares rose nearly 10 percent to $38.30 on the New York Stock Exchange after the world's second-largest insurance broker reported late Thursday that fourth-quarter profit almost tripled. Exxon Mobil Corp.'s stock, meanwhile, was off 0.3 percent at $59.72. NYMEX March crude fell 78 cents to...

h2>$400 million surplus forecast for Texas AUSTIN - Texas lawmakers will have more money to work with in this year's legislative session, Comptroller Carole Keeton Strayhorn said today. In her highly anticipated revenue estimate released the day before the two-year legislate session begins, Strayhorn reported Texas will have $64.7 billion in state money for the 2006-2007 biennium. That would give the state $400 million surplus after paying for existing programs, higher than earlier estimates. Republican Lt. Gov. David Dewhurst, who presides over the Senate, had said he expected a shortage of $1 billion to $2 billion. "Our state's great economic...

The Growth Mystery Monday, August 16, 2004; Page A16 BETWEEN 1998 and 2000, the United States pulled off a rare and fleeting miracle: For the first time since 1969, it ran federal budget surpluses. This turnaround owed something to the tax increases passed in 1990 and 1993 and something to the spending discipline enforced by the Newt Gingrich Congress. But it also owed something to a mysterious revolution that occurred inside American businesses. The average American worker, whose output had been growing steadily at around 1.5 percent a year since the 1980s, suddenly clocked productivity gains of 2.7 percent per...

Warner says Va. has $324 million surplusGovernor says most of the extra cash will go to rainy-day fund Excerpts Even before the record $1.4 billion package of tax increases kicks in, Virginia will reap a significant $324 million surplus from last year's budget. The Warner administration, which successfully sought the tax boosts this year during the longest-ever session of the General Assembly, disclosed yesterday the unexpected bumper crop of revenues for the fiscal period ending June 30. and Surplus dollars went, to among other things, the rainy-day fund ($178 million); upkeep for state buildings ($51 million); the water-quality improvement fund...

Drought comes in second in WTE survey By Becky Orr rep6@wyomingnews.com Published in the Wyoming Tribune-Eagle CHEYENNE - The election of Dave Freudenthal to the state's highest public job continued to be a top story in 2003, based on results from readers who submitted ballots to the Wyoming Tribune-Eagle. Out of 36 ballots submitted, Freudenthal becoming governor of Wyoming in January got the most support as the top story of the year. Freudenthal's defeat of Republican challenger Eli Bebout was readers' top story of 2002. Jerold W. Manners of Cheyenne said he chose the inauguration as his top story "because...

site map | help | contact us       The Heritage Foundation Research Budget bg1599: The Disappearing Budget Surplus Highlights the Importance of Economic   Policy Archive:view by date Policy Archive:view by issue Features Events Heritage Experts Support Heritage Contact Us Return Home   The Disappearing Budget Surplus Highlights the Importance of Economic Growthby Brian M. Riedl Backgrounder #1599 October 2, 2002 |  | Opponents of tax cuts are using the disappearing budget surplus to justify their calls to repeal last year's tax cuts, but the government's own data do not support their claims. According to the most recent...