Wednesday, May 22, 2013

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January surplus shrinks 2013 US budget deficit

By The Associated Press
From page A8 | February 13, 2013 | 3 Comments

WASHINGTON — The federal government reported a rare surplus for January and is on track to run the lowest annual deficit since President Barack Obama took office.

The Treasury Department said Tuesday that the government took in a surplus of $2.9 billion in January, helped by nearly $9 billion more in Social Security taxes. Last month Congress and the White House allowed a temporary cut in Social Security taxes to expire.

The monthly surplus was the first since September.

Through the first four months of the 2013 budget year, the deficit has grown $290.4 billion. That’s nearly $60 billion lower than the same period a year ago.

Revenue through those four months is 12.4 percent higher compared with the same period last year, while spending has grown only 3.5 percent.

The Associated Press

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Discussion | 3 comments

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Al CoholicFebruary 13, 2013 - 12:28 pm
You mean Obama's plans are reducing the deficits the way economists and the president said they would? What about the Tea Party narrative and the GOP's "beliefs" about what happens when we do what the article says (raise revenues and reduce spending)?
Reply | Report abusive comment
JoeFebruary 13, 2013 - 1:30 pm
If you really think think that, I have a bridge to sell you! Obama just talked about a whole bunch of new spending. It's only goes to go higher. Obama has spent far more in his 4 years then Bush did in 8 and Ithought Bush was out of control. Obama is just doing more of the same, expect now hel'll act even more as a Dictator. If congress doesn't do what he wants, he'll just do it himself. That's a Dictator, not a President!
Reply | Report abusive comment
Al CoholicFebruary 14, 2013 - 11:13 am
What you seem to not understand is that Obama is insistent on paying for things that Bush did not (wars, tax cuts, Medicare prescriptions, etc.) and is putting them in his budget proposals. Again, math prevails here. When you start paying off bills, you do spend more. I am not sure how you don't see that, Joe. However, when I see people like you use the word "Dictator" to describe a president engaging in political pragmatism, that tells me you are not a person to be taken seriously.
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