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Old 02-18-2013, 07:39 PM  
BigRedChief BigRedChief is offline
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Federal Gov has a surplus in Jan., Budget deficit cut in half from last Jan. deficit.

I thought that deficit was causing an economic catastrophe.

Read more: http://www.foxnews.com/politics/2013...#ixzz2LJBzQ5GW

January surplus shrinks 2013 US budget deficit


The federal government reported a rare surplus for January and is on track to run its smallest annual budget deficit since President Obama took office.

The Treasury Department said Tuesday that the government took in a surplus of $2.9 billion in January. That's the first monthly surplus since April, a month that benefited from income tax payments.


January's budget benefited from an estimated $9 billion in extra revenue from higher Social Security taxes. That helped lowered the deficit through the first four months of the budget year to $290.4 billion -- nearly $60 billion lower than the same period a year ago.
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http://www.reuters.com/article/2012/...8161WV20120207

http://www.reuters.com/article/2013/...91615R20130207

(Reuters) - The budget deficit shrank by nearly half in January compared to a year earlier as tax collections from individuals rose and outlays fell, the Congressional Budget Office said on Tuesday.


The CBO said it expects the Treasury Department to report a $27 billion deficit for January, versus a $50 billion deficit in January 2011.
The January budget gap will bring the total deficit for the first four months of fiscal 2012 to $349 billion, a decrease of about $70 billion from the same period of fiscal 2011.


The CBO last week predicted that the United States would rack up a $1-trillion-plus deficit for a fourth straight year, forecasting a $1.08 trillion gap for fiscal 2012, which ends on September 30. The fiscal 2011 U.S. deficit was $1.3 trillion.


January U.S. receipts were up about $9 billion, or 4 percent from a year earlier, largely because of higher withholdings of individual income and payroll taxes, CBO said.


Outlays were $13 billion, or 5 percent, lower in January 2012 than they were a year earlier. But because of the New Year's holiday, some benefit payments were shifted into December, reducing outlays during the month.


Were it not for these timing changes, the January deficit would have been slightly higher at about $31 billion, CBO said.


The Treasury is expected to report official January budget details on Friday.
(Reporting By David Lawder; Editing by Chizu Nomiyama)
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Old 02-18-2013, 08:44 PM   #16
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Quote:
Originally Posted by cosmo20002 View Post
"January U.S. receipts were up about $9 billion, or 4 percent from a year earlier, largely because of higher withholdings of individual income and payroll taxes, CBO said."
So KCNative is wrong then?
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Old 02-18-2013, 08:45 PM   #17
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Originally Posted by cosmo20002 View Post
"January U.S. receipts were up about $9 billion, or 4 percent from a year earlier, largely because of higher withholdings of individual income and payroll taxes, CBO said."
This is the reason. The end of the tax holiday. And more people on the job payroll and people making more money that were already on the payrolls.
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Old 02-18-2013, 08:57 PM   #18
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This is the reason. The end of the tax holiday. And more people on the job payroll and people making more money that were already on the payrolls.
But what about the income tax hikes?
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Old 02-18-2013, 09:00 PM   #19
cosmo20002 cosmo20002 is offline
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Originally Posted by Prison Bitch View Post
But what about the income tax hikes?
"January U.S. receipts were up about $9 billion, or 4 percent from a year earlier, largely because of higher withholdings of individual income and payroll taxes, CBO said."
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Old 02-18-2013, 09:01 PM   #20
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so KCNative is wrong?
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Old 02-18-2013, 09:04 PM   #21
cosmo20002 cosmo20002 is offline
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Originally Posted by Prison Bitch View Post
so KCNative is wrong?
Doesn't seem like it.

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Originally Posted by KC native View Post
This is almost all due to higher tax collections from withholdings.
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Old 02-18-2013, 09:14 PM   #22
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Monthly numbers are volatile and can be misleading. This one is particularly misleading because of the debt ceiling and fiscal cliff deals. The Treasury spent the first few weeks of January shifting money around to avoid official borrowing after we had technically breached the debt ceiling.
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Old 02-18-2013, 09:49 PM   #23
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Originally Posted by cosmo20002 View Post
"January U.S. receipts were up about $9 billion, or 4 percent from a year earlier, largely because of higher withholdings of individual income and payroll taxes, CBO said."
I'm pretty confident that most of the higher withholding revenues come from people making less than $400k, not the ones making more who had their rates increased.
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Old 02-18-2013, 09:52 PM   #24
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Old 02-18-2013, 10:01 PM   #25
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Quote:
Originally Posted by patteeu View Post
I'm pretty confident that most of the higher withholding revenues come from people making less than $400k, not the ones making more who had their rates increased.
I don't think the increase on the rich took effect in Jan. that won't show up till Feburary.
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Old 02-18-2013, 10:46 PM   #26
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Originally Posted by BigRedChief View Post
I don't think the increase on the rich took effect in Jan. that won't show up till Feburary.
Tell that to Cosmo. He's still arguing against you and KCNative.
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Old 02-18-2013, 10:48 PM   #27
cosmo20002 cosmo20002 is offline
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Originally Posted by Prison Bitch View Post
Tell that to Cosmo. He's still arguing against you and KCNative.
Talk to the CBO. I'm not making up anything.

"January U.S. receipts were up about $9 billion, or 4 percent from a year earlier, largely because of higher withholdings of individual income and payroll taxes, CBO said."
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Old 02-18-2013, 10:53 PM   #28
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Ok, so then BRC and KCNative are wrong then?
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Old 02-18-2013, 10:55 PM   #29
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Originally Posted by Prison Bitch View Post
Ok, so then BRC and KCNative are wrong then?
I don't know exactly what they said, so I can't answer--although I think I quoted KCNative saying the same thing I said.

The law (and higher rates) went into effect 1/2/13. What's the big controversy?
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Old 02-18-2013, 11:02 PM   #30
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Native said: "Higher rates haven't kicked in for higher income earners haven't hit the books yet."
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