Federal Gov has a surplus in Jan., Budget deficit cut in half from last Jan. deficit.

[BigRedChief]

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)

[cosmo20002]

Originally Posted by Prison Bitch

Native said: "Higher rates haven't kicked in for higher income earners haven't hit the books yet."

I honestly don't know what more I can say, and I won't. You can determine who is right and wrong if you like, but I'm going by what the CBO said.

"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."

[cosmo20002]

Originally Posted by cosmo20002

I honestly don't know what more I can say, and I won't. You can determine who is right and wrong if you like, but I'm going by what the CBO said.

"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, BRC and KCNative are wrong?

/PrisonBitch

[cosmo20002]

Originally Posted by cosmo20002

So, BRC and KCNative are wrong?

/PrisonBitch

"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."

[stonedstooge]

Cool. Wonder if they will save it or spend it.

[patteeu]

Originally Posted by cosmo20002

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."

Do you understand that withholding went up for everyone and not just those who are experiencing a rate change?

[blaise]

Good news Obama.
Bad news Bush.

[BigRedChief]

Originally Posted by patteeu

Do you understand that withholding went up for everyone and not just those who are experiencing a rate change?

Just the temporary payroll holiday expired and wasn't renewed as part of the debt ceiling/sequester or some other Republican made up hostage taking bill.

[Munson]

Originally Posted by BigRedChief

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.

We're still on pace for a $1 trillion deficit.........again.

Originally Posted by BigRedChief

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.

[BigRedChief]

Originally Posted by Munson

We're still on pace for a $1 trillion deficit.........again.

And who says we have reached the end of the rainbow?

[Prison Bitch]

Originally Posted by cosmo20002

So, BRC and KCNative are wrong?

/PrisonBitch

You claimed I didn't read the article. So you are saying they ddin't read it either.

[tooge]

thats all fine and dandy news. I'm spending less since they upped the SS tax and I've got a few hundy less every month. So small business still suffers.

[BigChiefTablet]

Surplus...I don't think that word means what they think it means.

[FishingRod]

The nation had a $17.8 billion surplus in January 2008, the last month of the Bush Presidency. This was followed by a deficit every single month of the Obama Administration until this one. The one in 2008 even though it was over 6 times larger, was not an indicator of a healthy robust economy or a start of a cycle of deficit reduction. Both were more like the meteor that hit Russia the other day, just an oddity to make note of because, we don’t see them very often. I suppose it would be fun to rail on about this administration taking the Bush surplus and wasting it in the same manner as when Bush took over after Clinton. Misleading and dishonest , but fun.

[loochy]

Originally Posted by BigChiefTablet

Surplus...I don't think that word means what they think it means.

lol I know

maybe change it to "digging the hole slower, but still digging"

[DJ's left nut]

Originally Posted by Munson

We're still on pace for a $1 trillion deficit.........again.

And we haven't really started paying for any of the messes that Obamacare is going to create.

And as Tooge has already noted, I couldn't give a large rat's ass about the government surplus; my check has decreased and my overhead has increased.

But hurray, while my personal outlook has been diminished, we're taking in more money that we can waste on asinine pet projects or use to cover the cost overruns that everyone swore weren't going to happen.