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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, 11:06 PM   #31
cosmo20002 cosmo20002 is offline
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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."
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Old 02-18-2013, 11:07 PM   #32
cosmo20002 cosmo20002 is offline
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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
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As long as Jesus Christ was the president of the US and approved of it Yes.
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Old 02-18-2013, 11:08 PM   #33
cosmo20002 cosmo20002 is offline
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Originally Posted by cosmo20002 View Post
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."
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As long as Jesus Christ was the president of the US and approved of it Yes.
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Old 02-19-2013, 05:01 AM   #34
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Cool. Wonder if they will save it or spend it.
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Old 02-19-2013, 05:03 AM   #35
patteeu patteeu is offline
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Originally Posted by cosmo20002 View Post
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?
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Old 02-19-2013, 06:59 AM   #36
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Good news Obama.
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Old 02-19-2013, 07:17 AM   #37
BigRedChief BigRedChief is offline
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Originally Posted by patteeu View Post
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.
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Old 02-19-2013, 07:31 AM   #38
Munson Munson is offline
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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.

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Originally Posted by BigRedChief View Post
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.
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Old 02-19-2013, 07:41 AM   #39
BigRedChief BigRedChief is offline
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We're still on pace for a $1 trillion deficit.........again.
And who says we have reached the end of the rainbow?
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I believe Hitler hated Jews and had a lot of them killed. I dont believe it was anywhere close to 6 million though. I'm not an anti-semite; I just think that number has been severely inflated and there is a lot of evidence that supports this belief.
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Old 02-19-2013, 07:55 AM   #40
Prison Bitch Prison Bitch is offline
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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.
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Old 02-19-2013, 09:54 AM   #41
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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.
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Old 02-19-2013, 10:26 AM   #42
BigChiefTablet BigChiefTablet is offline
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Surplus...I don't think that word means what they think it means.
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Old 02-19-2013, 11:00 AM   #43
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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.
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Old 02-19-2013, 11:04 AM   #44
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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"
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Old 02-19-2013, 11:10 AM   #45
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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.
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