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Old 02-27-2014, 04:44 PM  
Loneiguana Loneiguana is offline
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Federal Deficit Falls to Smallest Level Since 2008

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WASHINGTON — The federal budget deficit fell precipitously to $680 billion in the 2013 fiscal year from about $1.1 trillion the year before, the Treasury Department said Thursday. That is the smallest deficit since 2008, and marks the end of a five-year stretch when the country’s fiscal gap came in at more than a trillion dollars a year.

The report comes days before the White House is expected to release a new budget. Democrats have said that the still-tepid recovery requires government investment along with commitments to reduce deficits in the long term — while also emphasizing the rapidly falling budget gap.

Republicans have long said that Democrats have proven poor stewards of the economy, overseeing a period of sluggish growth and rising debt.

The report, which was a regular update on the country’s finances, underscores the persistence, if not the strength, of the recovery after the worst economic downturn since the Great Depression. Growth in tax revenue accounts for much of the decline in the deficit. But increases in taxes and cuts in federal spending figure strongly too, as does a surprising — and surprisingly long — slowdown in the pace of health-spending growth.

The Treasury said that revenue climbed $324 billion to $2.8 trillion between 2012 and 2013. That is growth of around 12.9 percent, reflecting both higher income rates, including higher top marginal rates and the expiration of the payroll tax holiday, and a strengthening economy.

At the same time, government spending grew relatively slowly, to $3.9 trillion from $3.8 trillion a year earlier, the Treasury said.

“Thanks to the tenacity of the American people and the determination of the private sector we are moving in the right direction,” said Treasury Secretary Jacob J. Lew in the report. “The United States has recovered faster than any other advanced economy, and our deficit today is less than half of what it was when President Obama first took office.”
http://www.nytimes.com/2014/02/28/bu...w-nytimes&_r=1
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Old 02-27-2014, 04:48 PM   #2
LiveSteam LiveSteam is offline
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Old 02-27-2014, 04:54 PM   #3
Brainiac Brainiac is online now
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The smallest since 2008? Well, that is certainly a great accomplishment by the Obama administration.

What year did Obama get elected again?
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Old 02-27-2014, 05:00 PM   #4
alpha_omega alpha_omega is offline
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But spending still increased?

How is that possible?
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Old 02-27-2014, 05:04 PM   #5
fan4ever fan4ever is offline
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Quote:
Originally Posted by Brainiac View Post
The smallest since 2008? Well, that is certainly a great accomplishment by the Obama administration.

What year did Obama get elected again?
If he keeps using himself as the watermark, he'll likely have a number of achievements before his term is over.
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Old 02-27-2014, 05:21 PM   #6
HonestChieffan HonestChieffan is offline
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Congress had nothing to do with that. All Obama Good.
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Old 02-27-2014, 05:25 PM   #7
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So the shutdown worked. Score for America.
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Old 02-27-2014, 05:26 PM   #8
BucEyedPea BucEyedPea is offline
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Not one mention that it's the Congress of the United States that constitutionally has authority over the budget over our govt!

Civics FAIL!
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Old 02-27-2014, 05:27 PM   #9
BucEyedPea BucEyedPea is offline
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We have an on-budget deficit and an off-budget deficit. I bet this is a case of liars figure with figures lying. One is much worse than the other.

So which is this one lonecomrade?
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Old 02-27-2014, 05:57 PM   #10
Aries Walker Aries Walker is offline
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You guys hate anything Obama soooo much that you can't accept good news?
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Old 02-27-2014, 06:01 PM   #11
patteeu patteeu is offline
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Quote:
Originally Posted by Brainiac View Post
The smallest since 2008? Well, that is certainly a great accomplishment by the Obama administration.

What year did Obama get elected again?
Obama is the most transparent President since the beginning of the Obama administration. He's held more press conferences than any other president during that time.
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Old 02-27-2014, 06:02 PM   #12
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Quote:
Originally Posted by Aries Walker View Post
You guys hate anything Obama soooo much that you can't accept good news?
Can you believe that KSM refused to thank interrogators for their benevolence at the end of each waterboarding session?
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Old 02-27-2014, 06:06 PM   #13
Aries Walker Aries Walker is offline
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Err, what? This has nothing to do with Khalid Sheikh Mohammed.
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Old 02-27-2014, 06:10 PM   #14
HonestChieffan HonestChieffan is offline
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Quote:
Originally Posted by Aries Walker View Post
You guys hate anything Obama soooo much that you can't accept good news?

There was good news this am. Holder had chest pains
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Old 02-27-2014, 06:13 PM   #15
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Isn't it kind of hard to have a lot of deficit spending when this Congress is one of the most, "Do nothing" congresses ever.

I am just glad they haven't done much more than they have.
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