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Economics Discuss US budget deficit totals $10.4 billion in January at the Political Forums; WASHINGTON (AP) — The U.S. government's deficit through the first four months of this budget year is down 36.6 percent ...

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Old 02-12-2014, 11:49 PM
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Default US budget deficit totals $10.4 billion in January

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WASHINGTON (AP) — The U.S. government's deficit through the first four months of this budget year is down 36.6 percent from a year ago, signaling further improvement in the nation's finances.

In its monthly budget report, the Treasury Department said Wednesday that the deficit for January was $10.4 billion.

For the period from October through January, it totaled $184 billion. That is down $106.4 billion from the same period a year ago and puts the country on track for a further improvement in the budget deficit.

The Congressional Budget Office is projecting that the deficit for the current budget year will decline to $514 billion. That would be the smallest imbalance in six years. The deficit last year was $680.2 billion.

Rising tax revenues from an improving economy and government spending constraints are helping to trim the shortfall.

The CBO's deficit projection for this year would represent a drop of 24 percent over the 2013 deficit and would be the smallest gap since a $458.6 billion deficit in 2008.

The deficit hit an all-time high of $1.4 trillion in 2009 and remained above $1 trillion for four straight years as a deep recession and weak recovery pinched government revenues and forced higher spending for such programs as food stamps and unemployment benefits.

The CBO's latest forecast issued earlier this month projected that the deficit will decline to $478 billion in 2015 before starting to rise again in 2016 and keep heading higher for the rest of the decade.

CBO projected the deficit would once again top $1 trillion in 2022 and remain above that level over the rest of its 10-year forecasting window. The rising deficits during this period will stem from big increases in spending on government benefit programs such as Social Security and Medicare, reflecting the retirement of baby boomers.

Through the first four months of this budget year, which began Oct. 1, government revenues total $960.6 billion, an increase of 8.2 percent from the same period a year ago. Government spending totals $1.14 trillion, down 2.8 percent from a year ago, reflecting in part across-the-board spending reductions imposed as part of the 2011 deficit agreement.

A $40 billion quarterly payment from Fannie Mae and Freddie Mac helped boost December to a $53.2 billion surplus. The next quarterly payment will come in March. An improving housing market is allowing the companies to repay their taxpayer assistance after being rescued by the government in September 2008. The companies make those payments at the end of each quarter.

Congress reached agreement in December on a budget deal aimed at bringing some stability to the budget process for the next two years. A battle over the budget resulted in a 16-day partial government shutdown in October.

And Wednesday, the Senate followed the lead of the House and passed legislation to suspend the debt ceiling until March 16 of next year. This measure will eliminate another potential flashpoint in the budget wars.

The votes came after Treasury Secretary Jacob Lew began taking extraordinary measures to avoid breaching the current $17.2 trillion debt limit. Lew had warned that Congress would only have until the end of this month to approve a new debt ceiling and avert a market-rattling default on the debt.

Many House Republicans wanted to use the need to increase the debt ceiling to extract budget concessions from the Obama administration. However, they backed away from that battle Tuesday after GOP lawmakers were unable to agree on what concession to demand from Democrats. The White House had insisted that President Barack Obama would not negotiate over the debt limit.

http://finance.yahoo.com/news/us-bud...--finance.html
So we're doing better on the deficits, and hopefully a drop by more than a third this quarter over last year will mean a smaller deficit than what's already projected. I think everyone's concern though is the long-term deficit issue involving growing entitlement spending fueled by the baby boomer retirements. It's falling now, faster than projections can come up with, and maybe that will help blunt the coming increase in the near-future, but we've got to sit down and make a longer term plan to reform Medicare and Social Security to reduce their impact on the budget as reasonably as we can.

That or maybe Obama could actually try death panels.

Logan's Run anyone?
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Old 02-11-2017, 02:29 AM
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Thumbs down Re: US budget deficit totals $10.4 billion in January

Granny says, "Dat's right - all dat money comin' in an' we still in debt - somebody must have dey's fingers inna pie...

$1,084,840,000,000: Taxes Set Record Through January; $7,133 Per Worker; Feds Still Run Deficit of $156,939,000,000
February 10, 2017 | The U.S. Treasury hauled in a record of approximately $1,084,840,000,000 in tax revenues in the first four months of fiscal 2017 (Oct. 1, 2016 through Jan. 31, 2017), according to the Monthly Treasury Statement released today.
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That is up about $5,616,000,000 in constant 2016 dollars from the approximately $1,079,224,000,000 in constant 2016 dollars that the Treasury collected in the first four months of fiscal 2016. Tax revenues from previous years, as reported in the Monthly Treasury Statement for January of each year, were adjusted to 2016 dollars using the Bureau of Labor Statistics Inflation Calculator. Despite collecting a record $1,084,840,000,000 in tax revenues in the first four months of this fiscal year, the federal government turned around and spent $1,241,780,000,000 in those same four months—and ended up running a deficit of $156,939,000,000.


In January alone, the Treasury collected approximately $344,069,000,000 in tax revenues. The largest portion of the $1,084,840,000,000 in federal tax revenues in the first four months of this fiscal year came from the individual income tax, which yielded approximately $550,068,000,000. The second largest portion came from Social Security and other payroll taxes, which brought in approximately $361,887,000,000.


The income taxes collected from corporations in the United States in the first four months of the fiscal year ($84,877,000,000) amounted to more than 7 times as much as the customs duties collected on foreign imports brought into the country ($11,779,000,000). According to the Bureau of Labor Statistics, there were 152,081,000 people employed in the United States in January. That means that the record $1,084,840,000,000 in taxes the federal government collected in the first four months of the fiscal year equaled about $7,133 per worker.

$1,084,840,000,000: Taxes Set Record Through January; $7,133 Per Worker; Feds Still Run Deficit of $156,939,000,000
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Old 02-11-2017, 03:15 AM
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Default Re: US budget deficit totals $10.4 billion in January

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Originally Posted by waltky View Post
Granny says, "Dat's right - all dat money comin' in an' we still in debt - somebody must have dey's fingers inna pie...

[]
What's that supposed to mean?
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Old 02-11-2017, 05:42 AM
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Default Re: US budget deficit totals $10.4 billion in January

This is like saying, "Instead of losing 73-0, we're now losing 56-0!!!!"...
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Old 02-14-2017, 12:30 AM
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Post Re: US budget deficit totals $10.4 billion in January

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Originally Posted by cnredd View Post
This is like saying, "Instead of losing 73-0, we're now losing 56-0!!!!"...
So the Repub president is in office now.
Repubs have control of both House & Senate.

Any wagers as to what the score will be in two years?
Will Repubs lower the deficit?
Or will they raise it like the three previous Repub presidents before?
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Old 02-14-2017, 02:58 AM
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Default Re: US budget deficit totals $10.4 billion in January

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Originally Posted by foundit66 View Post
So the Repub president is in office now.
Repubs have control of both House & Senate.

Any wagers as to what the score will be in two years?
Will Repubs lower the deficit?
Or will they raise it like the three previous Repub presidents before?
I'll be honest...I'm pretty worried about what the Republicans will do budget-wise...

Trump won over the establishment Republicans because they didn't live up to the platform they yell...and a big part of that is the budget...

But now they hold all of the cards...and I expect large chunks of deficits washed away...I'm not expecting a surplus in the very first year, but a major drop, and then an incredibly small deficit the next; if not a break even...

I'm 50/50 on that happening, though...Ryan's been touted as some financial wiz-nerd since his VP nominee days with Romney, and I'm still waiting for proof...
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Old 02-14-2017, 04:51 PM
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Post Re: US budget deficit totals $10.4 billion in January

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Originally Posted by cnredd View Post
I'll be honest...I'm pretty worried about what the Republicans will do budget-wise...
Trump won over the establishment Republicans because they didn't live up to the platform they yell...and a big part of that is the budget...
But now they hold all of the cards...and I expect large chunks of deficits washed away...I'm not expecting a surplus in the very first year, but a major drop, and then an incredibly small deficit the next; if not a break even...
I'm 50/50 on that happening, though...Ryan's been touted as some financial wiz-nerd since his VP nominee days with Romney, and I'm still waiting for proof...
You're in for a very rude awakening on this...

The last three Republican presidents. ALL the same trend.
Raise the deficit.


Trump has provided NO cogent, economic explanation as to how he will reduce the deficit.
Ryan? He was first elected to the House in 1998.
Was he instrumental in the Bush year budget reduction?
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