See also here:
CBO shows decline in budget deficit
The Congressional Budget Office reported Tuesday that the federal budget deficit is declining this year compared to fiscal 2012.
For the first seven months of 2013, the deficit was $489 billion. That is $231 billion less than the budget shortfall for the comparable period last year.
The decrease is almost entirely due to revenue increases. Revenues rose $200 billion and spending decreased only $11 billion.
Individual income tax and social insurance payroll taxes are up 16 percent this year compared to last year.
In January, Congress and the White House agreed to allow income taxes on those making more than $400,000 per year to rise and to end a 2-percentage point payroll tax holiday for all workers.
That has contributed to $132 billion more in income taxes and $52 billion more in payroll tax revenue, CBO estimated.
On the spending side, major discretionary items like defense saw notable decreases, but the mandatory entitlement programs continued their relentless march upward in cost.
Whereas defense spending has fallen by $20 billion, spending increased by $25 billion for Social Security and $15 billion for Medicare as the baby boomer generation ages into retirement.
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*sigh* Talking points in the making. Reducing our budget deficit, while nice, means absolutely nothing in regards to our debt, and less than nothing in regards to our unfunded liabilities.
This means precisely nothing.
Fewer people working and more people receiving government entitlements. I'm not really sure we should be celebrating this. It sounds like more theft of other people's money might be going on.
How many days or weeks before they tell us this was a mistake? Sorry! Some low level govt worker put a decimal in the wrong place...
Translation: Even with the Sequester cuts and massive tax increases, we are still on track to spend nearly a trillion more than we are taking in this year on top of the $16 trillion dollars in debt that our country is in and $80 trillion dollars in unfunded liabilities.
In 2005, under Bush administration, there was a huge infilux of cash into the budget because tax cuts kicked in and economy grew at robust rates. This current trend is temporay, because of higher taxes the economy will go down and budget deficits will start to grow again.
Take more money out of the Oconomy by raising taxes and tax revenues go up.
Who woulda’ thought?
Did certainty replace uncertainty?
Sounds like the GOP’s “obstruction” to cut back on Obama’s spending is starting to have a effect.
What’s a few hundred billion when it’s been running in the trillions for years.