Posted on 10/30/2013 8:10:04 PM PDT by TurboZamboni
WASHINGTON -- For the first time in five years, the U.S. government has run a budget deficit below $1 trillion.
The government said Wednesday that the deficit for the 2013 budget year totaled $680.3 billion, down from $1.09 trillion in 2012.
That's the smallest imbalance since 2008, when the government ran a $458.6 billion deficit. It's still the fifth-largest deficit of all time.
The deficit is the gap between the government's tax revenue and its spending. It narrowed for the budget year that ended on Sept. 30 because revenue rose while spending fell. Revenue jumped 13.3 percent to $2.77 trillion. Government spending declined 2.4 percent to $3.45 trillion.
A stronger economy created more jobs and income over the past year, which generated greater tax revenue. At the same time, the Obama administration and Congress agreed in January to end a temporary cut in Social Security taxes and also to raise income taxes on the wealthy.
(Excerpt) Read more at twincities.com ...
“liars figure”
Sequester works. And this should be the bat Republicans club the rats with over budget talks.
Obama wanted sequester, he blamed the Republicans for it and oops... it worked. Now he cannot take credit for it.
Love irony.
Why not? Bill Clinton did a similar thing about twenty years ago and got away with it.
DOWN to $680 billion? Happy days are here again!
I used to weigh 180 pounds but started to put on weight. I went up to 400 pounds but lost a 100 pounds now I am down to 300 pounds isn’t that great?
How can you have a budget deficit without a budget?
The KTR claims haven’t even been filed yet for government caused delays, because it will take one or two billing cycles to capture all the costs.
Don’t worry, the shutdown and sequester are likely to cost far more than they saved.
If they want to save money, they need to readdress delivery of Appropriated Funds budgets as though they are mass produced utilities, providing a common commodity at the least cost rate. Then size the supply to meet an acceptable demand accordingly.
Actually, the analogy is worse than that. Your at least made progress toward a healthy weight. Let us say that your healthy weight is 180 pounds. You started gaining weight and went from 350 pounds to 500 pounds last year. This year, however, you put yourself on a drastic diet and therefore only gained only 10 pounds per month and will weight 620 pounds at the end of the year. You celebrate the progress that you’re gaining weight more slowly. Perhaps at the end of next year, your weight will increase to 750 or 800 pounds with a little less eating discipline.
Down to about fifty-percent higher than the highest deficit under George W. Bush, with all his failed policies.....
over taxed and under represented..
where have we see that before?
” Perhaps at the end of next year, your weight will increase to 750 or 800 pounds with a little less eating discipline.”
And the hateful, greedy, rich Republicans will refuse to buy him more donuts.
I bet they’re not counting the $85 billion a month the Fed is printing...
You’re a genius. That plan should make billions.
C’mon. You need a $680Bn SURPLUS for decades just to pay off the debt.
These AP journalists are just plain ignorant. And the people who read this crap are just as stupid. The U S government reached the debt limit back in May of 2013 and had been sitting at $16.7 Trillion ever since ...... until the partial gov. shutdown ended on Oct. 17th. The debt hadn’t increased one penny in 4.5 months, which means the deficit for 2013 has been sitting at $680 billion since May. The deficit could not keep rising because the government had reached it’s debt limit. On Monday Oct. 21, the the U S debt spiked up to $17.09 Trillion. This is a new one day record rise of $390 billion. This is in ONE day!!! This will be added to the 2014 budget deficit for fiscal year starting October 1st. So, if you add another $600 – $680 billion until May, as was last year, this would total at least a deficit of $1 Trillion with 4 month still left in the 2014 budget year. So I would expect a 1.4 – 1.5 Trillion deficit next year ,..... that is unless we have another government shutdown.
It’s a virtual budget-like the virtual fence.
Anybody notice what's missing?
#1 through #4 largest were the first 4 years of Obama's regime. But they can't put THAT in writing.
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