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Title: U.S. To Run First (Monthly) Surplus Since 2008: CBO
Source: MarketWatch
URL Source: http://www.marketwatch.com/story/us ... 012-05-07?reflink=MW_news_stmp
Published: May 7, 2012
Author: By Robert Schroeder
Post Date: 2012-05-07 23:06:16 by Brian S
Keywords: None
Views: 1379
Comments: 6

WASHINGTON (MarketWatch) — The U.S. government recorded a budget surplus of $58 billion in April, the Congressional Budget Office estimated on Monday, breaking a streak of deficits that began in 2008.

The surplus — the first of Barack Obama’s presidency — was the result of both increased tax collection and lower government spending. Before April, the government had not run a surplus since September 2008, the month that the financial crisis struck the U.S. economy. Read CBO report.

The CBO’s estimate is released before the Treasury Department’s monthly budget report. That report is scheduled for later this week.

CBO estimated that receipts were $30 billion higher in April than the same month a year ago, due to declining refunds that month and higher corporate income tax receipts. Spending fell by $69 billion compared to April 2011, marked by lower outlays on defense, Medicaid and the Postal Service.

Government spending and deficits are shaping up to be a main issue in the presidential campaign, and the monthly surplus is a piece of good news for Obama. Read more about Election 2012.

For the first seven months of the fiscal year, the CBO estimates that the Treasury will notch a deficit of $721 billion. That’s $149 billion less than the red ink reported for the same period in fiscal 2011.

The improved budget picture will not put an end to election-year sparring about the deficit, however. The U.S. is running a debt of $15.7 trillion, a number often pointed out by Obama’s Republican critics, including White House hopeful Mitt Romney. Read more about U.S. national debt. Subscribe to *Elections 2012*

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#1. To: Brian S (#0)


SJN  posted on  2012-05-08   1:25:47 ET  Reply   Trace   Private Reply  

#2. To: Brian S (#0)


SJN  posted on  2012-05-08   1:29:42 ET  Reply   Trace   Private Reply  

#3. To: Brian S (#0)

I can only suppose that the FED ran their 24 hour/day printing presses a wee bit too long on the 9-5, 5-1 and the 1-9 shifts.

buckeroo  posted on  2012-05-08   1:38:57 ET  Reply   Trace   Private Reply  

#4. To: buckeroo (#3)

The employee's get paid by the pallet.

; ))

SJN  posted on  2012-05-08   1:53:48 ET  Reply   Trace   Private Reply  

#5. To: Brian S (#0)

The U.S. government recorded a budget surplus of $58 billion in April, the Congressional Budget Office estimated on Monday, breaking a streak of deficits that began in 2008.


The economy is wonderful!
Re-elect Obama, he'll pay your rent!
A chicken in every pot!
-Baghdad Bri-bri-

LoonyMing: I brandish my ignorance like a crucifix at vampires.

'It's now very common to hear people say, "I'm rather offended by that", as if that gives them certain rights. It's no more than a whine. It has no meaning, it has no purpose, it has no reason to be respected as a phrase. "I'm offended by that." Well, so fucking what?' —Stephen Fry

Capitalist Eric  posted on  2012-05-08   2:12:08 ET  Reply   Trace   Private Reply  

#6. To: Brian S (#0)

For the first seven months of the fiscal year, the CBO estimates that the Treasury will notch a deficit of $721 billion.

Choke on it Dems.

Thunderbird  posted on  2012-05-08   9:22:26 ET  Reply   Trace   Private Reply  

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