CBO: US Deficit $61B Lower Than Last Year

Saturday, 07 Dec 2013 02:58 PM

By Sandy Fitzgerald

  Comment  |
   Contact  |
  Print  
|  A   A  
  Copy Shortlink
The government has racked up a $231 billion budget deficit for the first two months of the new fiscal year, but that's down $61 billion from last year's figures, according to a report from the nonpartisan Congressional Budget Office.

The CBO's findings said increased tax revenues and lower spending led to the drop, reports The Hill.

Individual tax receipts were up by 10 percent after a two-point payroll tax expired in January. In addition, tax rates increased on people making more than $400,000 a year, also narrowing the deficit.

The decline also reflects a five percent spending decrease, reported the CBO, which came with sequestration cuts. For example, in the first two months of the year, there was $10 billion less in defense spending.

In addition, unemployment benefits spending and net interest on the public debt also each dropped by $3 billion, and disaster aid spending was down as well.

Department of Agriculture spending also dipped by $4 billion, and Federal Emergency Management Agency spending dropped by $2 billion, reports the CBO.

But increases in two of the government's largest entitlement programs, Social Security and Medicaid went up, by $7 billion and $1billion, respectively.

The difference of one Day made a huge spending difference for the month of December, the CBO reports. Because Dec. 1 fell on a weekend, the government incurred a $140 billion deficit in November, $33 billion smaller than the $172 billion deficit in November 2012.

With Dec. 1 falling on a weekend in both years, some payments that would have been made in December came instead in November.

Related Stories:



© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Players' Union: Ray Rice Wins Appeal of His Indefinite Suspension

Friday, 28 Nov 2014 15:36 PM

Former Baltimore Ravens running back Ray Rice is eligible for reinstatement by the National Football League after winnin . . .

Legal Immigrants Being Blocked in Latest Obamacare Glitch

Friday, 28 Nov 2014 14:27 PM

Legal immigrants, eligible for Obamacare, are running into problems when they try to sign up for coverage on HealthCare. . . .

Cosby Said He Blocked 2005 Tabloid Story about Sex-Assault Accuser

Friday, 28 Nov 2014 12:42 PM

Comedian Bill Cosby struck a deal with the National Enquirer in 2005 to give the tabloid an exclusive interview about a  . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved