CBO: US Deficit $61B Lower Than Last Year

Saturday, 07 Dec 2013 02:58 PM

By Sandy Fitzgerald

Share:
  Comment  |
   Contact Us  |
  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.

Share:
  Comment  |
   Contact Us  |
  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:
Retype 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

Imam to Hannity: Sharia Law Is 'Coming to a Place Near You'

Wednesday, 27 Aug 2014 23:11 PM

Controversial London Imam Anjem Choudary had a heated argument with Fox News Channel's Sean Hannity on the latter's show . . .

Missouri Governor Names New Public Safety Director

Wednesday, 27 Aug 2014 22:35 PM

Missouri Gov. Jay Nixon on Wednesday appointed a new state public safety director, giving his administration its only bl . . .

Stifling Free Speech? California Looks to Ban Confederate Flag

Wednesday, 27 Aug 2014 22:16 PM

California is looking to bar the "Stars and Bars." A bill sits on Gov. Jerry Brown's desk to ban California from display . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

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