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View Full Version : Federal government runs December surplus of $53.2B




aGameOfThrones
01-13-2014, 05:39 PM
WASHINGTON (AP) -- The U.S. government ran a $53.2 billion surplus in December, signaling further improvement in the nation's finances.

The surplus was the largest since September and a record for the month of December, according to the Treasury Department report released Monday. It was boosted by nearly $40 billion in payments from mortgage giants Fannie Mae and Freddie Mac.

For the first three months of the budget year, which began on Oct. 1, the Treasury has run a deficit of $173.6 billion. That's 40.8 percent below the $293.3 billion deficit run during the same period last year.

Rising tax revenues and government spending constraints are expected to trim this year's annual deficit to around $600 billion. That would be even lower than last year's deficit of $680 billion, which was the lowest since 2008.

Annual deficits ballooned above $1 trillion from 2009 through 2012. They peaked at a record $1.4 trillion in 2009, President Barack Obama's first year in office.

The Great Recession led to a drop in tax revenue. At the same time, the government stepped up emergency spending, including unemployment benefits for millions who lose their jobs during the downturn.

The economy has gradually improved since the recession ended in June 2009. As more people find jobs, tax revenue rises and the deficit shrinks.

So far this year, revenue has totaled $664.6 billion. That's 8 percent higher than the first three months of the previous budget year. Outlays have fallen 7.8 percent to $838.2 billion.

The quarterly payment from Fannie and Freddie helped lift December's surplus. An improving housing market is allowing the two companies to repay their taxpayer assistance after being rescued by the government in September 2008.

http://finance.yahoo.com/news/federal-government-runs-december-surplus-190135989.html

Anti Federalist
01-13-2014, 06:19 PM
And all is right with the world...

jmdrake
01-13-2014, 06:53 PM
Translation? The "do nothing" congress that Obama and the democrats are wanting to rail against have caused some gridlock and gridlock is good for decreases in spending just like it was good when Clinton was president and the GOP won the house and senate. That and thankfully Iraq and Afghanistan haven't wanted to play ball the way Obama wanted for keeping massive troops on the ground. Failure on Obama's part is good for the economy.

matt0611
01-13-2014, 06:56 PM
Great, so we can lower taxes now right?

Petar
01-13-2014, 07:03 PM
Doesn't the fed create like $60 billion/month or something?

Chester Copperpot
01-13-2014, 07:08 PM
Doesn't the fed create like $60 billion/month or something?

$85 billion/month

mt4rp
01-13-2014, 07:14 PM
As of Jan it has been lowered to 75B per month

surf
01-13-2014, 07:45 PM
anyone really believe that the growth of gov't liabilities (SS, bureaucratic pensions, etc.) are included in this "surplus" number?

2young2vote
01-13-2014, 08:31 PM
Government counts taxes as revenue even when they haven't received the money. I only took one semester of governmental accounting a few years ago, but I seem to recall that the way they recognize revenue is idiotic, which is one of the reasons a "balanced budget" can still result in increases in debt. I don't put very much stock in them saying they have a "surplus." If having a surplus meant what everyone thinks it means (having extra cash on hand) then then State of Michigan wouldn't be billions of dollars in debt because we are legally required to have a balanced budget.

pcosmar
01-13-2014, 08:34 PM
Bullshit.

http://2guystalkingmetsbaseball.com/wp-content/uploads/2013/10/cooking1.jpg

Dr.3D
01-13-2014, 08:36 PM
So what? The debt clock isn't running backwards yet.

DamianTV
01-13-2014, 09:15 PM
So what? The debt clock isn't running backwards yet.

Yep, looks like its still going UP UP UP to me.

http://www.usdebtclock.org/

Dr.3D
01-13-2014, 09:23 PM
Yep, looks like its still going UP UP UP to me.

http://www.usdebtclock.org/
Let me know when it starts going down, down, down.

purplechoe
01-13-2014, 09:32 PM
Great, so we can lower taxes now right?

right after they stop the quantitative easing...

http://www.ritholtz.com/blog/wp-content/uploads/2012/11/helicopterben.jpg