Treasury Records Surplus For First Time In Five Years Based On New Tax Revenues

Wednesday, February 13, 2013 01:28
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Treasury Records Surplus For First Time In Five Years Based On New Tax Revenues

Tags: deficit | economy | Taxes

Higher revenue from payroll and individual income taxes pushed the Treasury into a budget surplus for the first time in five years.
 
Then, in January 2008, the Treasury had a $17.8 billion surplus. Now, the Treasury has turned a $27.4 billion January 2012 shortfall into $2.88 billion in positive receipts.

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As well, the fiscal 2013 deficit will total $845 billion, the first time it has been under $1 trillion since 2008.
 
The Congressional Budget Office (CBO) says revenue rose 16.2% in January from a year earlier. Spending increased 2.9%.
 
Meanwhile, the president and Congress are at loggerheads over how to prevent $1.2 trillion in spending cuts from kicking in on March 1.
 
The CBO says receipts were larger in January because of $33 billion in new revenue from the tax increases.

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