U.S. budget deficit down 37.6 percent through July

Government remains on track to post lowest annual budget gap in five years
Associated Press
Aug 12, 2013

The government on Monday reported a $97.6 billion deficit for July but remains on track to post its lowest annual budget gap in five years.

July's figure raises the deficit so far for the 2013 budget year to $607.4 billion, the government says. That's 37.6 percent below the $973.8 billion deficit for the first 10 months of the 2012 budget year.

The Congressional Budget Office has forecast that the annual deficit will be $670 billion when the budget year ends Sept. 30, far below last year's $1.09 trillion. It would mark the first year that the gap between spending and revenue has been below $1 trillion since 2008.

Steady economic growth, higher taxes, lower government spending and increased dividends from mortgage giants Fannie Mae and Freddie Mac have helped shrink the deficit.

Still, looming budget fights in Congress are complicating the picture. When lawmakers return from their recess in September, they will need to increase the government's borrowing limit. They will also have to approve a spending plan for the budget year that begins Oct. 1. Republicans and Democrats remain far apart on both measures.

Republicans want President Barack Obama to accept deeper cuts in domestic government programs and in expensive benefit programs such as Medicare and Social Security. Obama has argued that Republicans must be willing to accept higher taxes on the highest-earning Americans.

Conservative House Republicans have signaled a willingness to force a partial government shutdown as a way of defunding Obama's universal health care law, which they oppose.

A possible compromise would be to approve a stopgap budget to keep the government operating after Oct. 1 while both sides seek a permanent solution.

Obama has vowed not to negotiate with Congress over raising the borrowing limit as he did in 2011. But some Republicans want to test the president's resolve even if it rattles financial markets. Investors fear a doomsday scenario in which the country would default on its debt, which it has never done.

Through July, the government collected $2.29 trillion in revenue, up 13.9 percent from the same 10 months last year. Government spending during this period totaled $2.89 trillion, down 2.9 percent from a year ago. That decline reflects, in part, automatic government spending cuts that began taking effect March 1.

Collectively, the government's deficits increase the national debt, now at $16.7 trillion.

 

Comments

The Big Dog's back

Coasterfan 5 contangled 0.

Contango

Re: "Coasterfan..."

Have you marched into your employer's office and demanded to have your wage doubled 'cause you think you deserve it?

coasterfan

Nope. As a teacher, I knew I worked for a non-profit, and our salary schedule was part of the union contract, and thus non-negotiable on a year to year basis by an individual teacher. Now, I work on a combination of salary and commission, and am therefore responsible for the amount I earn.

I feel people's salaries should be something they earn, and the amount they receive should be commensurate with their level of education and/or the amount of expertise needed to do the job. Thus, teachers and doctors should be paid more than someone with a 2-year associate's degree, HS diploma or GED.

Contango

Re: "Nope (snip)"

I'm surprised Comrade. As an admitted socialist, you're forgetting your BASIC Marx:

"From each according to his ability, to each according to his need."

Equality of compensation will be the norm in a true socialist society.

4shizzle

@ Clowntango

" At college, I used to have debates over coffee with the head of the local chapter of the Communist Party."

......................So you being the consummate propagandist that you are - they let you join the chapter ?

( Actually, you being a consummate liar- I don't believe your statement.)

coasterfan

Why should I refuse my retirement benefits? I don't gripe about how the system is set up, as you do.

Contango

Re: "Why (snip)"

A non sequitur.

Keep dodging.

AGAIN: Since you hate rich people and corps, why not refuse your STRS benefits payments?

" About 75% of members’ benefits are provided by investment returns,"

So you like "how the system is set up," while livin' with the help of the one percenters and plutocrats eh Comrade?

https://www.strsoh.org/whatsnew/...

Darwin's choice

Another from the puppet in charge...
https://youtube.googleapis.com/v...

Bottom Line

deertracker would support obama if obama openly supported incest. Because deertracker is racist and only cares that obama is black.

deertracker

Silly comment!

4shizzle

Bottom Line feeds on the bottom.

EZOB

Name me just one "POOR" democrat. Left-Wingers say they are against the rich but support all the rich Democratic Politicians. The main difference is most Republican Politicians actually worked or owned a company while most Democrats inherited their wealth. Are they both dishonest? You Betcha! At least most republicans know what it takes to run a business while Dems know how to run them in the HOLE!

coasterfan

EZOB: Congrats, you get the Silliest Comment of the Day Award.

#1: Name me one poor Democrat? Actually about 40 million of them voted for Obama in 2012.

#2: All politicians are rich. We Dems do like ones who grew up middle class, like Obama.

#3: Bush and Romney are obvious plutocrats who were born with a silver spoon in their mouth. They "earned" their money the old-fashioned Republican way: they inherited it by choosing extremely wealthy parents.

#4 My employer is a Democrat, and started the company in his garage 50 years ago. It's now a worldwide multi-billion dollar venture and one of the Top 30 most successful companies in the nation. There are successful businessmen from both parties.

dontknowmuch

You forget Obama was raised as a kid with privilege, contrary to what he says

The Big Dog's back

And your basis for this is?

Contango

Re: "My employer is a Democrat,"

And your employer ain't a one percenter? LMAO!!!

Suggest that your employer turn his co. into an ESOP and make it REALLY fair instead of profiting off the sweat of his employees.

http://en.wikipedia.org/wiki/Emp...

In a true socialist society, the State will control all the means of production.

You're supporting fascism Comrade. You are therefore an anti-revolutionary and an enemy of the State.

whocares

What will the budget be like when OBAMA Care kicks in? There is a reason he delayed it after the 2014 election.

dontknowmuch

What budget is this based on? A budget hasn't been passed since O reached the big house

EZOB

I should have clarified "Democratic Politicians". Coasterfan should be more than willing to give more of his earning to the Democrats with less education, especially the ones who under his tutor who failed to graduate.

EZOB

Contango,
I can see right through these people. Bherrle failed to meet me. I thought RMeyer would fill in, no way. They are a bunch of losers without a plan. If we left everything up to them they'd be "A Man Without a Country". I know you get it. I
I'll be in Parma meeting with Jim Renacci on Veterans Affairs. Sherrod Brown needs removed from the Veterans Committee. All the Levy yes voters did was chirp and it really is a shame because they could do something if they tried.

RMyer

I didn't realize that I was invited. I was not asked to "fill in" by anyone or else I would have attended. I am more than happy to meet and discuss plans. I am easy to find. I also attend most board meetings if you would prefer to speak with me there.

EZOB

dontknowmuch,
I hope you don't mind that I elaborate on your budget comment? My definition of (BUDGET) while I was in school was something like this: Planning your expenses so they aren't greater than your income. All Politicians see this as a big problem so they always try to totally ignore just about anything that concerns the word, "BUDGET". I think they want it stricken form the English Language and in Washington it has become more offensive to some than the F-word.

The Big Dog's back

When Repubs are in charge budget is spelled budget. When Dems are in charge it is spelled BUDGET!

4shizzle

yep

Contango

Re: " lowest annual budget gap in five years."

Watch the Dems use this lower deficit in order to argue for a hike in the already $17 trillion debt ceiling limit.

The federal debt ceiling battle is coming:

http://www.bloomberg.com/news/20...

The Big Dog's back

The debt nincompoop, is for things we already spent on. Do you welsh on your debts?

Contango

Re: "The debt..."

The DEBT CEILING LIMIT putz, The DEBT CEILING LIMIT.

Gawd are you stupid.

http://www.thefiscaltimes.com/Ar...

donutshopguy

Why do you all argue over a Republican or Democrat ? They are all politicians. Their first priority is to get reelected. Neither look out for what is best for the country. They look out what is best for themselves.

Why do we pass a federal government health insurance program and exempt federal employees?

Answer: The group in charge, both Republican and Democrats, do not live by the same rules as you and I.

EZOB

DSG,
I take a Conservative view (Mostly Republican) while discussing on these blogs or locally. On the National scene, I've posted again and again that they are all the same once they reach Columbus or Washington.

2cents

Lets get on with some new news, Islam is taking its turn in Egypt. Lets oust another dictator like we did there and Libya, now Syria so the crazy Islamists can go crazy there too and make the world follow their madness!

http://www.foxnews.com/world/201...

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