U.S. Budget Deficit is below $1 trillion for the first time in five years
For the first time in five years, the U.S. government has run a budget deficit below $1 trillion, which will certainly make Republicans very happy. That last part is probably a lie I accidentally on purpose added to be nice.
The government says that the deficit for the 2013 budget year totaled $680.3 billion, which is down from $1.09 trillion in 2012. So there’s progress. So with unprecedented obstruction, lack of job creation which Republicans promised, the economy is still healing. It’s almost as if Republicans can’t catch a break in destroying the economy before Obama’s term ends.
The AP reports, “That’s the smallest imbalance since 2008, when the government ran a $458.6 billion deficit.”
The deficit is the gap between the government’s tax revenue and its spending. It narrowed for the budget year that ended on Sept. 30 because revenue rose while spending fell.”
Why the change.
The AP reports, “Revenue jumped 13.3 percent to $2.77 trillion, reflecting a slightly better economy and higher tax rates. And government spending declined 2.4 percent to $3.45 trillion, in part because of across-the-board spending cuts that took effect in March.”
Tax revenue and spending cuts, that’s why.
- US budget deficit down to $680B, lowest in 5 years (news.yahoo.com)