Taking us to lunch? United States runs $114 billion surplus in April
By Catholic Online (NEWS CONSORTIUM)
5/8/2014 (2 years ago)
Catholic Online (www.catholic.org)
The United States Treasury took in $114 billion more than it had to pay out in April, according to the Congressional Budget Office. The influx of cash is being credited to lower overall spending and higher tax receipts.
This is what people usually think of when they think of "Uncle Sam surplus." Not in this case.
LOS ANGELES, CA (Catholic Online) - The month of April usually brings an influx of receipts as Americans file their tax returns. Since October 1, or the first seven months of this fiscal year, the office estimates the country has racked up a $301 billion deficit, which is $187 billion lower than it was for the same period last year.
Federal coffers saw a seven percent increase in individual income taxes and payroll taxes, a 15 percent increase in corporate income taxes, and a 37 percent increase in money paid to Treasury by the Federal Reserve.
Overall spending fell by 2 percent. Areas that witnessed the biggest drops included unemployment benefits and homeland security, which were both down 31 percent, agriculture, which was down 12 percent and defense spending, which was down by five percent.
Much of the drop in overall spending is attributable to bigger payments from Fannie Mae and Freddie Mac to Treasury. According to the weird accounting rules of the federal budget, those payments are counted as "negative" spending.
Offsetting the spending decline were increases in Social Security, which was up five percent and Medicaid, which was up by nine percent.
The trend in higher tax receipts and lower overall spending has been in effect for some time now, because of the economic recovery and spending restraint enacted by Congress.
Last month, the CBO projected that the 2014 shortfall would decline to 2.8 percent of gross domestic product or $492 billion. That is well below the 4.1 percent, or $680 billion, recorded for fiscal year 2013. To top of page
Copyright 2017 - Distributed by THE CALIFORNIA NETWORK
Pope Francis Prayer Intentions for APRIL 2017
Young People. That young people may respond generously to their vocations and seriously consider offering themselves to God in the priesthood or consecrated life.
It feels great to win! Here's the list of things President Trump has accomplished in his first 100 days Watch
Donald Trump has reached the 100-day mark with an incredible list of accomplishments. Here's what he's done since he took office. While the ... continue reading
In a shocking announcement, the Trump administration has suggested it will continue to uphold an onerous Obama era requirement that ... continue reading
U.S. President Donald Trump has imposed tariffs up to 24 percent on Canadian lumber shipped into the United States. LOS ANGELES, CA ... continue reading
Hypocrite millennial terrorists who live with their parents want guns because conservative working Americans don't want to give them free stuff Watch
Following the election of Barack Obama, a move that displeased conservatives, how long did it take for conservatives to arm themselves and ... continue reading
Senator Connie M. Leyva (D-Chino) introduced a bill to expand medical abortions to University of California (UC) and California State ... continue reading
by Catholic Online
- Pope Francis arrives in Egypt with powerful message HD Video
- Daily Readings for Saturday, April 29, 2017
- Daily Reading for Tuesday, May 2nd, 2017 HD Video
- St. Catherine of Siena: Saint of the Day for Saturday, April 29, 2017
- Report claims extreme weather on DECLINE - but is someone lying?
- 'Acid is now a fashionable weapon of choice' - Britain averages one ...
- It feels great to win! Here's the list of things President Trump has ...
- Daily Reading for Monday, May 1st, 2017 HD
- Daily Reading for Sunday, April 30th, 2017 HD
- Day 9 - Novena for Workers, the Unemployed and Underemployed HD
- Day 8 - Novena for Workers, the Unemployed and Underemployed HD
Copyright 2017 Catholic Online. All materials contained on this site, whether written, audible or visual are the exclusive property of Catholic Online and are protected under U.S. and International copyright laws, © Copyright 2017 Catholic Online. Any unauthorized use, without prior written consent of Catholic Online is strictly forbidden and prohibited.