Skip to content

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)

Extra funds attributed to lower overall spending, higher tax receipts

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.

This is what people usually think of when they think of "Uncle Sam surplus." Not in this case.

Highlights

By Catholic Online (NEWS CONSORTIUM)
Catholic Online (www.catholic.org)
5/8/2014 (2 years ago)

Published in Politics & Policy

Keywords: Budget, surplus, treasury


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.

Find out how you can get food to needy children -- by going here!

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

---


'Help give every student and teacher Free resources for a world-class moral Catholic education'


Copyright 2017 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for MARCH 2017
Support for Persecuted Christians.
That persecuted Christians may be supported by the prayers and material help of the whole Church.


Comments


More Politics & Policy

Will Neil Gorsuch overturn Roe v. Wade? Watch

Image of Neil Gorsuch is a pro-life justice who could help save children from abortion.

Donald Trump's Supreme Court replacement pick, Neil Gorsuch is sailing though his confirmation hearing and is on his way to a confirmation ... continue reading


New Mexico bishops warn politicians, 'We speak for the Church' Watch

Image of The bishops have warned the politicians of New Mexico not to construe their personal opinions as consistent with Church teaching.

The bishops of New Mexico have issued a statement warning Catholic politicians not to take public stances against the teachings of their ... continue reading


Was Trump wiretapped? One tantalizing clue says YES Watch

Image of President Trump believes his office was wiretapped before the election.

Did Obama spy on Trump during the election? On March 4, President Trump accused former president, Obama of spying on him. The allegations ... continue reading


Obama ready for more! Former president plans return to politics Watch

Image of Eric Holder and Barack Obama are ready to team up again.

Barack Obama is preparing to return to the political stage, just over a month after relinquishing the presidency to Donald Trump. His ... continue reading


Clinton contributor, Johnny Chung makes revealing 'life insurance' video against the DNC over fear of assassination

Image of Johnny Chung recorded a tell-all video admitting China funded Bill Clinton's re-election campaign (DNC).

Johnny Chung was a major contributor to Bill Clinton's re-election campaign in the mid-90s. Hundreds of thousands of dollars were illegally ... continue reading


Never Miss any Updates!

Stay up to date with the latest news, information, and special offers.

Catholic Online Logo

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.