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(Reuters) - The budget posted a surprise surplus in January for the first time in five years, as the Treasury likely benefited from a windfall when payroll tax cuts expired.
The budget registered a $3 billion surplus, the first time there had been a surplus in January since 2008, Treasury Department data showed on Tuesday. Economists had been looking for a $2 billion gap. The surplus compared with a $27 billion deficit in January 2012.
It appeared the Treasury got a boost from the expiration of a payroll tax reduction on January 1 following the last-minute "fiscal cliff" deal. In its estimate last week, the Congressional Budget Office said the Treasury got an extra $9 billion in taxes from the expiry.
The January surplus means the government's cumulative deficit for the fiscal year, which starts in October, is $290 billion, 17 percent lower than the comparable first four months of fiscal 2012.
Can someone explain how you have a budget surplus when you don't have a budget?
You're right, it's not possible. It's doing the math in their favor.
If my rent and utilities cost $1900 per month and I've paid all of them with the exception of my cable, I have a surplus of $42..................... Before paying my cable.
(Reuters) - The budget posted a surprise surplus in January for the first time in five years, as the Treasury likely benefited from a windfall when payroll tax cuts expired.
The budget registered a $3 billion surplus, the first time there had been a surplus in January since 2008, Treasury Department data showed on Tuesday. Economists had been looking for a $2 billion gap. The surplus compared with a $27 billion deficit in January 2012.
It appeared the Treasury got a boost from the expiration of a payroll tax reduction on January 1 following the last-minute "fiscal cliff" deal. In its estimate last week, the Congressional Budget Office said the Treasury got an extra $9 billion in taxes from the expiry.
The January surplus means the government's cumulative deficit for the fiscal year, which starts in October, is $290 billion, 17 percent lower than the comparable first four months of fiscal 2012.
Can someone explain how you have a budget surplus when you don't have a budget?
LMAO! I was thinking the exact same thing. What's even funnier is the moron politicians will tote this and the sheeple will all sing it is good. We are screwed.
According to prospect.org the last time congress passed a budget was in 1997.
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