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Ooh no, that cant possibly be true. One thing you liberals have been whining about is that a falling federal spending will result in an economic crash and less revenues.
While the country has still racked up an estimated $489 billion deficit in the first seven months of this year, that's about a third less than the $720 billion recorded for the same period last year
I suppose we should cheer that we'll finally have deficits under $1T, or we could once again take the stupid liberal ideology and whine because lower deficits will crash the economy..
You've been saying that lower rates lead to more revenue, which in this case your position has been proven wrong.
Being proven wrong is hard for some people, especially if you have been vocal voicing your incorrect opinion.
When one starts down the road with the firm belief that 'Obama sucks' and then goes through life scraping up every snippet to confirm your firm belief, it's hard to then renounce that belief when facts prove otherwise.
The right-wing has held that the Socialist Obama is exploding spending and driving up the deficit. But when we look at actual spending, we see that Obama has curbed spending gains and now is reducing the deficit.
See that tail at the end? That's Obama's presidency. See how spending is increasing every year? Me neither.
It sounds to me like you are bothered that Obama and the Dems in Congress were extremely successful at cutting down the annual deficit?
Another win for the Dems !!!
Where were the others victories? And this isn't a victory. It's just a slightly smaller loss. Obama and company are still the laughingstock of the nation, and world.
Where were the others victories? And this isn't a victory. It's just a slightly smaller loss. Obama and company are still the laughingstock of the nation, and world.
I've been around the world and the people their are confused, not about Obama, but how the leading economic power in the world can be tied in knots by the Republicans, who came close to having the U.S. default on its debt by refusing to raise the debt ceiling -- something that even Ronald Reagan called "unthinkable."
Oh, and it's not "a slightly smaller loss." The data shows that deficits will fall precipitously in coming years. If taxes are raised, as in the passed Senate budget, the nation will probably run a surplus starting in 2017.
The annual deficit has fallen 32% over the first seven months of this fiscal year compared with same period last year, according to Congressional Budget Office figures released Tuesday.
A major reason: A big jump in tax revenue.
Tax collections rose by $220 billion -- or 16% -- between the start of the fiscal year on Oct. 1 through April 30. Individual and payroll taxes accounted for $184 billion of that increase.
The tax haul rose sharply primarily because wages and salaries were higher, the payroll tax cut of the past two years expired on Jan. 1 and the fiscal cliff deal brokered over New Year's raised tax rates on high earners.
Spending, meanwhile, fell 1.9% year over year, the CBO estimated.
The biggest percentage drop occurred in the payment of unemployment benefits, which were down nearly 25%, or $15 billion. Defense spending fell 5.3%, or $20 billion, and "other activities" -- primarily spending on nondefense programs -- fell 8.6%, or $58 billion.
Fed is printing 85 billion a month QE3, to give to the federal government to buy up toxic assets.. borrowed money..
Another strong sign of an improving economic picture. We need job growth to improve, though.
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Deficit plunges 32%
