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So much for the silly theory that Obama was going to bankrupt us. As the economy continues it's slow but steady recovery, the deficit is falling rapidly and tax revenue has ALREADY risen beyond the pre-recession levels.
"The U.S. government posted a budget surplus in June, the latest sign of rapidly improving public finances that could reduce the urgency in Congress to strike a deal to raise the nation's limit on borrowing.
Rising tax revenues, public spending cuts and big payments to the Treasury from state-backed mortgage firms helped the government take in $117 billion more last month than it paid out, the U.S. Treasury said on Thursday.
Analysts polled by Reuters had expected a smaller surplus of $39.5 billion.
June's surplus was the largest for that month on record..."
So much for the silly theory that Obama was going to bankrupt us. As the economy continues it's slow but steady recovery, the deficit is falling rapidly and tax revenue has ALREADY risen beyond the pre-recession levels.
"The U.S. government posted a budget surplus in June, the latest sign of rapidly improving public finances that could reduce the urgency in Congress to strike a deal to raise the nation's limit on borrowing.
Rising tax revenues, public spending cuts and big payments to the Treasury from state-backed mortgage firms helped the government take in $117 billion more last month than it paid out, the U.S. Treasury said on Thursday.
Analysts polled by Reuters had expected a smaller surplus of $39.5 billion.
June's surplus was the largest for that month on record..."
The debt is still going up because we won't repeat June's success every month - but even considering that, the yearly deficit is FALLING, and falling fast. Unless it goes away entirely of course the national debt will still continue to climb.
Which is the sale of assets that Bush helped to buy up through TARP
Yes, they melted on Bush's lap and he nationalized them like a raving communist. The good news is that in this improving economy they have been brought back to profitability.
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