Uncle Sam runs $114 billion surplus in April

[sinkingfeeling]

Source: CNN.com

The U.S. Treasury Department booked a $114 billion surplus in April, the largest for that month since 2008, according to the latest estimates from the Congressional Budget Office released Wednesday.

For the first seven months of this fiscal year, which began on Oct. 1, the CBO 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 7% increase in individual income taxes and payroll taxes, a 15% increase in corporate income taxes, and a 37% increase in money paid to Treasury by the Federal Reserve.

Last month, the CBO projected that the 2014 shortfall would decline to 2.8% of gross domestic product -- or $492 billion. That is well below the 4.1% -- or $680 billion -- recorded for fiscal year 2013. To top of page

Read more: http://money.cnn.com/2014/05/07/news/economy/april-budget-surplus-cbo/index.html?hpt=hp_t3

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You probably won't hear anything about this on the national 'Benghazi' channels.

[rtracey]

1. will we hear

Will we hear anything from ANYBODY about this?

[RussBLib]

7. heard from Ted Cruz yesterday

He said the "we cannot go on like this with this deficit."

Facts and reality mean nothing to Republicans.

[lunasun]

51. _+1

[jpak]

2. They'll use it as an excuse for massive tax cuts for the 1%

Just like Bush et al. did in 2001

[groundloop]

18. Exactly what I was thinking - now we can afford tax cuts for 'job creators'

I'd say this is big news considering all the obstruction from the right in their attempt to make President Obama fail (and to hell with average Americans if they happen to drag the country down with them).

[Mondavi]

57. Sure won't use it to cut MIC $700 billion now?

or is it still just under that?

[Thor_MN]

3. OMG!!! The Obamanomics is a horrible failure!!!1!!11!!!

We must impeach and send him back to where he came from!!11!!!


Actually saw a bunch of idiots with an "Impeach Obama" banner on a highway overpass this week. I waved at them, but I was tired and only used one finger.

[BlancheSplanchnik]

6. heeee!

[Botany]

4. No stopping that Kenyan Socialist now!

[riqster]

5. I thought he was a fascist?

I can't keep up...

[tclambert]

14. Not a Nazi?

[apnu]

15. He's a Muslim Kenyan Fascist Socialist Nazi. Didn't you get the Faux News memo?

[tclambert]

17. I think you misspelled muslin.

[Botany]

22. He is a big spending Muz-lame

Only one thing to do now ..... hold more hearings on Benghazi.

[NewJeffCT]

55. and, don't forget

His membership in the radical black Christian church led by Jeremiah Wright. So, he's Muslin, radical black Christian and a secular humanist/atheist, all-in-one.

[progressoid]

8. How about a WPA for the 21st century with all that cash?

[SammyWinstonJack]

20. I won't hold my breath.

More tax cuts for the wealth hoarders.

[Dragonfli]

41. And just how would that make the Bankers and corps even more wealthy?

You don't understand what policy is really for apparently.

[OnlinePoker]

9. This is interesting as well

Meanwhile, overall spending fell by 2%.

Areas that saw the biggest drops included unemployment benefits and homeland security (both down 31%), agriculture (down 12%) and defense spending (down 5%).
__________________

Defense and homeland security drops are good, but the 31% drop in unemployment has hurt a lot of people.

[L0oniX]

10. Great ...now we have enough money to go to war with Benghazi.

[EC]

11. So now can we have nice things

like concrete roads and new grid?

[jmowreader]

48. No, we have to have another Benghazi investigation

[Jesus Malverde]

52. NATO needs expansion, China is on the rise,

Investing in america is not on the political agenda.

[Kablooie]

12. Republicans will congratulate themselves.

It's all because of the pressure they put on the Democrats that forced them to be fiscally responsible.

If we hear anything from the right about this, this is what we will hear.

[wyldwolf]

13. but there is one thing you haven't considered

BENGHAZI!!!!

[abelenkpe]

16. But we can't afford to extend unemployment

[LynneSin]

19. Ooooo time for a war or tax cuts for the wealthist 1%

[Helen Borg]

21. Let's make sure we don't have a R Prez in 2016!

Or they'll blow whatever surplus we may have by then.

[Blue Idaho]

23. Won't hear about that in the M$M...

Nope its all doom and gloom as they prepare their Democratic PR onslaught for the fall election cycle.

Money talks.

[PoliticAverse]

29. CNN isn't the mainstream media? n/t

[Blue Idaho]

32. Wow - where was my head at this am!!!!

:-O

[KansDem]

24. Use it to offset student loan debt...

Massachusetts Sen. Elizabeth Warren introduced a bill Tuesday that for the first time would let Americans refinance student loans at lower interest rates.

U.S. debt on student loans has become an albatross for millions.

http://www.cbsnews.com/news/americans-seek-relief-from-student-loan-debt/

[Zambero]

25. Three plausible GOP explanations for this phenomena:

1. Citing Benghazi as a "step in the right direction", all funding for embassy, consulate, and diplomatic security has been terminated by Obama via executive order.
2. Trench coated IRS agents went door-to-door last month extracting bags of money from those who didn't sign up for Obamacare, handing it over to buddies at the Treasury Dept.
3. Democrats were able to jerry-rig the famous deficit clock causing it to run backwards, causing the infamous red ink number to shrink. The media was conned into reporting the results as being correct.

[OnlinePoker]

26. How about waiting until there is an actual annual surplus before asking for more spending

The annual deficit is still going to be near $500 Billion. The surplus for April of 2013 was $112 Billion so this is only $2 Billion better than the same period last year.

[Hoyt]

28. I agree. The improvement is good news, but not spectacular.

To put it in perspective, there have been recent articles that if we collected taxes on monies squirreled away in off-shore accounts, we'd get $250 Billion. That's great, but it barely covers half of our annual deficit.

Not suggesting austerity, but this news doesn't provide me a lot of comfort looking down the road.

[onehandle]

27. Pennies. Tax the 1% into the 99%. nt

[Phlem]

30. unfortunately US citizens

won't get a dime from it.

Hopefully, I'm wrong.

-p

[Grins]

31. Damn that Mao-loving terrist-fist-bumping socialist...

Damn that Mao-loving terrist-fist-bumping socialist Muslim who was born in Kenya and is now destroying Ummerika!

[BrotherIvan]

33. Why on earth are Democrats celebrating this???

By all indicators, this country is crumbling and inequality is the worst it has been since the Industrial Age. So yay, we embraced austerity and got a bit of surplus. But haven't we been screaming that in a recession, deficits don't matter? Isn't this what every sane economist has been arguing since the crash?

WHY ARE WE ACCEPTING THE REPUBLICAN ARGUMENT AGAIN?????????? Or are the new orders to cheer for whatever?

[Doctor_J]

34. No kidding

yeesh, this place has gotten completely away from actual big-D Democratic principles over my 13 years. Reducing the deficit is a Republican goal. It should not be cheered unless you are a Republican

[RussBLib]

37. I disagree

Is that only a Republican goal?

In government, having a deficit is fine. Reducing the current deficit is good government, and the best way to do that, IMHO, is to raise taxes on the wealthiest and close multiple loopholes only corporations and the wealthy can utilize.

Bill Clinton, despite his faults, reduced the deficit and produced a surplus, primarily by raising taxes on the wealthy. The job boom during his term also produced larger government revenues, also reducing the deficit.

[Doctor_J]

39. I am certain that all of those 2008 voters are going to flock back to the polls after hearing this

or maybe Big Media and the Repukes will heap praise on the president now. Yeah, that's it.

Clueless. Completely clueless

[firesalesman]

35. +1 nt

[JoePhilly]

40. All news is bad.

UE up, bad.
UE down, bad.
DOW up, bad.
DOW down, bad.
Deficit up, bad.
Deficit down, bad.
Home prices up, bad.
Home prices down, bad.

[dipsydoodle]

36. Much needed

given it will cost more than that to leave Afghanistan.

[bearssoapbox]

38. Maybe we could use some of that money for popcorn.

Since the circus is back in town.



And cotton candy....

A few different performers but same old show.

[Turbineguy]

42. So that means the repubs can spend

$228 billion investigating Benghazi.

[Hestia]

43. Does this mean austerity is over with yet?

[Kingofalldems]

44. Republican response:

[Ash_F]

45. Hey maybe we can forgive some student debt with that surplus!

[MannyGoldstein]

46. Austerity is a beautiful thing.

Wondrous.

[NutmegYankee]

47. This is normal for April (to have surplus)

A lot of tax money comes in in April. Unfortunately, we run a deficit most months. If we just fixed the top tax rates...

[blkmusclmachine]

49. And yet, I bet the White House will STILL push for Austerity with another Catfood Commission.

[Brigid]

50. But . . . but . . . Benghazi!

[Zipgun]

53. Notice how they lumped in SS increased with government spending.

When it is really separate, both in spending and in revenue.

[Cryptoad]

54. We can't afford to elect any more Republicans,,,,,,

[Sunlei]

56. The President did mention they will retire a lot of our billions in debts.No more interest payments!

To bad we can't take back several billion in war profiteer profits and we could pay off everything.