Deficit Cut In Half

[red states rule]

My how are the libs ever going to spin this?

Federal Deficit Cut In Half Three Years Earlier Than Expected
Oct 9 2006 1:03AM
http://sayanythingblog.com/index.php

Just another reason why Democrats and their allies in the media would like to keep Mark Foley in the headlines as long as possible:

A huge point has been virtually if not totally ignored since the announcement on Friday that the reported federal deficit for the fiscal year that ended a week ago was $250 billion ? The Bush Administration has done what it said it would do about the deficit three years ago, and has done it a full three years early, i.e., in half the time predicted.

This continues what has been a very difficult past few years have been for those who deride supply-side economics. If Washington, with a little help from the states, lets the supply-side engine continue to chug along for next several years, the results could be so positively stunning that it would become impossible for supply-side detractors in touch with any part of the real world to hang on to the comfort of their static-analysis fantasyland.

Meanwhile, Nancy Pelosi is promising to raise taxes and increase government spending if Democrats get a majority in Congress, both of which would likely reverse this fantastic growth we’ve seen in our economy.

Which should be reason enough by itself to vote Republican come November.

 

[waltky]

Granny says, "Dat's right - all dat money comin' in an' we still in debt - somebody must have dey's fingers inna pie...

$1,084,840,000,000: Taxes Set Record Through January; $7,133 Per Worker; Feds Still Run Deficit of $156,939,000,000
February 10, 2017 | The U.S. Treasury hauled in a record of approximately $1,084,840,000,000 in tax revenues in the first four months of fiscal 2017 (Oct. 1, 2016 through Jan. 31, 2017), according to the Monthly Treasury Statement released today.

That is up about $5,616,000,000 in constant 2016 dollars from the approximately $1,079,224,000,000 in constant 2016 dollars that the Treasury collected in the first four months of fiscal 2016. Tax revenues from previous years, as reported in the Monthly Treasury Statement for January of each year, were adjusted to 2016 dollars using the Bureau of Labor Statistics Inflation Calculator. Despite collecting a record $1,084,840,000,000 in tax revenues in the first four months of this fiscal year, the federal government turned around and spent $1,241,780,000,000 in those same four months—and ended up running a deficit of $156,939,000,000.

In January alone, the Treasury collected approximately $344,069,000,000 in tax revenues. The largest portion of the $1,084,840,000,000 in federal tax revenues in the first four months of this fiscal year came from the individual income tax, which yielded approximately $550,068,000,000. The second largest portion came from Social Security and other payroll taxes, which brought in approximately $361,887,000,000.

The income taxes collected from corporations in the United States in the first four months of the fiscal year ($84,877,000,000) amounted to more than 7 times as much as the customs duties collected on foreign imports brought into the country ($11,779,000,000). According to the Bureau of Labor Statistics, there were 152,081,000 people employed in the United States in January. That means that the record $1,084,840,000,000 in taxes the federal government collected in the first four months of the fiscal year equaled about $7,133 per worker.

$1,084,840,000,000: Taxes Set Record Through January; $7,133 Per Worker; Feds Still Run Deficit of $156,939,000,000

 

[francoHFW]

Great corrupt GOP bubble/bust/depression, dupes.

 

[waltky]

Uncle Ferd fixin' Granny's wagon so she can sell apples onna street corner...

The US government just passed $20 trillion in debt for the first time ever
For the first time in its history, the US federal government has more than $20 trillion in outstanding debt.

The milestone was technically hit Friday, with the Treasury Department settling its accounts at the end of the day with $20,162,176,797,904 of debt outstanding. Of that debt, the Treasury said $14,622,661,213,046 is held by the public, while $5,539,515,584,857 is held by various parts of the government, also known as Intragovernmental Holdings. The amount of debt held by the federal government had been stagnant since March due to the debt ceiling, or the statutory limit of debt the Treasury is allowed to hold at any one time.

Supporters of republican presidential candidate former Massachusetts Gov. Mitt Romney stand next to a national debt clock during a rally at Exeter High School in Exeter, New Hampshire.​

Since the limit was reimposed in March, the Treasury used so-called "extraordinary measures" to keep the amount of debt at the roughly $19.84 trillion cap. On Friday, President Donald Trump signed into law a bill that, among other things, suspended the debt ceiling until December 8. That means the Treasury can borrow freely until that date, when the outstanding amount becomes the new debt ceiling and extraordinary measures must begin again unless new legislation is passed.

That led to the roughly $317 billion jump in the amount of debt outstanding, likely to refill the Treasury's ability to use those extraordinary measures in three months if needed. Given the jump in funding, the Treasury could hold out until at least sometime in early March on the extraordinary measures. If all falls right with corporate and individual income tax receipts, that could be extended through the summer of 2018, analysts say.

The US government just passed $20 trillion in debt for the first time ever