As Deficit Plummets, Feds Actually Saw Surplus in Dec.
Fiscal Q1 figures were looking decidedly up, CBO reveals
By Kevin Spak, Newser User
Posted Jan 9, 2014 8:32 AM CST
The shadow of Mitt Romney, is seen on a representation of the National Debt Clock as he speaks at a town hall meeting in Kalamazoo, Mich., Feb. 24, 2012.   (AP Photo/Gerald Herbert)

(Newser) – Don't look now, but after years of congressional dogfights, the federal budget deficit is in pretty good shape. The deficit plummeted by more than a third in October, November, and December—the first three months of fiscal 2014—the Congressional Budget Office announced yesterday, Reuters reports. In fact, December actually saw the government run a $44 billion surplus, and while that was a one-time thing that, according to the LA Times, "resulted from some special circumstances," it's still a good sign.

From October to December of 2012, the government had a $293 billion deficit, compared to $182 billion this time around—even though 2012 saw a December revenue surge from wealthy individuals hoping to avoid a 2013 tax bump. About 40% of the improvement came from revenue gains, while the rest came from spending cuts. And if the economy continues to grow at its current rate, the deficit should keep declining all year. Indeed, some economists—including Ben Bernanke—have argued that it's falling too quickly, endangering that growth.

More From Newser
My Take on This Story
To report an error on this story,
notify our editors.
As Deficit Plummets, Feds Actually Saw Surplus in Dec. is...
8%
24%
2%
47%
1%
19%
Show results without voting
You Might Like
Comments
Showing 3 of 142 comments
Peace Revo Lution
Jan 10, 2014 7:42 PM CST
I am truly stunned by how economically retarded most of these users are. There are countless examples of two retards debating each other about who's the real retard - when they both are - to those of us with college degrees in economics. It's also pretty clear that whoever wrote the newser caption doesn't know the difference between deficit and debt either falling right in line with the almost vegetative Obama supporters. Stunning blindness. It's no wonder they think of these people as animals with that level of intelligence. Do your self a favor guys, just go throw a ball around or something like that, watch some T.V. - economics is not your game. But, like P.T. Barnum said... "You'll never go broke underestimating the general public.." - Note: When I use the word retarded above I am not using it as an insult, but rather in the clinical sense, as in your I.Q. would most likely fall within the spectrum of mental retardation.
iq145
Jan 10, 2014 7:15 PM CST
http://www.usdebtclock.org/
Peace Revo Lution
Jan 10, 2014 1:14 AM CST
It seems that most of the people making comments came on the same short bus.