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The government on Monday reported a $97.6 billion deficit for July but remains on track to post its lowest annual budget gap in five years.
July's figure raises the deficit so far for the 2013 budget year to $607.4 billion, the government says. That's 37.6 percent below the $973.8 billion deficit for the first 10 months of the 2012 budget year.
The Congressional Budget Office has forecast that the annual deficit will be $670 billion when the budget year ends Sept. 30, far below last year's $1.09 trillion. It would mark the first year that the gap between spending and revenue has been below $1 trillion since 2008.
Steady economic growth, higher taxes, lower government spending and increased dividends from mortgage giants Fannie Mae and Freddie Mac have helped shrink the deficit.
Still, looming budget fights in Congress are complicating the picture. When lawmakers return from their recess in September, they will need to increase the government's borrowing limit. They will also have to approve a spending plan for the budget year that begins Oct. 1. Republicans and Democrats remain far apart on both measures.
U.S. Budget Deficit Down 37.6 Percent Through July: CBO
The government on Monday reported a $97.6 billion deficit for July but remains on track to post its lowest annual budget gap in five years.
July's figure raises the deficit so far for the 2013 budget year to $607.4 billion, the government says. That's 37.6 percent below the $973.8 billion deficit for the first 10 months of the 2012 budget year.
The Congressional Budget Office has forecast that the annual deficit will be $670 billion when the budget year ends Sept. 30, far below last year's $1.09 trillion. It would mark the first year that the gap between spending and revenue has been below $1 trillion since 2008.
Steady economic growth, higher taxes, lower government spending and increased dividends from mortgage giants Fannie Mae and Freddie Mac have helped shrink the deficit.
Still, looming budget fights in Congress are complicating the picture. When lawmakers return from their recess in September, they will need to increase the government's borrowing limit. They will also have to approve a spending plan for the budget year that begins Oct. 1. Republicans and Democrats remain far apart on both measures.
But the Repubs are still fighting to bring the United States down.
That's like saying, "My wife is 37.6% less overweight. She used to be 200lbs overweight and now she's only 125lbs overweight. Hoo ray for me!!"
Moron.
Thank God we have a Republican House that takes spending seriously
And they want to give the great and powerful Obama the credit.... If not for the house stopping him we would have record high deficits....As it is a deficit is still a deficit. We are still living beyond our means....
That's like saying, "My wife is 37.6% less overweight. She used to be 200lbs overweight and now she's only 125lbs overweight. Hoo ray for me!!"
Moron.
Then your wife is a lot healthier than she was.
That must have taken a lot of hard work, but I am sure it was worth it.
Moron.
Thank God we have a Republican House that takes spending seriously
So you are for the Sequester..right?
The GOP wanted no part of the sequester spending cuts and said the spending cuts were all Obama's idea. Now they want to take credit for them!Typical left wing spin and even a bit more bonkers than usual. Republicans are pushing to cut spending and it appears that spending has been cut even if it is only a drop in the bucket yet the GOP is the bad guy and the tax and spend democrats get the credit.
U.S. Budget Deficit Down 37.6 Percent Through July: CBO
The government on Monday reported a $97.6 billion deficit for July but remains on track to post its lowest annual budget gap in five years.
July's figure raises the deficit so far for the 2013 budget year to $607.4 billion, the government says. That's 37.6 percent below the $973.8 billion deficit for the first 10 months of the 2012 budget year.
The Congressional Budget Office has forecast that the annual deficit will be $670 billion when the budget year ends Sept. 30, far below last year's $1.09 trillion. It would mark the first year that the gap between spending and revenue has been below $1 trillion since 2008.
Steady economic growth, higher taxes, lower government spending and increased dividends from mortgage giants Fannie Mae and Freddie Mac have helped shrink the deficit.
Still, looming budget fights in Congress are complicating the picture. When lawmakers return from their recess in September, they will need to increase the government's borrowing limit. They will also have to approve a spending plan for the budget year that begins Oct. 1. Republicans and Democrats remain far apart on both measures.
But the Repubs are still fighting to bring the United States down.
The GOP wanted no part of the sequester spending cuts and said the spending cuts were all Obama's idea. Now they want to take credit for them!Typical left wing spin and even a bit more bonkers than usual. Republicans are pushing to cut spending and it appears that spending has been cut even if it is only a drop in the bucket yet the GOP is the bad guy and the tax and spend democrats get the credit.
