Thursday, October 31, 2013

Congratulations, America! Your deficit fell 37 percent in 2013

Bloomberg: "The Shrinking Federal Deficit Hurts GOP Argument"


"[T]he Treasury and Office of Management and Budget is out with the final budget results. Surprise! The deficit fell quite a bit in 2013. The federal government took in $680 billion less revenue than it spent, or about 4.1 percent of gross domestic product. In 2012, those numbers were $1.087 trillion and 6.8 percent of GDP. That means the deficit fell a whopping 37 percent in one year...What's behind it? Most of all, there was more revenue. Government receipts totaled $2.774 billion, up $325 billion from 2012, and rising to 16.7 percent of GDP from 15.2 percent...Overall outlays were $3.454 trillion, the treasury said, falling $84 billion compared with the 2012 fiscal year." Neil Irwin in The Washington Post.

No comments:

Post a Comment