BIG NEWS !!!
Budget Deficit DECREASED 13%
So Far Under President Obama !
Where's MSM on this ?
The U.S. government posted a smaller budget deficit in August compared with the same month last year, helped by rising tax receipts.
The excess of spending over revenue totaled $90.5 billion last month, smaller than the median forecast of economists surveyed by Bloomberg News and down 13 percent from $103.6 billion in August 2009, according to a Treasury Department report issued today in Washington. The gap for the fiscal year that started in October was $1.26 trillion compared with $1.37 trillion last year at the same time.
The economic recovery has helped generate more tax revenue for the Treasury, even as the Congressional Budget Office forecasts the deficit this fiscal year will reach $1.34 trillion, the second-largest on record. The Obama administration faces the challenge of trying to limit the shortfall while stimulating an economy with joblessness close to 10 percent.
“We’re seeing the revenue coming back,” said Scott Brown, chief economist at Raymond James & Associates Inc. in St. Petersburg, Florida. “The cumulative deficit for the fiscal year is a bit smaller, but still fairly wide. It doesn’t signal a lot of improvement.”
Stocks and Treasury securities climbed. The Standard & Poor’s 500 Index rose 1.1 percent to 1,121.9 at the 4 p.m. close in New York. The yield on the benchmark 10-year note, which moves inversely to prices, dropped to 2.75 percent from 2.79 percent late on Sept. 10.
Less than Forecast
The government’s budget deficit for August compares with a forecast of $95 based on the median of 35 estimates in a Bloomberg survey. Projections ranged from gaps of $120 billion to $85 billion.
The non-partisan CBO forecasts the budget deficit will amount to 9.1 percent of gross domestic product this year, only exceeded in the past 65 years by 2009’s 9.9 percent. (read rest of article)
B4B NOTE: So the budget deficit is going down thanks to the Obama economic recovery which has helped generate more tax revenue for the Treasury. As the GOP, the Tea Party and media claim deficit reduction to be one of the main issues of concern...although there is still much work ahead, this reduction is MAJOR NEWS.....but NOT being reported AT ALL in our main stream media ! Manipulation is not only accomplished by untruths told...but by truths/facts strategically NOT reported as well. Knowledge is Power.
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