The federal government ran a $53 billion budget surplus in December, the third month of the 2014 fiscal year, the U.S. Treasury Department reported today. Spending totaled $230 billion while tax receipts came in at $283 billion.
The surplus was higher than the $44 billion surplus forecast by the Congressional Budget Office. It was also a big improvement from the $1.2 billion deficit the U.S. government posted in December 2012, the third month of the 2013 fiscal year.
One-fourth of the way through the 2014 fiscal year, the federal government has run a nearly $174 billion deficit, which is more than 40 percent lower than the $293 billion deficit in the comparable three month period a year ago.
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For the entire 2013 fiscal year, the United States ran a $680 billion budget deficit, down from $1.1 trillion in 2012. It was the first time in five years that the U.S. deficit was under $1 trillion.
Taxes on the wealthy increased at the start of 2013 and a 2 percent payroll tax cut on all workers expired at the same time. And, GDP growth increased toward the end of 2013.
Meanwhile, the budget sequester has capped spending, at least temporarily. Congress has since loosened the sequester spending caps, which will affect future monthly budget-deficit reports.
Contact Rombel at arombel@cnybj.com