Fed Budget Deficit Lower This Year
The Congressional Budget Office (CBO) released its latest Monthly Budget Review today saying that the federal deficit for the first 10 months of fiscal year 2012 (ending in September) will be $975 billion, about $125 billion less than the $1.1…
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Total federal receipts in the first 10 months of the fiscal year totaled $2 trillion, $114 billion more than in the same period a year ago. Some highlights:
- Corporate income taxes rose 30% to $42 billion
- Individual income taxes rose 4% to $37 billion
- Social insurance taxes (Social Security, state unemployment, etc.) rose nearly 45 to $26 billion
Spending through July totaled $3 trillion, $11 billion less than in the same period a year ago. Some highlights:
- Medicaid expenses fell -11%, or $27 billion
- Unemployment benefits fell by -21%, or $22 billion
- Education program spending fell by -14%, or $8 billion
- Social Security payments rose by 6%, or $35 billion
- Medicare payments rose 4%, or $17 billion
The CBO press releases are available here and here.
Paul Ausick
Contact [email protected] for any questions or corrections.
Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
