You know HOW that deficit is decreasing? You think it's to Obama's credit? "The economy may be plodding along. But business is booming for Uncle Sam.The deficit is decreasing from where it was a few months ago. That is a good thin.
The Treasury Department said on Thursday that the federal budget deficit for the first half of the 2014 fiscal year totaled $413 billion, down $187 billion from where it stood at this point last year, as tax revenue surged and spending sank.
In March, the Treasury collected $216 billion in taxes, up 16 percent from a year ago, helping reduce the deficit for the month to $37 billion, from $107 billion last year. Spending also sank by 14 percent, or $40 billion.
The budget gap last month was the smallest deficit recorded for the month of March since 2000, when economic growth was running at a much faster pace than it is today.
The red ink had been expected to ease this year. But Thursday’s announcement underscored just how quickly tax receipts have been increasing as economic growth speeds up and the stock market surges.
While some of the increase was a result of tax increases that took effect at the beginning of 2013, budget experts said it also reflected who was benefiting the most in the current recovery.
“It’s higher-income people and it is mainly from the stock market; it’s not mainly wages,” said Alice M. Rivlin, a senior fellow at the Brookings Institution and director of the Office of Management and Budget in the Clinton administration.“The economy is doing a little better, but not a lot better, while the stock market has been a remarkable phenomenon. Higher capital gains taxes feed in pretty quickly.”
Receipts from other sources also rose smartly. Corporate tax collections jumped by $17 billion in the first half of the fiscal year, to $117.5 billion, and Social Security receipts also surged." How many times have I seen you rail on "the rich" and "their tax breaks"? Seems your "rich" seem to be paying your deficit down for you. Be nice and say thank you.