U.S. posts 3 Billion Dollar budget surplus in January 2013
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February 13th, 2013 (02:27 PM).
Guide of Darkness
Join Date: May 2004
Location: Temple of Light
Quote originally posted by
How is this possible if it was close to a fiscal cliff? Unless of course it was just scare tactics being used....
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It is a budget surplus. Meaning that for this operating year the federal government is bringing in more than their spending. Which is good. Does not mean that the debt is now in the black however. Budget deficit is different than the US public debt. Potentially $30billion (I would wager less though come tax time because the wealthy will find loop holes, guaranteed) that could go toward the nearly $16trillion debt.
Also, keep in mind that for the past few years they've been reusing an old budget from the Bush era with minor changes because of political deadlock. More recent interests and allocation aren't included. I still expect or hope for a surplus though once Obama presents his budget this year
So, there's still lots of work to be done. The fiscal cliff was a set of automatic across the board spending cuts and tax increases that would hurt the interests of both parties (and ordinary citizens, but really the politicians are concerned about themselves). It was devised as an incentive for the two parties to come up with a solution. They came up with some cuts and the aforementioned tax increase on the wealthy, but left the bulk of it out and kicked the can down to March.
There's still a very real problem with spending (in terms of amount and priority) and the way in which revenue is raised. Obama gave out a lot of great ideas last night. I'd love to see them happen. But there is still a lot of work to be done to get America's fiscal house in order. Many band-aids isn't a long-term solution. The fiscal cliff is still very real.
Very glad to see a budget surplus though. That is great news.
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