- George Zimmerman will not be charged in domestic dispute
- Russian officials press bilateral U.S. trade deal
- Selfies at Funerals blog creator retires after Obama flub: ‘Our work here is done’
- New Obama adviser Podesta is against Keystone but will steer clear of pipeline deliberations
- 40 Australian adults, children found in ‘one of the worst accounts of incest ever made public’
- Venezuela’s Maduro calls on student ‘price vigilantes’ to hit the streets, report businesses
- Atheists smug as Hindus join Satanists to demand display at Oklahoma Statehouse
- Bow before Valkyrie, NASA’s ‘superhero robot’ entry in DARPA challenge
- 10-year-old Pennsylvania boy suspended for pretend bow-and-arrow shooting
- Budget deal exposes GOP divisions; conservatives slam tax hikes, vague cuts
Tax increases begin to ease budget deficit
Question of the Day
Federal tax revenues are up 16 percent this year compared to 2012, helping power a major drop in the federal deficit, according to the latest estimate Tuesday from the Congressional Budget Office.
CBO’s numbers show that even with Congress gridlocked, the budget picture is improving, thanks in large part to spending cuts negotiated over the last two years that are beginning to kick in, along with tax increases lawmakers negotiated at the beginning of the year.
Through the first seven months of fiscal year 2013 the government has taken in $132 billion more in individual income taxes, $52 billion more in payroll taxes and $24 billion more in corporate income taxes.
Meanwhile spending has dropped $11 billion, thanks in large part to defense cuts and expiration of some part programs such as the Wall Street bailout.
Entitlement programs continue to grow, however, with Medicare, Medicaid and Social Security totaling $65 billion more so far this year.
In April alone the federal government ran a $112 billion surplus.
CBO issues a preliminary estimate of the federal budget every month. The Treasury Department will issue exact figures later this month.
© Copyright 2013 The Washington Times, LLC. Click here for reprint permission.
About the Author
Stephen Dinan can be reached at firstname.lastname@example.org.
- Federal deficit shrinks 20 percent in fiscal 2014
- Wind farms: Interior Department sacrifices eagle protection for alternative energy
- Activists urge Obama to go rogue, sidestep Congress
- Bipartisan House votes against 'patent trolls' who file lawsuits against innovators
- Bipartisan House votes to stop patent 'trolls'
Latest Blog Entries
By Matt Kibbe
The short-term deal will assure long-term overspending
- Rand Paul: Budget deal 'shameful,' 'huge mistake'
- Teen thugs in D.C. run wild -- even while wearing GPS ankle bracelets
- KIBBE: Another Republican budget surrender
- Study IDs reasons for late-term abortions
- Obama takes 'selfie' at Mandela's funeral service
- Obama administration blasts GOP for criticism of Castro handshake
- CARSON: Why did the founders give us the Second Amendment?
- Obama's antics at Nelson Mandela tribute: Jovial conversation, handshake with Raul Castro
- Biden guarantees victory on immigration reform
- VEGAS RULES: Harry Reid pushed feds to change ruling for casino's big-money foreigners
Independent voices from the The Washington Times Communities
A libertarian look at breaking news and political trends by author Tom Mullen.
Extraordinary day at Redskins Park
White House pets gone wild!
Let it snow