Pensacola Discussion Forum
Would you like to react to this message? Create an account in a few clicks or log in to continue.

This is a forum based out of Pensacola Florida.


You are not connected. Please login or register

CBO: U.S. fiscal 2014 budget deficit falls to $486 billion

5 posters

Go to page : 1, 2  Next

Go down  Message [Page 1 of 2]

boards of FL

boards of FL

http://www.reuters.com/article/2014/10/08/us-usa-fiscal-idUSKCN0HX1L620141008


(Reuters) - The U.S. budget deficit fell by nearly a third during fiscal 2014 to $486 billion as federal revenues grew far faster than spending, the Congressional Budget Office said on Wednesday.

Releasing preliminary estimates of final budget data for the year ended Sept. 30, the CBO said receipts grew nearly 9 percent from the previous year to $3.013 trillion, while outlays were up 1.4 percent to $3.499 trillion.

The resulting fiscal 2014 deficit was down about $195 billion from the $680 billion budget gap recorded in fiscal 2013.

The CBO estimated a September budget surplus of $106 billion, up from a $75 billion surplus a year earlier. The U.S. Treasury Department is expected to report final budget data for fiscal 2014 by Oct. 17.

The fiscal 2014 deficit is slightly less than a $506 billion gap that the non-partisan agency forecast in August, when it predicted that many companies would reduce tax payments due to uncertainties over tax laws.

The CBO has forecast a $469 billion deficit for fiscal 2015, which started on Oct. 1. Later in the decade, it expects deficits to rise again as costs associated with an aging population mount.

WAGE GROWTH

The fiscal 2014 receipt growth was driven by higher collections for individual income taxes and payroll taxes, up $114 billion or 6 percent, as the economy expanded.

"Growth in wages and salaries explains most of the increase in withheld receipts, but almost one-third of it stemmed from changes in law," the CBO said, citing an increase in payroll tax rates that pushed up withholding.

Corporate tax receipts rose $48 billion, or 18 percent, reflecting profit growth, while receipts from the Federal Reserve grew $23 billion or 31 percent, due to the increased size of the central bank's bond portfolio and higher interest yields.

The CBO said the $44 billion increase in outlays during fiscal 2014 was fueled by higher spending on low-income healthcare programs as provisions of President Barack Obama's health insurance reform law went into effect, including an expansion of Medicaid and $13 billion for new health insurance subsides for policies purchased through new exchanges.

Spending on Social Security rose $37 billion, or 5 percent, while payments from housing finance groups Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB), which are recorded as offsetting receipts to outlays, were $23 billion less than last year due to lower one-time payments.

But these higher outlays were offset by a $30 billion drop in spending by the Defense Department as war costs fell, a $24 billion decline in unemployment benefit checks, and lower outlays for flood insurance and disaster relief.

2seaoat



Please do not post facts.......it causes the scardy cats to go into a tizzy......what will their leader Butchmeup squeal.........

boards of FL

boards of FL

Click the image for a full size chart.  

Amazing isn't it?  The deficit improved during the last democratic president, it went to shit during the last republican president, and now it's improving again under the current democratic president.


CBO:  U.S. fiscal 2014 budget deficit falls to $486 billion 0r7tLMP


What can the GOP possible run on in the 21st century?

The deficit? HAHAHAHAHA

Taxes? HAHAHAHAHA

Healthcare? HAHAHAHAHA

Foreign policy? HAHAHAHAHA

Defense of marriage? HAHAHAHAHA

War on drugs? HAHAHAHAHA

Climate change? HAHAHAHAHA

boards of FL

boards of FL

The GOP has two options at this point:

  1.  Build a time machine large enough to hold the planet and then warp back to 1950.

  2.  Pack up shop and migrate to the middle east - where their dated policies are still welcome.

2seaoat



Or they can follow their new leader Butchmeup. The new Dixiecrat party is shortly going to find the rocks.......but until then Bob will spread enough fear to keep people worked up.

Guest


Guest

http://www.cbo.gov/publication/44521

The 2013Long-Term Budget Outlook

Report

September 17, 2013

Read Complete Document (pdf, 1.03 MB)

Subsequent projections appear in The 2014Long-TermBudget Outlook.

Between 2009 and 2012, the federal government recorded the largest budget deficits relative to the size of the economy since 1946, causing federal debt to soar. Federal debt held by the public is now about 73 percent of the economy’s annual output, or gross domestic product (GDP). That percentage is higher than at any point in U.S. history except a brief period around World War II, and it is twice the percentage at the end of 2007. If current laws generally remained in place, federal debt held by the public would decline slightly relative to GDP over the next several years, CBO projects. After that, however, growing deficits would ultimately push debt back above its current high level. CBO projects that federal debt held by the public would reach 100 percent of GDP in 2038, 25 years from now, even without accounting for the harmful effects that growing debt would have on the economy (see the figure below). Moreover, debt would be on an upward path relative to the size of the economy, a trend that could not be sustained indefinitely.

2seaoat



Gee Dude.....cannot find any article even close to being current and relevant?

Guest


Guest

The current one is fluid and revised weeks ago... and is still contingent on interest rates and fed policy.

Guest


Guest

So BOF,

Despite record levels of TAXATION and REVENUE COLLECTION, we are still 486,000,000,000 in the hole.....and you are celebrating.

We still have a spending problem in Washington. Let me know when Obama balances the budget legitimately. ohhhh that's right.......he wouldn't know how.

boards of FL

boards of FL

Apparently even a picture - a color coded picture - is beyond the scope of understanding of our forum republicans.

I don't think that this subject matter can possibly be dumbed down anymore.  Do I need to buy a Barney suit and then sing the information to you via video?

Guest


Guest

What part of negative integers do you not understand?

Markle

Markle

Bush's Budget Projects Deficit


Bush on 2009 Budget

President Bush discusses the 2009 budget following a cabinet meeting Monday at the White House

By Michael Abramowitz and Jonathan Weisman
Washington Post Staff Writers
Tuesday, February 5, 2008

President Bush yesterday unveiled a $3.1 trillion budget plan for fiscal 2009 that will leave deficits of more than $400 billion this year and next, forcing his successor to grapple with a range of unpalatable choices to close the gap, according to lawmakers and budget experts.


http://www.washingtonpost.com/wp-dyn/content/article/2008/02/04/AR2008020400493.html

2seaoat



How did those plans in 2008 work out with minus eight GDP.......Mr. Markle, do you put a closing statement together with your mastery of math, or do you let the receptionist help you.

Markle

Markle

boards of FL wrote:Click the image for a full size chart.  

Amazing isn't it?  The deficit improved during the last democratic president, it went to shit during the last republican president, and now it's improving again under the current democratic president.


CBO:  U.S. fiscal 2014 budget deficit falls to $486 billion 0r7tLMP


What can the GOP possible run on in the 21st century?

Taxes?  HAHAHAHAHA

The deficit?  HAHAHAHAHA

Healthcare?  HAHAHAHAHA

Foreign policy?   HAHAHAHAHA

Defense of marriage?  HAHAHAHAHA

War on drugs?  HAHAHAHAHA

Climate change?  HAHAHAHAHA


By the way, as you well know, 2009 is all semi-retired President Barack Hussein Obama.

CBO:  U.S. fiscal 2014 budget deficit falls to $486 billion USDebt9292014_zps238f0286

What can the Democrats possibly run on in the 21st century?  All Democrat candidates are trying their hardest to pretend that semi-retired President Barack Hussein Obama, and his policies, don't even exist!

Why?  If President Obama is so great, you'd think they'd be lining up for photo ops and to tout his "successes".  Why not?

Guest


Guest

What's the over/under on the semi-debt at the end of obama's term? Of course the numbers of the entitlement expansion, obamacaid, and the fed monetary policies will be the gift that keeps on giving... and giving... and giving. Yea team..!!

boards of FL

boards of FL

Markle wrote:Bush's Budget Projects Deficit


Bush on 2009 Budget

President Bush discusses the 2009 budget following a cabinet meeting Monday at the White House

By Michael Abramowitz and Jonathan Weisman
Washington Post Staff Writers
Tuesday, February 5, 2008

President Bush yesterday unveiled a $3.1 trillion budget plan for fiscal 2009 that will leave deficits of more than $400 billion this year and next, forcing his successor to grapple with a range of unpalatable choices to close the gap, according to lawmakers and budget experts.


http://www.washingtonpost.com/wp-dyn/content/article/2008/02/04/AR2008020400493.html



You're posting a projection from February 2008 - which was prior to the worst economic downturn since the great depression. Economic downturns tend to reduce tax receipts, which in turn inflate deficits.

Being this the case, this means that you're either economically illiterate, or you're intentionally trying to distort reality. I'll leave that one for the reader to decide.

ZVUGKTUBM

ZVUGKTUBM

boards of FL wrote:
Markle wrote:Bush's Budget Projects Deficit


Bush on 2009 Budget

President Bush discusses the 2009 budget following a cabinet meeting Monday at the White House

By Michael Abramowitz and Jonathan Weisman
Washington Post Staff Writers
Tuesday, February 5, 2008

President Bush yesterday unveiled a $3.1 trillion budget plan for fiscal 2009 that will leave deficits of more than $400 billion this year and next, forcing his successor to grapple with a range of unpalatable choices to close the gap, according to lawmakers and budget experts.


http://www.washingtonpost.com/wp-dyn/content/article/2008/02/04/AR2008020400493.html



You're posting a projection from February 2008 - which was prior to the worst economic downturn since the great depression.  Economic downturns tend to reduce tax receipts, which in turn inflate deficits.

Being this the case, this means that you're either economically illiterate, or you're intentionally trying to distort reality.  I'll leave that one for the reader to decide.  
He tries to distort reality with every thread post he makes, but we are wise to his tactics....  Razz

http://www.best-electric-barbecue-grills.com

Markle

Markle

boards of FL wrote:
Markle wrote:Bush's Budget Projects Deficit


Bush on 2009 Budget

President Bush discusses the 2009 budget following a cabinet meeting Monday at the White House

By Michael Abramowitz and Jonathan Weisman
Washington Post Staff Writers
Tuesday, February 5, 2008

President Bush yesterday unveiled a $3.1 trillion budget plan for fiscal 2009 that will leave deficits of more than $400 billion this year and next, forcing his successor to grapple with a range of unpalatable choices to close the gap, according to lawmakers and budget experts.


http://www.washingtonpost.com/wp-dyn/content/article/2008/02/04/AR2008020400493.html



You're posting a projection from February 2008 - which was prior to the worst economic downturn since the great depression.  Economic downturns tend to reduce tax receipts, which in turn inflate deficits.

Being this the case, this means that you're either economically illiterate, or you're intentionally trying to distort reality.  I'll leave that one for the reader to decide.  

My point being that DEMOCRATS were going nuts criticizing a DEFICIT of $400 BILLION. Now the Progressives here are screaming SUCCESS when it gets below $500 BILLION after an entire ADMINISTRATION above $1 TRILLION and an increase in DEBT from $10 TRILLION to what will certainly be OVER $19 TRILLION by the time our semi-retired President mercifully leaves office.

boards of FL

boards of FL

Markle wrote:My point being that DEMOCRATS were going nuts criticizing a DEFICIT of $400 BILLION.  Now the Progressives here are screaming SUCCESS when it gets below $500 BILLION after an entire ADMINISTRATION above $1 TRILLION and an increase in DEBT from $10 TRILLION to what will certainly be OVER $19 TRILLION by the time our semi-retired President mercifully leaves office.


Democrats went nuts because Bush inherited a $159 billion dollar surplus and left us with a $1.4 trillion deficit.

Republicans went nuts because Obama inherited a $1.4 trillion dollar deficit and has reduced that down to a $486 billion dollar deficit.

Clearly the republican base is comprised of idiots.

Guest


Guest

Obama has resisted cutting anything... he was a petty asshole over the sequestration. How's the view up his ass?

boards of FL

boards of FL

Th Dude wrote:Obama has resisted cutting anything... he was a petty asshole over the sequestration. How's the view up his ass?


I should re-title this thread "Idiots arguing with results".

boards of FL

boards of FL

Here, The Dude. Look at the pretty color coded picture. You don't even have to read or posses a high school level knowledge of anything. Just look at the pictures and colors.

CBO:  U.S. fiscal 2014 budget deficit falls to $486 billion 0r7tLMP

boards of FL

boards of FL

Perhaps I can dumb this down a bit more. Here you go, Th Dude. I made a "handicap accessible" version of the chart for you.

I added lines so that you can see the result of each president. I even color coded the lines. Then I added arrow to further reinforce the direction of the trend, just in case you don't understand which way time moves.

Look at the pretty colors, Th Dude. Look at the arrows, and the color lines. Aren't they pretty...comrade?

CBO:  U.S. fiscal 2014 budget deficit falls to $486 billion K26r159

Guest


Guest

Oh... the republicans taking the house made a big difference... good point.

Markle

Markle

boards of FL wrote:Perhaps I can dumb this down a bit more.  Here you go, Th Dude.  I made a "handicap accessible" version of the chart for you.

I added lines so that you can see the result of each president.  I even color coded the lines.  Then I added arrow to further reinforce the direction of the trend, just in case you don't understand which way time moves.

Look at the pretty colors, Th Dude.  Look at the arrows, and the color lines.  Aren't they pretty...comrade?


CBO:  U.S. fiscal 2014 budget deficit falls to $486 billion USDebt9292014_zps238f0286

Sponsored content



Back to top  Message [Page 1 of 2]

Go to page : 1, 2  Next

Permissions in this forum:
You cannot reply to topics in this forum