Treasury: Federal Deficit Down 14.1 Pct

[WePurrsevere]

From here: http://www.cbsnews.com/stories/2006/09/13/ap/business/mainD8K44QBG2.shtml

(AP) The federal budget deficit, helped by a surge in government revenue, is running 14.1 percent below the pace of last year, the government reported Wednesday.

Treasury Department said that with just one month to go in the budget year, the deficit totals $304.3 billion, down from $354.1 billion during the same period a year ago.
<snip>

Through the first 11 months of the current budget year, revenues have totaled a record $2.12 trillion, up 11.5 percent from the same period a year ago.

Government spending is also at record levels so far this budget year, totaling $2.43 trillion, an increase of 7.6 percent from the same period a year ago.
___
Treasury's budget report: http://www.fms.treas.gov

Where did they get this "record" $2.12 trillion in revenues? (and why do I have a feeling it was at least partly off the backs of the poor and/or "Enron accounting".)

[DUHandle]

1. Maybe they just printed the money and didn't bother to tell anyone

n/t

[dasmarian]

2. the thing is . . .

That we are still bleeding massive amounts of money. To think that this is a good things is really a fallacy. It like saying getting one liefe term without parole is better than getting two life terms without parole. They are both still horrible. A good thing would be a budget surplus (cough cough, China).

[DakotaDemocrat]

3. Great Tester Line...

In response to Conrad's repsonse that the deficit is lower than last year at a recent debate, Jon Tester responded:

"That's like saying I'm gaining weight this year, but at a slower pace."

[Parisle]

4. $304 Billion, Eh?

---- George Bush's father held the previous "president's record" for budget deficits, and it was calculated to be $290 billion. Except that it was really $407 billion, once the "borrowed" amounts of social security revenues were counted. George Jr has made use of even greater social security "surpluses" to blur the size of his deficits, AND he has simply taken certain items "off-budget" in order to get the artificially-low readings. The true figure to look for is the amount by which the overall federal debt grows,.... and Bush Jr is still averaging over a half-trillion per year,.......

[Double T]

8. The REAL PROJECTED BUDGET DEFICIT for this budget year.....

will be $558 Billion with a PROJECTED NATIONAL DEBT of $8.46 TRILLION. If THIS is an accomplishment or something to be celebrating then I truly believe this entire nation has gone insane.

[no_hypocrisy]

5. Who'd they hire? Arthur Anderson? n/t

[Elwood P Dowd]

6. They received a one-time-only surge in corporate taxes

for allowing corps to move foreign profits back to the states at dramatically reduced rates. Next year the deficit will go back up again.

[WePurrsevere]

18. I must have missed that bit of news. At least that helps make the

revues make some sense. TY.

[dkofos]

7. Yeah sure.

[Tempest]

9. CBO says it's going back up next year

http://money.cnn.com/2006/08/17/news/economy/cbo.reut/index.htm

The office also predicted that the U.S. budget deficit will rise to $286 billion in fiscal 2007, up from this year's $260 billion projected deficit.

[papau]

10. Bull - Bush has postponed paying for the Katrinia, etc promises till

he leaves office.

The budget is cash paid accounting -

what is owed but unpaid is not counted.

What a con job.

[eccles12]

11. Don't trust this claim. It's impossible with war debt rising as fast as

it is. they are lying to us again.

[Chemical Bill]

25. "Budget" figures don't include war debt (that's "off budget"). n/t

[hatrack]

12. This is horseshit - it doesn't include the "off-the-budget deficit"

IOW, nothing we're spending in Iraq, Afghanistan or on Katrina is included in any of the totals given above - ALL spending for these three categories are supplemental spending bills, and not included in the budget.

So, just tack on about another $400 billion to the totals given above to get a rough idea of where we are.

[Parche]

13. deficit

What is a trillion $$ between friends anyway??

[creeksneakers2]

14. Revenue almost always goes up

11% sounds like a lot but when inflation, economic growth and population growth are added together they usually come to a big number. During the last five years of Clinton's administration revenues were up 40%. They doubled under Reagan.

The IRS figures show that we took in less revenue in 2002 than we did in 2001 and less still in 2003. We have worked our way back up out of the trough but revenue still isn't much higher than it was when Clinton left office. That was five years ago and revenue is up 10% or 20% but nothing like the 40% it grew during the last five years of Clinton.

[zonkers]

15. I know, all that ice that was shipped around the country during Katrina

was refrozen and sold to the eskimos.

[mom cat]

16. More fuzzy math. Expect a revision in these figures after the elections.

Right after gas prices go up again.

[WePurrsevere]

19. Really... I've always known politicians manipulate/tweak things a bit BUT

I haven't felt as manipulated as I have these past "few" neo-Con/BuSh* years since my 2nd X-MIL (who could have taught Rove a thing or two).

[mom cat]

20. Fhe only mathamatical theory they accept is

finegal's constant!

[WePurrsevere]

22. Maybe I need more coffee but what is

"finegal's constant" math theory?

The only thing that pops into my mind is "the only thing constant is change" but I think that's more of a philosophy concept not a mathematics. I even tried doing a quick Google and nothing with that shows up. It tickles my memory but it's more of a feeling that it's something I should remember but it must be :sleep:

Admittedly, although I can make a dollar stretch further then most and have it begging for mercy, Math has never been my strong suit (I'm much more of a "humanities/Liberal Arts type :D). Unfortunately as I grow older what memories I do have of mathematical theory's, math history, etc have faded into the extreme depths of my grey matter and are probably covered with a heavy layer of dust and mold. ;)

[mom cat]

27. Finagle's constant:

It is sort of a joke.
Finagle's constant is the number you multiply the actual results of an experiment by to get the results you really wanted.

[WePurrsevere]

28. OH! That "finagle"... basically how the BuSh* Admin gets their...

unemployment, inflation, deficit, soldiers killed in Iraq, Afghanistan, etc, etc etc. :evilgrin:

Maybe they talked about it on one of the days I missed Stats class but I don't remember ever hearing it used "Finagle's Constant" but I like it and will add it right up there with Murphy's Law. B-)

Thanks for explaining it. :pals:

[karlrschneider]

29. Sometimes a bit more crassly called "fudge factor"

;-)

[Yupster]

17. Capital gains from selling oil stocks at great profits

Same thing happened in the 90's where every quarter the government announced the defecit was $ 30 billion less than their last estimate.

People were selling tech stocks at incredible gains and paying capital gains taxes on them.

[Bigmack]

21. I gotta stop worrying...

Shiiiiit... oil price is dropping (and there is lots of it)... the deficit is getting better... things are looking up in Iraq... Bush's numbers are up...
the economy is looking better....

I'm gonna vote Repub to keep this paradise going....

(deep, deep :sarcasm: intended)

[Joe Bacon]

23. C'mon Republicans, CLAP HARDER!

That's right, all you Republicans in Congress and Churches, CLAP HARDER and Tinkerbelle will sprinkle all of you with her magic fairy dust so you can fly away in the Rapture and stick us Democrats with the god-damned mess you've made!

[FormerDem06]

24. Actually while you and I aren't feeling it

Big Business is raking it in, and people who have investments are reaping the benefits as well. I expected record revenue this year. The economy's scale has grown since 1998-2000, and the stock market is soaring again.

I'm going to pay a lot in capital gains this year. I hope they use it wisely.

[Yupster]

26. Capital gains tax

is the real wild card of the budget.

When the stock market is up a lot, even in only 1-2 sectors there will be many people selling their stocks at great gain and therefore paying large amounts of capital gains tax. I live in oil country and many of my customers are selling large positions in oil stocks they've owned for decades. They are making huge gains and will pay huge tax on it.

Same thing happened during the tech boom.

But when the market falls and everyone deducts capital losses, then the budget swings down badly. When companies like Enron go under it costs the government billions in revenue for years to come as capital losses can be carried over from year to year.

[cosmicdot]

30. U.S. to delay Medicare provider payments

August 24, 2006 article

"By delaying payments, the government moves $5.2 billion in Medicare
expenses to next year's budget, rather than the current one."

http://news.yahoo.com/s/ap/20060824/ap_on_go_pr_wh/medicare_payment_skip

don't know if this delay affects any of the bottomline figures or not

[MasonJar]

31. There is this bridge that I own in Brooklyn.....

[MasonJar]

32. Creative math!

[VegasWolf]

33. A'int math fun!! nt