the republic logo

Federal government posts $55.2 billion budget surplus in January

bug
Share/Save/Bookmark

WASHINGTON — The federal government recorded a budget surplus in January of $55.2 billion, helped by a timing quirk that shifted benefit payments to December.

The Treasury Department said Wednesday that the surplus marked an improvement from January 2015 when the government recorded a small deficit of $17.5 billion. Part of the improvement reflected the fact that $42 billion in benefit checks were sent out in December because the regular payment period fell on a weekend.

For the first four months of this budget year, the deficit totaled $160.4 billion, below last year's deficit of $194.2 billion for the same period.

Both the Obama administration and the Congressional Budget Office are forecasting this year's deficit to top last year's imbalance of $439.1 billion.

Obama, in the new budget he released Tuesday, projects that the deficit will jump to $616 billion this year while the CBO is forecasting a deficit of $544 billion. The CBO projects that the deficit will keep rising and top $1 trillion again in 2022 as the costs of Social Security and Medicare climb with the retirement of the baby boomers.

Through the first four months of this budget year, which began Oct. 1, government receipts total $1.08 trillion, an increase of 3.2 percent over the same period a year ago. Government outlays total $1.24 trillion, down a slight 0.1 percent from the same period for the 2015 budget year.

Think your friends should see this? Share it with them!

Story copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to info@ap.org and it will be forwarded to the appropriate editor or reporter.


PHOTO: FILE - In this Wednesday, Jan. 27, 2016, file photo, work lights illuminate scaffolding around the Senate and the Capitol Dome, part of a long-term repair project, in Washington. On Wednesday, Feb. 10, 2016, the Treasury Department releases federal budget data for January. (AP Photo/J. Scott Applewhite, File)

FILE - In this Wednesday, Jan. 27, 2016, file photo, work lights illuminate scaffolding around the Senate and the Capitol Dome, part of a long-term repair project, in Washington. On Wednesday, Feb. 10, 2016, the Treasury Department releases federal budget data for January. (AP Photo/J. Scott Applewhite, File)

 

We also have more stories about:
(click the phrases to see a list)

Category:

Follow The Republic:

All content copyright ©2016 The Republic, a publication of AIM Media Indiana unless otherwise noted.
All rights reserved. Privacy policy.