The National  Memo Logo

Smart. Sharp. Funny. Fearless.

Monday, December 09, 2019 {{ new Date().getDay() }}

WASHINGTON (AFP) – The U.S. deficit was down 35 percent to $755 billion in the first 11 months of the fiscal year, after posting an August shortfall of $148 billion, the Treasury said Thursday.

Although larger than the average monthly spending gap, the August deficit was 22.5 percent lower than August 2012, helped by a slight rise in receipts against a sharper fall in spending.

The 35 percent decline over the first 11 months from the same period in the 2012 fiscal year came as receipts rose 13.0 percent to $2.47 trillion while outlays were down 3.9 percent at $3.19 trillion.

Despite the gains in narrowing the deficit from the 2009 full-year high of $1.4 trillion, the administration of President Barack Obama is girding for a tough battle with congressional Republicans in the coming weeks over putting through a new financial plan for fiscal 2014, which begins on October 1.

Republicans are threatening to block the budget to get further spending cuts and reverse Obama’s far-reaching health reforms.

But the battle threatens to shut down parts of the government if a new budget cannot be passed.

Advertising

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

Reprinted with permission from PressRun

News that U.S. inflation inched up 0.5 percent last month set off another round of excited media reports, as news outlets pounded one of their favorite themes in recent months. Convinced that rising prices are the defining economic issue of the day — not huge job gains, record-setting GDP predictions, or boosted wages — the press continues to portray inflation as a uniquely American problem that’s hounding Democrats.

Keep reading... Show less
x
{{ post.roar_specific_data.api_data.analytics }}