CBO: Deficit lower in 2012 than 2011

[Tony_FLADEM]

The estimated federal budget deficit for the first nine months of fiscal 2012 is $66 billion lower than for the corresponding period in 2011, the non-partisan Congressional Budget Office said Monday.

The deficit through June is estimated to be $905 billion, down from $971 billion last year.

CBO said the main reason for the change is an increase in tax revenue. Corporate tax revenue grew by $42 billion, largely because tax rules on deductions for investment in equipment were changed, CBO said.

Revenue from individual taxes grew by $26 billion and social insurance tax receipts such as from payroll taxes grew by $17 billion.


http://thehill.com/blogs/on-the-money/budget/236785-cbo-deficit-lower-in-2012-than-2011

[Turbineguy]

1. Oh noes!

the wingnuts will be devastated! It must be the "socialism".

[elleng]

2. This is great news!

Anyone think the populace will learn about it? Understand it?

[LARED]

3. That is the difference between

drowning in 8 feet of water or 10 feet of water.

[FLyellowdog]

6. What "higher people" are you talking about?

[Warren DeMontague]

8. He's gone.

like a steam locomotive, rolling down the track.

[FLyellowdog]

9. I was hoping so.

[abolugi]

10. I think it must of been this lady..

http://www.democraticunderground.com/1002919232

You see... us common folks just don't get it!!

[hootinholler]

7. Well first, welcome to DU

Next are you seriously saying that Harry Reid is preventing a budget?

Finally, are you sure you are on the right site? I'm feeling like I need a second opinion about that since I might be a bit slow.

[leftyohiolib]

5. du will be the only place you'll hear about it

[Motown_Johnny]

11. An increase in revenue cut the deficit? Impossible!

Must be fuzzy math.