With many politicians in a state of denial about how much money America actually owes in debt, it is refreshing to see that when someone (in this case President Trump) takes the National Debt seriously, things ca actually get done about it. At the beginning of the year, the Congressional Budget Office estimated that the Federal Government would run a 2017 budget DEFECIT of $559 Billion (which is pretty standard), but encouraging figures so far show that Trump has managed to cut so much waste that we have $182 Billion SURPLUS right now.
Of course, with the way the tax year runs, it is not uncommon to have a small surplus around this time of year, but when you look in comparison to last year, we are over $75 Billion up!
The clear differences are coming from not only President Trump’s policy of cutting out Government waste and expenditure but from increase market confidence and a booming jobs market. More people are in work, unemployment is down, and companies are willing to invest in America and Americans once again.
While it is unlikely that a budget surplus can be maintained throughout the whole year, the fact that we will likely not end up with a massive deficit (which is what year on year increases the National Debt), is an amazing achievement that could signify the start of getting rid of our financial burdens.
On Wednesday, the Treasury Department said that, in April, the federal government accumulated a budget surplus of $182.4 billion — up a stunning $76.4 billion from April 2016.
Astonishingly, this just so happens to be the biggest April surplus since a record set in 2001.
Total receipts were $455.6 billion, up 4% from April 2016. Receipts were boosted by a change in corporate tax filing deadlines from mid-March to mid-April.
Spending in the seventh month of the fiscal year was $273.2 billion, an 18% decrease from the same month last year.
April is usually a surplus month since the government receives tax payments from individuals ahead of the tax-filing deadline. The government’s budget year runs from October through September.
Through the first seven months of the year, the government is running a deficit of $344.4 billion, down 2.4% from the same period a year ago.
The Congressional Budget Office estimated earlier this year that the federal government would run a budget deficit of $559 billion in fiscal 2017, slightly smaller than last year’s deficit of $585.6 billion.
H/T: The Truth Division