U.S. to run first (monthly) surplus since 2008: CBO

[Newsjock]

Source: MarketWatch

The U.S. government recorded a budget surplus of $58 billion in April, the Congressional Budget Office estimated on Monday, breaking a streak of deficits that began in 2008.

The surplus — the first of Barack Obama’s presidency — was the result of both increased tax collection and lower government spending. Before April, the government had not run a surplus since September 2008, the month that the financial crisis struck the U.S. economy. Read CBO report.

The CBO’s estimate is released before the Treasury Department’s monthly budget report. That report is scheduled for later this week.


Read more: http://www.marketwatch.com/story/us-to-run-first-surplus-since-2008-cbo-2012-05-07?reflink=MW_news_stmp

[Populist_Prole]

1. Hubba Hubba!

Lessee: How will the GOP spin this? Is this or is this not Barack Obama's economy?

[Orrex]

2. Like this:

"We should have been running surpluses like this all along, and we would have been if not for this President's pro-big-government, anti-business tax agenda."

Of course it's bullshit, but when has that ever stopped them before?

[DCBob]

7. or this:

"Those are bogus numbers. The CBO is a propaganda arm of the Obama administration. They want to keep their jobs so they cook the books to make the President look good."

That will be the explanation among the Faux commentators and other RW media.

[DavidDvorkin]

25. Some variant of that might show up on DU, too.

[Liberal_Stalwart71]

16. They'll do like "Dumbya" and proclaim that it's "your money," so give it back in massive tax cuts.

Greedy Ole Party wants to give it back to their rich friends.

[MADem]

22. Why is it that the GOP always runs up the credit card, and the Dems have to be the responsible ones

who pay it off? It's getting to be absurd!

[Liberal_Stalwart71]

24. And...as someone cogently put....

Democrats have to make unpopular decisions when cleaning up Republican mess.

The American people are impatient and blame the Democrats for the mess that Republicans created. So, we vote Republicans back in. The Republicans get drunk on power, making a mess of things AGAIN, and the people vote them out when they've had enough. Cleaning up the mess, Democrats are charged with making unpopular decisions...


....and the cycle continues.

It seems that Americans simply haven't had enough of Republicans. They are poised to elect the Republicans yet AGAIN!!

Until the entire economic and political structure falls, this country will be doomed to repeat mistakes over and over again. They simply haven't had enough of pain inflicted on them by the Republicans, and it's be due to their own fear and loathing.

[panopeagenerosa]

19. George Bush

left Obama a 'fertile' economy. If he'd just thrown it down the cellar door SOMETHING was bound to grow out of it. Because...destruction is creative, right?

[Scuba]

3. Think what we could do if the House wasn't working against us.

[TheWraith]

5. The economic downturn would probably be functionally over by now.

And not just the House, don't forget the Senate 2009-2011.

[Smilo]

4. And all over the country the GOPT

are suffering from sudden spinning head trauma

[skeewee08]

6. That's what i'm talking about

[Iliyah]

8. Goppers are already saying

that the CBO is lying. Y'see, when its positive towards the Dems or someone else besides the crazy GOP party, its lies and such lies are destorying America. Its un-pathetic and they must hate GAWD.

[annabanana]

9. "and he made it worse" - Mittfield Rmoney

suck it repugs

[Stuart G]

11. Second that motion...Let'em eat it up.....nt.

[BootinUp]

10. wow. We must have a Democratic administration

[bitchkitty]

12. Way to go! n/t

[ejbr]

13. both good and bad...

good for the obvious reasons, bad because now the rich have another reason not to pay their share in taxes.

[high density]

14. So it's now time for another trillion dollar round of tax cuts for the rich!

After all, we'll have even higher tax collection when the rich pay even less in... Because that's how it works in the opposite world that the GOP lives in.

[progressoid]

15. So they still aren't counting war spending then?

[ProudToBeBlueInRhody]

17. Wow.

But of course, when Democrats are in office, we are not allowed to talk about surplus.

[cstanleytech]

18. Is their timeline wrong?

"September 2008, the month that the financial crisis struck the U.S. economy."
I thought we were in trouble long before that like around 2003 or so.

[Drunken Irishman]

20. No. It's correct...

While things weren't great from 2003-2008, the economy hadn't plunged into a recession and the financial markets were, while lower, still at fairly stable levels. The market collapsed in September, which led to a huge spike in job loss.

[MADem]

21. Wey-ell, isn't THAY-AT SPESH-ull???

Gosh, that'll piss off that faux businessman who drove business OUT of Massachusetts when he played at being governor!

[Psephos]

23. It's due to shifting the timing of some payments and outlays; without that, there's no surplus.

This was done for the publicity value.

So put away the party hats and noise makers.

http://www.zerohedge.com/news/us-posts-first-budget-surplus-42-months-and-it-less-meets-eye

Take a look at the table showing total public debt of the US government for the month of April and you'll see the actual truth if you compare the numbers for April 1 and April 30.

It's as though I haven't paid my May rent yet - so according to my bank account balance, I'm running a surplus. That surplus will disappear when I pay May's and June's rent on June 1 (because although I can delay the rent payment, I can't avoid it without ending up sleeping in my car).

[JoePhilly]

26. Mitt Romney will be taking credit for this any second!!

[jpak]

27. K&R

FU GOP

yup