Sunday November 29th, 2015 2:36PM

US records $71 billion budget surplus in June

By The Associated Press
WASHINGTON (AP) -- The U.S. government ran a monthly budget surplus in June, putting it on course to record the lowest annual deficit since 2008.<br /> <br /> The Treasury Department said Friday that its June surplus totaled $71 billion, following a $130 billion deficit in May. The government also ran a surplus in June 2013, bolstered by dividends from Fannie Mae, the mortgage giant under federal conservatorship for the past six years.<br /> <br /> For the first nine months of this budget year, the deficit totals $366 billion, down 28 percent from the same period in 2013. Tax receipts are up 8 percent compared to the prior year-to-date, while spending has increased 1 percent.<br /> <br /> The Congressional Budget Office is forecasting a deficit of $492 billion for the full budget year ending Sept. 30. That would be the narrowest gap since 2008.<br /> <br /> In 2008, the government recorded a deficit of $458.6 billion, which was the record high for deficits up to that time.<br /> <br /> But with the outbreak of the recession, deficits soared to unprecedented levels, exceeding $1 trillion for four consecutive years. Tax revenues fell during that period, while government boosted spending in an attempt to stabilize the financial system and provide relief to people who had lost jobs.<br /> <br /> The yearly deficit peaked at $1.4 trillion in 2009 during the worst of the financial crisis. It gradually fell from there, plunging to $680.2 billion last year.<br /> <br /> Over the next decade, CBO is projecting that the deficits will total $7.6 trillion.<br /> <br /> The deficit will fall to $469 billion in 2015 before rising again and topping $1 trillion annually starting in 2023, according to the CBO. Spending on the government's major benefit programs, including Social Security and Medicare, will drive those increases as more baby boomers retire.<br /> <br /> Republicans have accused President Barack Obama of failing to propose significant cost cuts to reduce soaring entitlement costs. Democrats counter that Republicans would rather impose sharp cuts on needed government programs than impose higher taxes on the wealthy.<br /> <br /> Neither side is expected to make major concessions in this congressional election year. But the budget wars of the past three years have subsided at least for a brief time. An agreement was reached in December on the broad outlines for spending over the next two years. The agreement will allow Washington to avoid the gridlock that culminated in October's 16-day partial shutdown of the government.<br /> <br /> The budget cease-fire also includes legislation that will suspend the government's borrowing limit through March 15 of next year. That puts off another battle over raising the debt ceiling until a new Congress takes office in January.
© Copyright 2015
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Judge denies motions to move, delay Tsarnaev trial
Lawyers for Boston Marathon bombing suspect Dzhokhar Tsarnaev asked a federal appeals court Wednesday to overturn a judge's decision to not move his upcoming trial out of state.
10:02PM ( 10 months ago )
High court to adopt electronic filing of cases
The Supreme Court is belatedly developing an electronic filing system similar to those used in courts around the country, Chief Justice John Roberts said Wednesday in his annual end-of-year report.
7:57PM ( 10 months ago )
Storm brings snow, cold to West for New Year's
A blustery winter storm dumped snow and ice across the West on Wednesday, making driving treacherous in the mountains from California to the Rockies and forcing residents and party-goers in some usually sun-soaked cities to bundle up for a frosty New Year's.
5:19PM ( 10 months ago )
U.S. News
State DOT awards $48M contract for NE Ga. road project
The state Department of Transportation has awarded a $47.8 million contract for nine miles of work on a northeast Georgia road.
9:37AM ( 10 months ago )
Business News
Grass fire impacts rush hour traffic on 985
Rush hour traffic on I-985 was slowed by a grass fire Wednesay afternoon with one lane closed while firefighters fought the blaze.
10:19PM ( 10 months ago )
Hall County conviction, sentencing to be reviewed by SCOGA
The State Supreme Court has agreed to hear the appeal of a Hall County man when they reconvene in January.
2:37PM ( 10 months ago )
Maysville man dies from Banks County wreck
The Georgia State Patrol reports that alcohol and/or drugs were factors a single-vehicle wreck that claimed the life of a Maysville man in Banks County Tuesday night.
11:07AM ( 10 months ago )
Local/State News
GOP leader regrets talk to white supremacists; party leaders rally around him
House Republican leaders rallied around one of their own, Whip Steve Scalise, on Tuesday after he said he regrets speaking 12 years ago to a white supremacist organization and condemns the views of such groups.
6:08PM ( 10 months ago )
Conviction of Putin foe sets off protest in Moscow
President Vladimir Putin's chief political foe was convicted along with his brother on Tuesday in a fraud case widely seen as a vendetta by the Kremlin, triggering one of Russia's boldest anti-government demonstrations in years.
6:03PM ( 10 months ago )
More Georgians signing up for health insurance
A federal report says more Georgians have selected health insurance plans through a federally facilitated marketplace.
4:16PM ( 10 months ago )
Standoff at Planned Parenthood ends with suspect's arrest; 3 killed, 9 wounded
COLORADO SPRINGS, Colo. (AP) — A gunman who opened fire inside a Planned Parenthood clinic was arrested Friday after engaging in gun battles with authorities during an hourslong standoff that killed t...
1:13AM ( 1 day ago )
White House undergoes Thanksgiving Day lockdown after man draped in American flag jumps fence
WASHINGTON (AP) — A man draped in an American flag climbed over the fence at the White House on Thursday, prompting a lockdown as the first family celebrated Thanksgiving.The man was immediately appre...
10:11PM ( 2 days ago )
Obama grants reprieve to turkeys 'Honest' and 'Abe' during White House ceremony
WASHINGTON (AP) — President Barack Obama spared two turkeys named for one of the nation's most admired presidents, continuing a White House tradition that provides a refreshing sense of amusement and...
9:18PM ( 3 days ago )
The Latest: UN Security Council strongly condemns 'horrifying' attack in Mali, urges probe
BAMAKO, Mali (AP) — The latest on the attack on a hotel in the Malian capital of Bamako. (All times local):___4:55 a.m.The U.N. Security Council is condemning "the horrifying terrorist attack" at the...
10:58PM ( 1 week ago )
World leaders vow vigorous response to Paris terror spree, but little indication of next steps
ANTALYA, Turkey (AP) — World leaders vowed a vigorous response to the Islamic State group's terror spree in Paris as they opened a two-day meeting in Turkey on Sunday, with President Barack Obama call...
2:14PM ( 2 weeks ago )