January U.S. budget deficit surplus $8.7B
[this sounds odd a deficit surplus - mish]
Thursday, February 10, 2005 7:29:41 PM
afxpress.com
WASHINGTON (AFX) - The U.S. federal government ran a surplus of $8.7 billion in January, the Treasury Department said Thursday
Receipts were up 9.2 percent year-over-year to $202.2 billion, while outlays grew 3.8 percent to $193.6 billion. Last week, the Congressional Budget Office had estimated January's surplus would be about $12 billion, figuring on receipts of $201 billion and outlays of $188 billion
At the time, the CBO figured that outlays were reduced about $9 billion compared with the previous January by the timing of Social Security and other payments. Absent the timing issue, the budget would have been roughly balanced in January
So far in fiscal 2005, the government has run a deficit of $109.2 billion, about $22 billion less than last year at this time, Treasury said
For all of 2005, the CBO projects a deficit of about $400 billion, including supplemental spending on anti-terrorism and Iraq. The administration is projecting a deficit of $427 billion
Individual income-tax receipts totaled $110.8 billion in January and $324.7 billion so far in the year, up 8.4 percent year-to-date
Corporate income taxes totaled $7 billion in January and $71 billion for the year, up 49.4 percent year-to-date
Social insurance taxes totaled $54.4 billion in January and $179.2 billion for the year, up 5.5 percent
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